Saudi Oil Cuts Deeper than Promised

The market outlook remains unclear and much depends on how far Washington tightens the screw on Iran and Venezuela before Opec’s June meeting. ─ Reuters  File

New York-traded crude was up 62 cents, or 1%, at $64.20 per barrel by 11:00 AM ET (15:00 GMT).

The latest IEA monthly oil market report showed that the Venezuelan oil output plummets to 870,000 bpd on outages and sanctions, as cited by Reuters.

"We believe global demand has another 10 million barrels bpd of growth, with over half from China", Bernstein Energy said in a note on Thursday.

Warns demand fell in developed OECD countries by 0.3 million bpd.

The March figure is down from 30.56 million bpd in February, largely on a huge fall in production from Venezuela and Saudi Arabia.

The report also said that Angola was one of China's three largest oil suppliers, together with Saudi Arabia and Russian Federation, with shares of 11.3%, 15.2% and 14.6% in February, respectively.

"We maintain our forecast of 1.4 Mmbpd (in 2019 oil demand growth), but accept that there are mixed signals about the health of the global economy, and differing views about the likely level of oil prices", IEA said.

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Bernstein said it expected oil demand to peak around 2030, but added that "we expect a long plateau rather than a sharp decline" in consumption after that.

On the demand side, Chinese data showed exports rebounded last month, driving US and euro zone bond yields to three-week highs and helping offset weaker imports and reports of another cut in German growth forecasts.

There is worldwide shortage in the oil market due to the interventions in production by the oil cartel OPEC.

Production in Venezuela has been plunging as the USA sanctions add to a deep economic and political crisis, while the United States government is expected to tighten oil sanctions against Iran in May. WTI whit a high of $64.79 going back to November 1 earlier this week.

After a production glut led to prices dropping previous year, OPEC members and allies including Russian Federation agreed in December to trim production.

The International Energy Agency said on Thursday that Venezuelan crude production has dropped below 1 million bpd to 870,000 bpd due to USA sanctions, and Iranian supply could fall further after May if Washington tightens its sanctions against Tehran, as many experts anticipate.

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