IEA sees US leading global oil supply growth to 2024

IEA sees US leading global oil supply growth to 2024

IEA sees US leading global oil supply growth to 2024

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group's meeting in April and that China and the U.S. would lead healthy global demand for oil this year.

Global benchmark May Brent crude, +0.81 per cent gained 95 cents, or 1.5 per cent to $66.69 a barrel on ICE Futures Europe, after the contract registered a weekly rise of one per cent on Friday.

"The ministers reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of the first joint venture West Coast Refinery and Petrochemical Project in Maharashtra, estimated to cost the United States $44 billion, which will be the largest greenfield refinery in the world", a government statement said on Sunday. The oil cartel and partners agreed to slash production in December, taking 1.2 million barrels per day off the market in order to prevent supply glut and a further slump in crude prices. Six analysts polled by Reuters estimate they rose 2.9 million barrels.

Sources recently said the most likely scenario is that the current supply cuts will be extended in June but much depends on the extent of U.S. sanctions on OPEC members Iran and Venezuela.

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In Venezuela, suffering from a political and economic crisis, oil exports have plunged 40% to around 920,000 bpd since Washington slapped sanctions on its petroleum industry on January 28.

India has raised concerns about the rising price of crude oil during a meeting with Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco, Khalid A Al-Falih.

USA crude exports will surpass shipments from Russian Federation and almost catches up to Saudi Arabia by 2024, diversifying global supplies, the IEA said. That compares to production of around 10.14 million bpd in February.

The global refining industry faces a wave of new capacity additions to 2024 that would greatly exceed demand growth for refined products, and this may result in refinery closures to rebalance the market, the International Energy Agency (IEA) said in its Oil 2019 annual report on Monday.

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USA crude oil output will rise almost 2.8 million bpd, growing to 13.7 million bpd in 2024 from an average of just under 11 million bpd in 2018, the IEA said, making the United States by far the biggest oil producer in the world.

He also said that along with China and the US, India's expanding economy was driving global oil demand growth.

India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.

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