Oil prices rise on OPEC's supply cuts and healthy demand

Oil prices rise on OPEC's supply cuts and healthy demand

Oil prices rise on OPEC's supply cuts and healthy demand

U.S. West Texas Intermediate (WTI) crude futures were at $57.12 per barrel, up 25 cents, or 0.5 percent, from their last settlement.

U.S. 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.

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels.

Oil prices have been offset this year by OPEC members' output cuts, which they agreed upon last year, while USA sanctions on the oil industries of OPEC countries Iran and Venezuela have also pushed supplies down.

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Oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.

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. "It looks very supportive as refiners come out of maintenance".

Exports from Venezuela's main oil terminal have been stranded as its worst blackout on record has left parts of the country without power for roughly a week. The EIA also revised down its projected 2020 production figure.

"On balance, we see a very gradual uptrend for oil this year, with Brent forecast to reach $70 per barrel by the end of the year", NAB said. Saudi Arabia, the world's top oil exporter, indicated on Monday that it would cut April exports.

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"The decrease in net crude oil imports (December, 2018) was driven primarily by lower imports from Saudi Arabia (down 160,000 bpd month-on-month) and higher exports to Asian countries such as South Korea (up 200,000 bpd month-on-month), China (up 90,000 bpd month-on-month) and India (80,000 bpd month-on-month)", Barclays bank said.

Saudi's participation in the Indian Strategic Petroleum Reserve program was discussed at a meeting between the kingdom's Energy Minister Khalid Al-Falih and his Indian counterpart Dharmendra Pradhan in New Delhi on Saturday, according to a government statement on Sunday. United States crude shipments are projected to stand at 8.93 million barrels a day in five years - just 0.59 million less that Riyadh, and 0.24 million barrels more than Moscow.

At least partly offsetting OPEC efforts to tighten the market and disruptions like Venezuela is a surge in US oil supply.

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