IEA sees modest oil market deficit in Q2

IEA sees modest oil market deficit in Q2

IEA sees modest oil market deficit in Q2

The WTI Crude Oil market broke higher during the week, clearing the little bit of resistance that we have been involved with for the last several weeks.

But oil demand has held up well so far.

"Tighter global inventories from OPEC-led supply cuts and".

In a bid to force Maduro to leave office, the United States slapped sanctions on Venezuela and its national oil industry in January, blocking exports of its oil to USA customers. This led to the US taking a number of steps in the 1980s to take away OPEC's monopoly in determining oil prices, and the USA has strengthened global commodity markets with Chicago and NY.

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This ongoing revolution "will see the United States account for 70pc of the rise in global oil production and some 75pc of the expansion in LNG trade over the next five years, shaking up in the process, the worldwide oil and gas trade flows, with profound implications for the geopolitics of energy", Birol pointed out.

Crude has rallied nearly 30% this year as the Organisation of Petroleum Exporting Countries and its allied partners - known as Opec+ - capped their output to bring the market back to balance. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game. Market shortages have been exacerbated by U.S. sanctions on oil exports by OPEC members Iran and Venezuela.

With production in Canada also increasing, and most of its exports moving to USA refineries, more United States crude should be available for export.

The March 17-18 meetings in Baku, Azerbaijan, will be the first ministerial gathering of the Opec+ coalition after Saudi Energy Minister Khalid Al-Falih stressed last month the need to continue with the production cuts.

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"This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019". With increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.

With global oil markets still grappling with the loss of supply from crisis-hit Venezuela and cuts in production from major worldwide crude producers, Goldman Sachs on Friday said Brent crude (BZ=F) could rally above $70 in the near-term, bolstered by resilient global demand and the loss of production from Libya, another epicenter of civil strife. The IEA report indicates that US energy growth will continue to meet 70 percent of the increase in global production capacity by 2024. Meanwhile, Saudi Arabia announced it will continue to curb production and American sanctions have isolated two major exporters, Venezuela and Iran, said the Bloomberg report.

In a Financial Times news article, according to market research firm Rystad Energy's predictions, we will experience a 2019 where very shocking changes that would not have come to mind will take place in the global energy market.

US crude oil production also dipped, falling by 100,000 barrels per day (bpd) to 12 million bpd. Involuntary production declines from the coalition's members including Venezuela and Iran have further squeezed supplies.

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