International Business: Opec cuts forecast of global oil demand

International Business: Opec cuts forecast of global oil demand

International Business: Opec cuts forecast of global oil demand

An OPEC source told Reuters on Tuesday OPEC would stick to its agreement to tighten crude supplies regardless of Trump's recent tweet.

Growth in China's industrial output fell to a 17-year low of 5.3 percent in the first two months of the year, official data showed on Thursday, pointing to further weakness in the world's second-biggest economy and top crude importer.

Supply disruptions out of OPEC members Venezuela and Iran helped support oil prices.

In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would average 30.46 million barrels per day, 130,000 bpd less than forecast last month and below what it is now producing.

OPEC, Russia and other non-member producers, an alliance known as Opec+, are reducing output by 1.2 million bpd from January 1 for six months.

Oil prices rose yesterday, driven by OPEC's current production restrictions and USA sanctions against Iran and Venezuela.

"U.S. crude oil exports have set annual record highs in each year since 2014", said EIA.

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Russian Energy Minister Alexander Novak will not attend a monitoring panel of Opec and non-Opec oil-producing countries scheduled for Monday in Baku, two sources familiar with his plans told Reuters.

Saudi Arabia said that it is planning to cut its crude oil exports in April to below 7 million barrels per day and keep its output well below 10 million barrels per day.

"Oil prices were supported by expectations of tightening oil supply in the coming months amid increased unplanned outages", it added.

Brent crude, the US benchmark, increased 88 cents or 1.3 percent to $67.55 a barrel, while West Texas Intermediate crude ended today at $58.26 a barrel, rising 2.4 percent.

International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours.

West Texas Intermediate Crude oil futures for April ended up $1.39, or 2.4%, at $58.26 a barrel, the highest settlement in four months.

"Opec continues to cut output amid ongoing supply issues, while the situation in Venezuela remains bleak", ANZ Bank said in a research note.

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