
US crude-oil production this year is expected to grow by 520,000 barrels a day from December 2017 to December 2018, while the average year-on-year growth is expected to reach 1.04 million barrels a day, mostly coming from shale, the report said.
Chinese oil production fell 1.9 percent in January and February to a daily rate of around 3.77 million barrels per day, while the amount of crude processed by refineries rose 7.3 percent to 93.4 million bpd, implying that its import demand will remain strong.
The result, says Marshall, has been a decline in global crude inventories, which has contributed to higher oil prices. Output has been helped by the 25% rise in oil prices over the past year, along with improvements in efficiency and technology.
Brent crude oil futures were last up 2 cents at $64.66 a barrel by 2:10pm GMT, while US West Texas Intermediate futures were up 11 cents at $60.82 a barrel.
"The risk is now much higher that President Trump will not waive the sanctions when it is time to do so in May, thus derailing the deal", said Bjarne Schieldrop, chief commodities analyst at SEB AB.
"The total US crude, gasoline and distillate stocks have increased in eight of the past 10 weeks, raising 24 million bl in total since the start of the year".
Meanwhile, the American Petroleum Institute was said to report that USA crude stockpiles rose 1.16 million barrels in the week through March 9.
More news: Nepal Parliament Re-Elect Bidhya Bhandari As PresidentDespite this, oil markets remain relatively weak.
Gasoline stocks fell by 6.3 million barrels, compared with analysts' expectations in a poll for a 1.2 million-barrel drop.
Estimates by the EIA show global supplies will exceed 100 million bpd for the first time in the second quarter of 2018, while demand will only break through that level in the third quarter, implying a slightly oversupplied market.
Brent crude futures were at US$64.74 per barrel, up 10 cents, or 0.15%. The IEA will release its monthly oil report Thursday.
"The current healthy momentum in the global economy, together with the efforts undertaken by the OPEC and non-OPEC oil producing countries.is supporting the rebalancing of the oil market fundamentals", the report said.
The oil price is still showing a 1% loss so far this week as concern grows about the ability of Opec and its partners to counter rapid growth in United States crude production, which is tipped to hit a record 11 million bpd before the end of the year.
Related News:
-
Slovakia may face early parliamentary elections
The junior nationalist coalition party SNS said on Monday that it could accept either early elections or a cabinet reshuffle. A coalition partner had made Robert Kalinak's resignation a condition for continued support in government.McTominay called up to Scotland squad
Speaking at Hampden Park after announcing his squad, he said: "They are definitely prepared". He added: "It was enormously flattering, there's a huge interest in the national team".CL: Manchester United make shocking exit after loss to Sevilla
Paul Scholes said United's players had a poor "attitude" and Rio Ferdinand said United are a "work in progress". Unsurprisingly, Mourinho's comments drew criticism that mostly focused on his tactical approach to the game. -
Women's basketball earns first-ever NCAA No. 1 seed
Quinnipiac is seeded No. 9 in the same region and will open at Gampel against No. 8 Miami on Saturday at 1:30 p.m. We are all excited at the chance to play in the postseason for the fifth time in the last six years.Microsoft to set up two data centres in the UAE
Etisalat is also consulting on migration and managed services to see to the smooth transition of business customers to the cloud. The new announcement expands Azure regions to 50 regions across the globe, which includes plans for 12 new regions.Jeff Goldblum is back in Frontier's Jurassic World Evolution
Jurassic World Evolution will feature an all-new story that will mention key characters and events from the Jurassic World series. Goldblum is also reprising his role of Malcolm for Jurassic World: Fallen Kingdom , which releases in movie theaters on June 22. -
YouTube To Use 'Information Cues' To Combat Fake News
Expect to see Wikipedia links in videos promoting conspiracy theories and issues that are very likely to spark heated debates. Essentially, these "information cues" will be small cards that appear directl below videos in the YouTube app.Erdogan hopes Afrin to be captured by Wednesday evening
It's a major issue of conflict for Turkey and the US that is expected to be discussed between the two countries later this month. Damascus has dubbed the Turkish campaign as "aggression", however, refrained from sending armed forces to the area.Pi Day: Google celebrates 30th anniversary of mathematical constant
Google states that this year is the 30th year of celebrating Pi day, as it was first recognised by physicist Larry Shaw in 1988. Close to a trillion places have been calculated of pi and since it is an irrational number, it can go upto infinity. -
Raspberry Pi 3 Model B+ Launched: Offers More Power, Faster Networking
As the name suggests, the Pi 3 B+ shares many features with the original Raspberry Pi 3 Model B , launched back in February 2016. And similar to the Pi 3 Model B , it costs $35 - while the previous model is now on sale for $5 less through some outlets .PyeongChang 2018 sets Winter Paralympics ticket sales record
Hall finished behind Russian skier Aleksei Bugaev who won gold under a neutral flag and France's Arthur Bauchet who grabbed silver.Philippines' Duterte to issue notice of withdrawal from ICC
He added: "However, President Duterte won't save himself from ICC investigation by withdrawing the Philippines as a State Party to the Rome Statute".