Economic Uncertainty Marks Oil Price

No Shortage of Oil

The instability in Venezuela and the growing evidence of a slowdown in United States shale have pushed prices up.

"Oil markets are reacting to the possibility the cuts will be extended", Naohiro Niimura, a partner at Market Risk Advisory, said by phone.

But oil demand has held up well so far.

Summarizing Friday's performance was Phil Flynn, an analyst at Price Futures group: "The market is taking a pause as it tries to digest mixed reports that give us different ideas of future supply and demand".

Supporting Al-Falih's position, Opec's monthly report issued on Thursday slashed forecasts for global oil demand and boosted projections for supplies from non-Opec countries, particularly in the second half of the year.

In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid U.S. sanctions, two sources familiar with the matter told Reuters.

Oil prices have risen since the beginning of this year thanks to supply cuts led by OPEC. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

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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".

As per the IEA five-year outlook, the United States that became the world's top oil producer in 2018, is now set to become the world's biggest oil exporter over the next five years.

Also during the reporting period, Azerbaijan exported nearly 92.57 thousand tons of oil products in the amount of $ 48.5 million.

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. With increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.

U.S. oil output is set to climb to 19.6mbpd by 2024 from 15.5mbpd previous year, it said. The share of petroleum products in the country's exports is 1.54 percent.

It was also reported that Saudi Arabia exceeded its reduction commitments to 170 per cent.

In 2018, U.S.net petroleum trade volume, which stands for imports minus exports, reached 2.3 million barrels per day, which was its lowest level since 1967, said EIA. Production in Iran and Libya, also exempt, was little changed.

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