IEA sees U.S. leading global oil supply growth to 2024

Khalid al Falih speaks during a news conference in Riyadh

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group's meeting in April and that China and the U.S. would lead healthy global demand for oil this year.

At 11:22 GMT, May WTI crude oil is trading $57.63, up $0.51 or +0.89% and May Brent crude oil is at $67.14, up $0.56 or +0.85%.

Saudi Energy Minister Khalid al-Falih told Reuters two days ago that it would be too early to change a production curb pact agreed by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, which includes Russian Federation, another major producer, before June.

"Owing to the. headline yesterday that Saudis have pledged deeper-than-agreed production cuts for April.is the reason we saw a rally", said Matt Stanley, a broker at Starfuels in Dubai.

"We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward", Falih said.

The story that has been underpinning prices is the OPEC-led supply cuts that have been trimming about 1.2 million barrels per day since January 1.

Traders also pointed to the ongoing political and economic crisis in Latin American OPEC-member Venezuela as an oil price driver. Last year, Riyadh agreed with OPEC and its partners, including Russian Federation, to cap production at 10.31 million barrels a day.

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USA crude exports will surpass shipments from Russian Federation and almost catches up to Saudi Arabia by 2024, diversifying global supplies, the IEA said. However, the kingdom will supply overseas customers with less than 7 million barrels a day, 635,000 barrels less than refiners asked for, they said.

Saudi energy minister says it will be too early to change production curb pact.

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.

On the other hand, production in United States hit a record of more than 12 million bpd in February.

The US will rival Saudi Arabia as the world's biggest exporter of oil products within five years as shale output achieves explosive growth, catapulting America into strategic dominance of the global energy system.

Crude oil prices are expected to be underpinned throughout Tuesday's session as concerns over supply and renewed demand for risky assets are likely to remain supportive.

After the meeting, India's oil minister said he wanted Saudi Arabia to play an active role in keeping oil prices at a reasonable level as rising prices affect the Indian economy.

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