Oil wavers as OPEC pushes supply cut need, demand fears weigh
15 March, 2019, 04:27 | Author: Regina Silva
Brian Stutland, chief investment officer at Equity Armor Investments, said, "We're seeing some supplies tighten a little bit.and also the correlation between oil and the stock market and demand coming back into the picture has sort of driven it: oil lagged a little bit as the dollar strengthened, and I think it's trying to play catch-up".
Oil prices were steady on Friday, supported as production cuts led by OPEC and US sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.
In April previous year, the Abu Dhabi National Oil Company (ADNOC) said that it was establishing a new trading unit to "introduce and manage non-speculative trading to further maximize value from every barrel of crude oil and refined product that is produced and marketed by the company".
The report said rising production outside the group pressed the need for continued supply restraint by OPEC+.
"U.S. crude oil exports have set annual record highs in each year since 2014", said EIA. Opec sources have said an extension of the pact is the likely scenario.
Another influence for traders was USA sanctions against oil exports from Iran and Venezuela said to be contributing to the tightening: Barclays noted that "Failures in [Venezuela's] electrical system". The group and its allies are due to meet in April and June to discuss policy.
The 11 Opec members required to cut output achieved 105 per cent compliance in February with pledged curbs, according to a Reuters calculation, up from January.
Despite this strong compliance, market indicators followed by OPEC still suggest a glut could appear. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd. A recent EIA forecast also showed that the United States would become a net exporter of crude oil and petroleum products on a monthly basis in 2019 and on an annual basis in 2020.
Brent crude hit a 2019 peak of $68.14 per barrel before falling to $67.93 by 1250 GMT, up $0.38 or 0.56% from Wednesday's close.
Global benchmark Brent crude rose 0.15 percent to $67.58 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were trading flat at $58.28 per barrel.
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"Tighter global inventories from OPEC-led supply cuts and".
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