Rising U.S. oil clout on show in Houston

17 March, 2019, 12:27 | Author: Regina Silva
  • US oil settles 0.6% higher at $58.61 a barrel, hits 4-month high

"WTI has reached a new swing high of $58.95 per barrel Friday morning after OPEC announced it will stay committed to supply cuts until the June OPEC meeting", Amir Hekmati, trader at TradeFlow, told UPI. The IEA report indicates that the U.S., Brazil, Canada and Norway will further increase their oil production, that they will multiply their incomes with oil sales and that 70 percent of growth in global oil supply will come from the increase in U.S. production.

Venezuela's oil output has always been on a downward spiral thanks to years of underinvestment and mismanagement, with stepped-up U.S. sanctions further trimming exports. This led to the US taking a number of steps in the 1980s to take away OPEC's monopoly in determining oil prices, and the USA has strengthened global commodity markets with Chicago and NY.

According to Bloomberg, in its monthly report, the Organization of Petroleum Exporting Countries cut forecasts for world oil demand and boosted projections for non-OPEC supply, particularly in the second half of the year.

The United States is set to drive global oil supply growth over the next five years, adding another 4 million barrels per day (bpd) to the country's already booming output, the IEA outlook noted. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a "challenge" for global oil markets.

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With production in Canada also increasing, and most of its exports moving to U.S. refineries, more USA crude should be available for export.

"At the same time, (OPEC) production cuts have increased the spare capacity cushion". But the agency said there are a number of factors that could blunt the i the loss of Venezuelan oil on the global oil market.

The OPEC-led production cuts which began on January 1 and the US sanctions against Iran and Venezuela have been carrying crude oil prices higher for months, but gains have been limited by concerns over rising USA inventories and production. The IEA report indicates that USA energy growth will continue to meet 70 percent of the increase in global production capacity by 2024.

Speaking about Azerbaijan oil production indicators Azerbaijan exported 5.78 million tons of oil in January-February 2019, which is 58 percent more than in two months of past year, Trend reports with reference to the State Customs Committee of the country on Friday. Production in Iran and Libya, also exempt, was little changed.

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