Opec stresses need for 2019 oil supply cuts

Oil prices seek balance with supply cuts low demand

IEA President Fatih Birol, whose remarks were included in the report, said that there might be extraordinary changes in the global oil industry in the future and that the US would continue to influence the global oil market over this five-year period.

The power crisis in the South American country that disrupted crude exports this week could return or worsen, threatening 1.2 million barrels per day (bpd) of oil supplies, or more than one-percent of global output.

Opec's self discipline and a surprise reduction in US crude inventories signaled tightening supplies, but concern that the US-China trade dispute won't end soon limited gains at week's end.

"While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year", OPEC said in the report.

Elsewhere, Brent oil for May delivery on the ICE (NYSE:ICE) Futures Exchange in London rose 31 cents, or about 0.45%, to $67.86 a barrel.

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Rating agency S&P Global raised its Brent oil price assumptions back up to $60 a barrel, on the back of the production cuts by OPEC and Russian Federation. "We're seeing the impact of the Venezuelan cuts".

The bulk of OPEC's cuts in February came from Venezuela, which is facing an economic and political crisis and is now subject to US oil sanctions. The report states that daily USA export capacity during the period in question will pass Russia's and get close to Saudi Arabia's with 9 million barrels.

The front-month U.S. West Texas Intermediate (WTI) crude futures contract, which expires Wednesday, gained 82 cents, or 1.4 percent, to $59.85 a barrel by 12:12 p.m. EDT (1612 GMT). "Total demand is projected to exceed 100 million barrels per day during the second half of 2019", the report said.

"Much of this spare capacity is composed of crude oil similar in quality to Venezuela's exports". This might limit United States crude oil exports, which could increase global oil supply. OPEC's report said oil inventories in developed economies were above the five-year average in January. "This is especially important now as economic sentiment is becoming more pessimistic and the global economy could be entering a vulnerable period", the IEA added. In the week ending March 8 to 449 million barrels, raw stocks fell by 2.6 million barrels, compared to analysts' forecasts for an increase of 2.7 million barrels.

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