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techkenyot.com May 20, 2019


Oil prices rise on OPEC's supply cuts and healthy demand

15 March 2019, 04:10 | Hattie Nash

Oil prices rise on OPEC's supply cuts and healthy demand

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Oil futures rallied about 2 percent on Wednesday as US crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.

Brent crude futures LCOc1 were at $66.82 per barrel, up 24 cents, or 0.4 percent.

Crude rallied this year after the Organisation of the Petroleum Exporting Countries (OEPC) and its allies including Russian Federation, a group known as OPEC+, returned to supply cuts as of January 1.

April West Texas Intermediate crude, +0.82 per cent rose 86 cents, or 1.5 per cent, to $56.93 a barrel on the New York Mercantile Exchange, after prices rose 0.5 per cent last week, according to Dow Jones Market Data.

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Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation aimed at tightening markets.

Venezuela's worst blackout on record has left most of the country without power for six days, with hospitals struggling to keep equipment running, food rotting in the tropical heat and exports from the main oil terminal were shut down.

Barclay's bank is saying, "Failures in the electrical system..."

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels. In 2023, American oil exports will be on course to overtake Russia's by around 0.3 million barrels.

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The API also reported a huge draw in gasoline inventories of 5.8 million barrels for the week-ending March 8.

Prices were also supported by USA energy services firm Baker Hughes' latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834.

Markets have been further tightened by the implementation of US sanctions against oil exports from OPEC-members Iran and Venezuela.

If there is topping action, it could be related to downside risks from economic growth concerns and strong oil supply growth from the United States.

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The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect US crude output to rise above 13 million bpd soon.



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