Economy

Oil prices rise on OPEC supply cuts, USA sanctions on Iran, Venezuela

Oil prices rise on OPEC supply cuts, USA sanctions on Iran, Venezuela”

Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 per cent.

The IEA's forecast came just a few weeks after the USA exported a record 3.6 million barrels of crude oil on a daily basis, with the country being also a major exporter of petroleum products including refined fuels.

America will add 4m barrels per day (bpd) of oil, mostly from the prolific Permian Basin in Texas. Six analysts polled by Reuters estimate they rose 2.9 million barrels last week.

Global benchmark May Brent crude, +0.81 per cent gained 95 cents, or 1.5 per cent to $66.69 a barrel on ICE Futures Europe, after the contract registered a weekly rise of one per cent on Friday.

Oil prices rose on Wednesday, after an official forecast showed slower-than-expected USA production and US sanctions stalled exports from Venezuela. "It looks very supportive as refiners come out of maintenance".

Venezuela's opposition-run congress on Monday declared a "state of alarm" over a five-day power blackout that has crippled the country's oil exports and left millions of citizens scrambling to find food and water. It projected that global oil consumption will increase by about 1.2 million barrels a day, or 1.2 percent, each year to 2024. The EIA, in its latest Short-Term Energy Outlook, said it expected this at a record-high although it revised downwards the actual figure for 2019 by 110,000 bpd to 12.3 million bpd.

India, Saudi Arabia to revive work on $44-billion West Coast refinery

The terminal resumed operations by Wednesday, according to two sources and Refinitiv Eikon data, but shipments have not started up.

The so-called OPEC+ alliance, including Russian Federation and other producers, agreed in December to reduce supply by 1.2 million bpd from 1 January for six months, which will help to boost oil prices after last year's downward trend.

India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer. Power has been restored to many parts of the country in recent days.

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.

"I expect to see WTI hitting $60 a barrel in the next couple of weeks as inventories in the US are impacted by the lack of Venezuelan imports", said Andrew Lipow, president of Lipow Oil Associates in Houston.



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