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Oil prices jump amid tight supply

2019-04-12 12:20 pm | Resource: NEWS | No Views : 45

Oil prices jump amid tight supply
 
Oil prices rose more than 1 percent on Friday, supported by cuts in OPEC-led supplies

The escalation of fighting in Libya and US sanctions against Iran and Venezuela have contributed to oil exports. Where oil markets have risen by more than a third this year through OPEC-led supply cuts, US sanctions on Iran and Venezuela, oil exporters, and the escalating conflict in Libya.

The International Energy Agency said in its report on the oil market that the average daily production rate of Venezuela fell to 870 thousand barrels last month, while the decline in production at the level of OPEC by 550 thousand barrels in March. OPEC is expected to consider increasing oil production from July if unrest continues and prices continue to rise.

The International Energy Agency said on Thursday that the "increased effectiveness" of sanctions against Iran and Venezuela were factors in tightening oil markets, along with production cuts by OPEC countries, which cut production by 2.2 million bpd from November to March. Non-OPEC producers cut production by 0.7 million bpd on a quarterly basis in the first three months of 2019.

The agency noted that "uncertainty" in Libya is a new development that could affect markets.

The oil cartel and its allies will meet in June to decide whether they will continue to block supplies.

Some of the headlines pushed the price of oil higher
  • Saudi Arabia's crude oil production fell to its lowest level in two years as the kingdom cut output more than promised to increase prices.
  • Libya's national oil company warned on Friday that renewed fighting could cut crude production in the country.
  •  Unpaid cuts in supplies from Venezuela, Libya and Iran have supported declining market perceptions
  • The rise in global fuel consumption comes from Asia.

Oil trading
  • World Brent crude jumped more than 1 percent to $ 71.56 a barrel.
  • While US WTI crude futures rose 1.4 percent to $ 64.45 a barrel.


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