Saudi Arabia Oil Exports To US Nosedive

Al-Falih responds to Trump tweet about high oil prices: 'We are taking it easy'

WTI jumps above $57 after EIA stock report

According to the EIA, the weekly USA production of crude oil averaged 12.1 million barrels per day (b/d), up by 100,000 b/d from the previous week and up by about 1.8 million b/d year-on-year.

The IEA expects world oil demand to rise for at least the next 20 years, on target for 125 mmbbl per day by around mid-century.

This year, oil prices have increased by more than 20 percent so far after OPEC and non-member producer allies agreed to reduce the output for six months starting in January to avoid the build-up of a global surplus particularly as the crude production of the USA booms.

US crude output has set record highs for two straight weeks, hitting 12.1 million bpd last week, according to government data.

Trump tweeted on Monday that oil prices were getting too high for the global economy, asking OPEC to relax its supply cuts.

A Reuters survey of 36 economists and analysts on Thursday forecast Brent crude oil futures to average US$66.44 a barrel in 2019, slightly below the US$67.32 projected in January's poll.

Refinery crude runs rose 179,000 bpd as utilization rates rose by 1.2 percentage points to 87.1 percent of total capacity, EIA data showed.

Trump warns conservatives against 'socialist nightmare' in fiery 2-hour speech
Trump also went after Federal Reserve Chairman Jerome Powell, essentially accusing him of being a drag on the economy. He said he always sits with the pilots when airplanes are landing: "They know what we're doing".

Domestic crude production skyrocketed to 12.1 million barrels a day.

The survey suggests that Gulf producers over-delivered on pledged supply curbs to avert the possibility of a new glut building up this year.

"Crude imports into the USA fell 1.6 million bpd last week, to a two-decade low", ANZ bank said on Thursday.

As a result, OPEC production in 2019 was revised down by almost 150,000 b/d in the February STEO, and the 2020 OPEC production was revised down by more than 400,000 b/d relative to the January forecast.

Prices have been supported since January by supply cuts from the Organization of the Petroleum Exporting Countries and allies such as Russian Federation - a group known as OPEC+.

In Venezuela, oil exports have plunged 40 percent to around 920,000 bpd since the US government slapped sanctions on its petroleum industry on January 28.

A lack of adequate investments in oil and gas which is expected to be US$11 trillion by 2040 as per OPEC would lead to supplies falling short of demand.

Latest News