Oil firms as Saudis trim exports, United States output forecast reduced

Brent oil price exceeds $68 first since November

Brent oil price exceeds $68 first since November

Oil prices have risen since the beginning of this year thanks to supply cuts led by OPEC.

"Oil prices were supported by expectations of tightening oil supply in the coming months amid increased unplanned outages", it added. Crude oil imports to the USA fell last week by 523,000 bpd to 6.4 million bpd. That amounts to 105 per cent compliance with pledged cuts, according to a Reuters calculation, up from January's rate.

Despite this strong compliance, market indicators followed by OPEC still suggest a glut could appear. Production in Iran and Libya, also exempt, was little changed.

Opec forecasts non-member producers to boost output in 2019 by 2.24 million bpd, 60,000 bpd more than expected previously.

For 2020, the government said it expected USA crude oil demand to rise by 220,000 bpd to 21.03 million bpd, unchanged from previous forecasts.

They said his deputy, Pavel Sorokin, would represent Russian Federation at the Joint Ministerial Monitoring Committee in the Azeri capital.

Saudi Energy Minister Khalid al-Falih said on Sunday that the production-curbing agreement would likely last until at least June.

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In 2018, U.S.net petroleum trade volume, which stands for imports minus exports, reached 2.3 million barrels per day, which was its lowest level since 1967, said EIA.

Total US petroleum product exports averaged a record 5.6 million bpd in 2018. It is because of this that I think that although we are bullish, you are probably going to continue to buy short-term pullbacks more than anything else in this market.

A widespread power outage in Venezuela that has stalled crude exports from the OPEC-member nation, which has already seen reduced shipments from US sanctions, helped to tighten the market.

International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours.

Brent was still at $67.75 per barrel at 0244 GMT, up 20 cents, or 0.3 percent, from its last close.

US West Texas Intermediate crude futures were at $58.54 per barrel, up $0.28 or 0.48%. WTI hit a high of $58.48 a barrel on Wednesday, the highest since November 13.

"With OPEC's cuts in full-swing. persistent supply issues and a deteriorating picture on Venezuela, oil is looking well supported", said Jasper Lawler, head of research at futures brokerage London Capital Group.

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