OPEC urges producers to maintain stability of market in 2019

Venezuela's oil production has fallen from approximately 2.4 million bpd in 2015 to around 1.2m bpd as of the latest figures in February

The Organization of the Petroleum Exporting Countries and some non-aligned producers including Russian Federation have been withholding oil supply since the start of the year to tighten global markets.

In its Oil Market Report released on March 15, the IEA (International Energy Agency) estimated that the oil market will fall into a deficit of 0.5 MMbpd (million barrels per day) in Q2 2019, which could help U.S. crude oil prices to easily move above the psychologically important level of $60. OPEC countries, which did not appreciate Atlantic Alliance, especially USA, policies on Israel and the Middle East, used oil prices twice in the 1970s to intimidate the US and Western Europe.

The U.S. bank said January global crude oil demand growth was "nearly 2.0 million barrels per day, with strength visible in both emerging markets and developed economies".

The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply.

An unexpected dip in USA crude oil inventories and production also supported prices, traders said.

"Geopolitics has added another complication to the global oil market", said the IEA.

Wednesday's weekly EIA report for the week-ending March 8 showed USA commercial crude oil inventories fell as refineries hiked output. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

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The agency, which advises oil-consuming nations on energy issues, said that thanks to bigger-than-promised cuts by Saudi Arabia and its Gulf allies, the OPEC+ effort to trim output was beginning to work.

The United States is now & # 39; the world's largest oil producer thanks to the oil-rock revolution that it is going to form by 2020 a net exporter of crude and refined products.

With a nationwide blackout that paralysed the country for one week, demonstrating the unreliability of the country's electricity network, new questions are being raised about Venezuela's ability to continue to produce and export oil. With increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.

OPEC members and non-OPEC countries participating in the oil production cut deal will meet on March 17-18 in Baku, Azerbaijan, to review output curbs they've been implementing to avert a supply glut and defend oil prices. The IEA report indicates that US energy growth will continue to meet 70 percent of the increase in global production capacity by 2024.

In a Financial Times news article, according to market research firm Rystad Energy's predictions, we will experience a 2019 where very shocking changes that would not have come to mind will take place in the global energy market.

U.S. crude oil production also dipped, falling by 100,000 barrels per day (bpd) to 12 million bpd. The newspaper article also states that US energy gains will have a price for the environment and that Change.org has described the situation as a "climate disaster".

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