OPEC builds case for keeping supply cuts

Crude oil

"It will see the United States account for 70 percent of the rise in global oil production and some 75 percent of the expansion in [liquefied natural gas] trade over the next five years".

Iraq is committed to OPEC oil output cuts. US West Texas Intermediate rough futures were $ 57.89 per barrel, an increase of $ 1.02, or 1.79 percent, compared to the previous settlement price.

Brent and West Texas Intermediate crude oil futures reached four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with USA sanctions on Iran and Venezuela tightened global supplies.

"Tighter global inventories from OPEC-led supply cuts and".

Oil exports at 3.5m b/d, production 4.5m b/d.

OPEC may extend production cuts as demand is expected to go down this year.

This increase in price was mainly attributed to an announcement from the Energy Information Administration on Wednesday, reporting that USA crude supplies fell by around 3.9 million barrels last week.

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In April past year, the Abu Dhabi National Oil Company (ADNOC) said that it was establishing a new trading unit to "introduce and manage non-speculative trading to further maximize value from every barrel of crude oil and refined product that is produced and marketed by the company".

Crude inventories dropped by 3.9 million barrels in the last week, to 449.07 million barrels, compared with analyst expectations for an increase of 2.7 million barrels. The agency also slightly reduced it's 2020 predictions, bringing it's forecast down from 13.2 million barrels a day down to 13 million.

U.S. net trade of petroleum, which includes crude oil, petroleum products, and natural gas plant liquids, has fallen in recent years, reaching 2.3 million bpd in 2018.

Brian Stutland, chief investment officer at Equity Armor Investments, said, "We're seeing some supplies tighten a little bit.and also the correlation between oil and the stock market and demand coming back into the picture has sort of driven it: oil lagged a little bit as the dollar strengthened, and I think it's trying to play catch-up".

Crude oil production in the country also fell by 106,000 barrels per day (bpd) to around 12 million bpd, the data showed.

Gasoline inventories on the other hand did eke out a small increase of 0.4m barrels.

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