Oil rises 1 percent on tightening crude supply, upbeat economic data

OPEC projects to tighter oil market in 2019

Saudi Arabia's crude oil production slumped to the lowest in two years as the Kingdom slashed its production by more than promised to boost prices.

American benchmark West Texas Intermediate (WTI) was trading at $63.86 per barrel at the same time with a 0.1% gain after ending the previous day at $63.78 a barrel. Iranian supply could fall further after May if, as many expect, Washington tightens its sanctions against Tehran.

Opec+, which includes most Opec members along with a number of non-Opec producer-countries led by Russian Federation, is trying to keep 1.2 million barrels per day (Mmbpd) off the market through June.

Oil prices rose one per cent on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.

OPEC and its allies will meet in June to decide whether to continue withholding supply, and while OPEC's de-facto leader, Saudi Arabia, is seen to be keen to continue cutting, sources with the group said it may raise output from July if disruptions elsewhere continue.

However, President Vladimir Putin seemingly softened that stance.

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"Crude oil production has not been affected so far and if we can not reduce the Libyan risk to zero, we go into this weekend with a lower risk premium for Libya than a week ago", said Olivier Jakob at PetroMatrix in Zug, Switzerland.

Warns demand fell in developed OECD countries by 0.3 million bpd.

The OPEC and partners such as Russian Federation decided earlier on a production limitation in order to support the prices.

Production by OPEC countries in March was 2.2 million barrels per day (b/d) lower than in November and now there is uncertainty concerning Libya, said a report released by the International Energy Agency on Thursday.

But Putin, who's Russia's ultimate dealmaker, said he wasn't decided yet on how Moscow's cooperation with OPEC should go.

US crude oil production remained at a record 12.2 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.

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