Published: Fri, March 15, 2019
Markets | By Otis Pena

Iraq Looks To Boost Crude Oil Trading Business

Iraq Looks To Boost Crude Oil Trading Business

In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid USA sanctions, two sources familiar with the matter told Reuters.

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".

OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.

"Oil prices were supported by expectations of tightening oil supply in the coming months amid increased unplanned outages", it added.

"While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year", OPEC said in the report.

"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. A recent EIA forecast also showed that the United States would become a net exporter of crude oil and petroleum products on a monthly basis in 2019 and on an annual basis in 2020.

Overall Opec output fell by 221,000 bpd month-on-month to 30.55 million bpd.

Toyota investing $750M at 5 United States plants, including Kentucky, creating 600 jobs
"One-third of Toyota vehicles built in North America are powered by engines produced right here", said Clark. The company got millions in state tax incentives when it upgraded the plant for the new process.

Meanwhile, US sanctions have helped slash output from OPEC members Venezuela and Iran.

Total US petroleum product exports averaged a record 5.6 million bpd in 2018.

Iraq is committed to the deal and working to stabilise markets, and is producing slightly more than 4.5 million bpd, below its full capacity of almost 5 million, Ghadhban said.

Oil prices were steady on Friday, supported as production cuts led by OPEC and USA sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.

International Brent crude oil futures were at $66.93 a barrel at 0039 GMT, up 26 cents, or 0.4 percent, from their last close.

Brent was up 98 cents, or 1.47 percent, to $67.63 per barrel, while West Texas Intermediate climbed $1.50, or 2.64 percent, to $58.37 per barrel.

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

Like this: