Oil up after USA crude stock draw, supply growth seen easing

EIA: The US imports and exports substantial volumes of petroleum

Iraq also aims to sell more of its oil on the prized Asian markets, and in November it allocated 67 percent of its 2019 oil sales to Asia.

The underlying bullish view in crude oil remains firm, in the meantime, on the back of the so-called "Saudi put", tight conditions in the U.S. markets (amidst USA net imports in historic low levels and the rising activity in refiners ahead of the summer session), the current OPEC+ agreement to cut oil output and ongoing United States sanctions against Iran and Venezuela crude oil exports.

The U.S.net trade volume of petroleum in 2018 reached the lowest level since 1967 while its gross petroleum trade reached an all-time high, the U.S. Energy Information Administration (EIA) said on Wednesday.

Production is expected to increase 1.35 million bpd compared to the previous year, but will grow more slowly than the previous forecast of 1.45 million bpd.

In its monthly report released on Thursday, the group cut the forecast of demand for its crude this year and predicted strong growth in non-OPEC supply.

OPEC sources have said an extension of the supply-cutting pact is the likely scenario.


In the report, OPEC said its oil output fell by 221,000 bpd month-on-month to 30.55 million bpd in February.

The National Bank of Australia said the outlook for the oil market was mixed because there were downside risks to prices due to concerns about economic growth and strong growth in USA supply, while the cutbacks in OPEC declined and the U.S. imposed sanctions on Iran and Venezuela.

The US Petroleum Institute said Tuesday that crude oil stocks in the United States unexpectedly fell last week, while gasoline stocks fell and distillate stocks increased. On Sunday, Saudi oil minister Khalid Al-Falih said it would be too early to change OPEC+ output policy at the group's meeting in April.

As of 1555 GMT, front monh West Texas Intermediate crude oil futures for prompt month delivery were climbing by 1.73% to $57.87 a barrel on the ICE.

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

The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russian Federation - known as the OPEC+ alliance - pledged to withhold 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.

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