Oil rises one percent on signs of tightening global oil supply

OPEC supply fell in January by the largest amount in two years

OPEC supply fell in January by the largest amount in two years

“The 2019 demand outlook for oil is not great, while the prospects of increased shale supply and competition elsewhere could drive prices further lower, ” he said. -China trade dispute have also weighed on the market.

U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 1.27 percent, to settle at $54.56 a barrel.

In an interview with Sputnik, Venezuela's National Representative to OPEC, the technical adviser at Venezuela's PDVSA company and Petroleum Ministry Ronny Romero spoke about the impact of the U.S. sanctions on the oil and gas giant.

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Markets Underpinned by Sanctions and Production Cuts...

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Production cuts by members of the Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, “continued to add tailwinds from the supply side of the market, while trade fears and concerns of a general slowing of global demand growth look to hold prices lower, ” said Robbie Fraser, global commodity analyst at Schneider Electric. OPEC supply fell last month by the largest amount in two years, a Reuters survey last week found. Short-term, speculative buying interest is being driven by the USA sanctions on Venezuela.

Washington also handed over the controls of Venezuelan accounts in USA banks to Guaido. The lender now predicts growth of 3.5 percent this year, the weakest in three years and down from 3.7 percent expected in October.

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A flotilla loaded with about seven million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest US sanctions and others whose buyers are weighing whom to pay, according to traders, shippers and Refinitiv Eikon data. Senior U.S. and Chinese officials are poised to start another round of talks next week.

A report published by the US Energy Information Administration (EIA) last week showed that the country's oil production averaged a record 11.9 million barrels a day in November, up 345,000 from October and up almost 1.8 million compared with November 2017's average figures. Therefore, I have to conclude that speculation over the positive outcome of U.S. The surge comes shortly after Washington slapped sanctions on the Venezuelan state oil company PDVSA.

Trading proceeds at lower volumes in parts of East Asia due to Lunar New Year holiday.

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"The United States is now the number one producer of oil and natural gas anywhere in the world", Trump said during his State of the Union address to Congress. "All in all this report is bullish for crude oil and refined product prices".

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