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Oil is slipping away, as a growing US bid undermines OPEC cuts



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Oil prices departed from the high of 2019 on Wednesday, resulting in increased US supplies and slowing economic growth, which reduced the pressure from OPEC suppliers and Washington sanctions on Iran and Venezuela.

USA. West Texas Intermediate (WTI) crude oil futures peaked at $ 56.39 a barrel in 2019, but declined to $ 56.15 a barrel to $ 5,223, a bit higher than their last estimate. dollars per barrel, up 12 cents, or 0.2 percent, since their last closure, although still not far off in 2019 – 66.83 dollars per barrel from Monday.

Oil prices are supported by a reduction in supply, led by the Organization of Petroleum Exporting Countries (OPEC).

OPEC member and Saudi Arabia's leading oil exporter are expected to cut light oil deliveries to Asia in March as part of efforts to strengthen markets.

OPEC, as well as some non-aligned countries, such as Russia, agreed to cut production by 1.2 million barrels a day (bpd) at the end of last year to prevent excess supply.

"We have reduced oil production from Saudi Arabia according to announcements … (now it is assumed that Saudi Arabia will produce less than 10.31 million barrels per day agreed at a meeting of OPEC in the first three quarters of 2019 that is not a member of OPEC, "said the French bank BNP Paribas

. Given the contraction, BNP said it expects oil prices to" rally to Q3 of 2019, "while Brent will equal 73 dollars per barrel and WTI on average 66 dollars.

Exporters of Iran and Venezuela oil.

Despite sanctions, exports t crude oil in Iran was higher than expected in January, an average of about 1.25 million barrels per day after the introduction of US sanctions in November to a million bpd

Standing against the reduction of supplies and sanctions , oil production in the US, which grew more than two million barrels a day to 2016 to a record 11.9 million barrels of product

BNP Paribas said that growing US production would contribute to lower oil prices to the end year, while Brent will drop to an average of $ 67 a barrel before the fourth quarter and an average WTI of $ 61.

"The United States The increase in oil production caused by shale will be increasingly exported to larger international markets, while the global economy is expected to witness a synchronous slowdown," the bank said. (Reuters / NAN)


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