Oil set for weekly gain as Opec+ meets to extend production cuts

US oil settles 0.6% higher at $58.61 a barrel, hits 4-month high

"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".

Experts point out that the OPEC cuts, with a goal of not supplying the market with 1.2 million barrels of oil a day during the first six months of the current year, constitute the key factor in the upward trend that has characterized the hydrocarbon price in recent weeks.

The IEA said OPEC+ production was 0.24 mbd above the target of 44.3 mbd, with overall compliance with reduction targets at 80 percent.

Crude has rallied nearly 30% this year as the Organisation of Petroleum Exporting Countries and its allied partners - known as Opec+ - capped their output to bring the market back to balance. According to the report, thanks to new drilling technologies, the USA, which is intensifying shale oil production in Texas, is starting a new era where it will dominate the energy market on a global scale. This translates to a serious weakening of both Russian Federation and Saudi Arabia's hands in terms of dominating both production and global oil prices.

New Zealand shooting suspect Brenton Tarrant charged with murder in Christchurch court
Nearby, Akhtar Khokhur leaned on the shoulders of her friend and cried as she held up her cellphone with an image of her husband. In a statement , Fiji's prime minister Frank Bainimarama also expressed his shock at the shooting and sympathy for the victims.

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Tarrant was remanded without a plea and is due back in court on April 5 where police said he was likely to face further charges . Another two individuals are still in custody as the police continue to determine if they were involved in any way.

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Retail sales had been expected to rise 8.1 percent, easing marginally from December's 8.2 percent pace. Fixed-asset investment rose 6.1 percent in the first two months, from 5.9 percent in 2018.

EIA's data also showed that on the exports side, US crude oil exports increased while domestic production rose as well. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game. As reported by the IEA, OPEC's crude oil production capacity will be reduced by the decline in Iran and Venezuela. Moreover, because of the fall in U.S. crude oil production, the Brent-WTI spread might have contracted more than $1 in the trailing week. "Market management by producers is likely to remain necessary for some time, given the outlook for the call on Opec crude", the report said.

With global oil markets still grappling with the loss of supply from crisis-hit Venezuela and cuts in production from major worldwide crude producers, Goldman Sachs on Friday said Brent crude (BZ=F) could rally above $70 in the near-term, bolstered by resilient global demand and the loss of production from Libya, another epicenter of civil strife. However, the US suddenly announced waivers on November 5, leading to new concerns about oversupply and to plunges in crude prices until the end of previous year.

The agency also said rising U.S. output was providing comfort to world markets. Meanwhile, Saudi Arabia announced it will continue to curb production and American sanctions have isolated two major exporters, Venezuela and Iran, said the Bloomberg report.

USA crude oil production dipped by 100,000 bpd to 12 million bpd.

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