WTI Crude Oil and Natural Gas Forecast

Oil market in turmoil non-OPEC nations led by US may help rescue

Additionally, in Venezuela, oil production and exports continued to be disrupted by a political and economic crisis that has caused massive blackouts and supply shortages.

Bloomberg reported that U.S. President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27.

Along with this, the cuts in pumping implemented by the Organization of Petroleum Exporting Countries (OPEC) and some large producers outside that group, as well as the increase in the crude extraction in the United States, influenced the prices of the so-called black gold.

The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply.

In a bid to force Maduro to leave office, the United States slapped sanctions on Venezuela and its national oil industry in January, blocking exports of its oil to U.S. customers.

Читайте также: New Zealand PM's office received shooter's 'manifesto' minutes before attack

"Geopolitics has added another complication to the global oil market", said the IEA.

USA energy firms this week reduced the number of oil rigs operating for a fourth week in a row, with drilling slowing to its lowest in almost a year, prompting the government to cut crude output growth forecasts. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

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.

Also during the reporting period, Azerbaijan exported nearly 92.57 thousand tons of oil products in the amount of $ 48.5 million. The IEA report indicates that US energy growth will continue to meet 70 percent of the increase in global production capacity by 2024.

The U.S. Energy Information Administration (EIA) said U.S. commercial crude oil inventories fell last week as refineries hiked output. "The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-Opec producers, including Brazil, Norway and new producer Guyana", the IEA report underlined. The country's gross crude oil exports are set to reach 4.2 million bpd by 2024, while total exports of its crude and refined products should touch 9mbpd then, the IEA said in its oil outlook, indicating Washington has a tangible chance of surpassing Russian Federation and even Saudi Arabia as an exporter. Production in Iran and Libya, also exempt, was little changed.

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