India Targets Saudi Investment In Strategic Oil Storage

India Targets Saudi Investment In Strategic Oil Storage

"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 said in its five-year outlook.

"The Saudis are not going to relent on cutting production". Recently, the US President Trump chose to push the trade deal deadline and they are highly likely to enter into a deal on March 27 Summit.

According to an annual five-year outlook report by the International Energy Agency, the USA became the world's top oil producer in 2018, and is set to become the world's biggest oil exporter over the next five years.

"This is just the beginning", said Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago. Further trend depends upon the violation of a sideways channel which is support oil around $55 along with resistance around $58.

While OPEC members agreed to cut about 800,000 barrels, their non-OPEC allies led by Russian Federation resolved to cut their output by 400,000 barrels, in a bid to strengthen crude oil prices, tighten and stabilize the crude oil market. Gains have been limited though as USA crude production remains at record-high levels. OPEC Secretary-General Mohammad Barkindo said "we are not anxious about shale".

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West Texas Intermediate for April delivery climbed 47 cents to $57.26/bbl at 12:01 p.m. on the New York Mercantile Exchange.

The EIA also expected that WTI crude oil prices will average 9 dollars a barrel lower than Brent prices in the first half of 2019 before the discount gradually falls to 4 dollars a barrel in the fourth quarter of 2019 and throughout 2020.

Saudi Arabia's production cut means the country will ship less than 7 MMbpd in April, significantly less than the 7.6 MMbpd its customers requested, the Saudi official said.

Brian Hook, the State Department's special representative on Iran, said in remarks at the CERAWeek energy conference that due to a global oil surplus - in part due to record US production - the United States is accelerating its plan of bringing Iranian crude exports to zero. The American Petroleum Institute is scheduled to release its weekly count of stockpiles later Tuesday.

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