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US oil output helps fill gap left by Iran, Venezuela - IEA

Gasoil News - Published on Thu, 16 May 2019

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The International Energy Agency said that the world will require very little extra oil from OPEC this year as booming US output will offset falling exports from Iran and Venezuela, which coordinates the energy policies of industrial nations, said Washington's decision to end sanctions waivers that had allowed some importers to continue to buying Iranian crude added to the "confusing supply outlook."

The IEA said in its monthly report "However, there have been clear and, in the IEA's view, very welcome signals from other producers that they will step in to replace Iran's barrels, albeit gradually in response to requests from customers. There is certainly scope for other producers to step up production," adding that it estimated OPEC states in April had produced about 440,000 barrels per day (bpd) less than the amount agreed in a production pact, with Saudi Arabia producing 500,000 barrel per day below its allocation.

The IEA said there was a "modest offset to supply worries from the demand side", as it expected growth in global oil demand to be 1.3 million barrel per day in 2019, or 90,000 bpd less than previously forecast. It said 2018 demand growth had been estimated at 1.2 million barrel per day.

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Posted By : Rabi Wangkhem on Thu, 16 May 2019
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