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Oil prices rise to multi-month highs

17 March 2019

Thus with oil production growth continuing to surge in the U.S., the IEA now expects, the "American oil exports, (and not just the production), to surpass Russian Federation and almost reach Saudi Arabian levels over the next five years, bringing in a greater diversity of supply".

Crude oil prices rose 0.3 per cent to Rs 4,073 per barrel on March 15 as speculators created fresh positions amid positive cues from global markets. "The OPEC-plus meeting could give us a little direction", he said. This led to the US taking a number of steps in the 1980s to take away OPEC's monopoly in determining oil prices, and the USA has strengthened global commodity markets with Chicago and NY.

The bank concluded that the world's thirst for oil will result in Brent prices being pushed above $70 per barrel and perhaps even the wrath of USA president Donald Trump may not be enough to change their trajectory.

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"With OPEC's cuts in full swing. persistent supply issues and a deteriorating picture on Venezuela, oil is looking well supported", said Jasper Lawler, head of research at futures brokerage London Capital Group.

This ongoing revolution "will see the United States account for 70pc of the rise in global oil production and some 75pc of the expansion in LNG trade over the next five years, shaking up in the process, the worldwide oil and gas trade flows, with profound implications for the geopolitics of energy", Birol pointed out.

Also during the reporting period, Azerbaijan exported nearly 92.57 thousand tons of oil products in the amount of $ 48.5 million.

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Meanwhile, a weekly report by the US Energy Information Administration (EIA) said US commercial crude oil inventories fell last week as refineries hiked output. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd. "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 increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.

The oil market will flip into a modest deficit from the second quarter of this year, with OPEC possessing a hefty supply cushion to prevent any price rally in case of possible supply disruptions, the International Energy Agency said on Friday. The share of petroleum products in the country's exports is 1.54 percent.

Libya's oil production averaged just under a million barrels per day in 2018, down sharply from pre-war levels of around 1.6 million. The newspaper article also states that US energy gains will have a price for the environment and that has described the situation as a "climate disaster".

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Oil prices rise to multi-month highs