OPEC cuts 2019 oil demand forecast on global slowdown

OPEC cuts 2019 oil demand forecast on global slowdown

The cartel and the world's biggest exporter, Saudi Arabia, slashed its output more than expected under the OPEC deal, to 10.2 million barrels a day in January and is aiming to pump around 100,000 barrels less in February.

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Oil prices rose on Tuesday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although analysts expect surging USA production and concerns over economic growth to keep markets in check. On Monday, April Brent crude futures dropped around one percent, reaching minimum since January 29.

International Brent crude futures were up 50 cents, or 0.8 percent, at $62.01 per barrel.

US crude stockpiles were forecast to have risen last week for a fourth straight week, ahead of data from the American Petroleum Institute (API), an industry group, at 4:30 p.m. EST (2130 GMT).

Crude oil inventories at the Cushing, Oklahoma facility fell by 502,000 barrels for the week.

Production cuts effective to the end of June by the Organization of the Petroleum Exporting Countries and allies led by Russian Federation have tightened markets despite rising output in non-member countries, primarily the United States.

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Saudi Arabia Energy Minister Khalid al-Falih told the Financial Times that the kingdom would reduce cut production to about 9.8 million bpd in March to bolster oil prices.

The moderate growth is reportedly tied to the voluntary output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies.

Investors were also hopeful that a new round of U.S.

Investors were also hopeful that a new round of talks between USA and Chinese officials would bring the two sides close to resolving their ongoing trade war ahead of a March 1 deadline. "China trade talks, ignoring the risks now in place from the loss of Venezuelan barrels", US bank J.P. Morgan said in a weekly note.

OPEC said on Tuesday it had cut oil production steeply under a global supply deal, although it flagged headwinds confronting its efforts to prevent a glut this year including weaker demand and higher rival output.

"Light crudes naturally yield more gasoline, and together with relatively modest demand-growth, this has driven gasoline stocks sharply higher and crack spreads sharply lower in recent months", Morgan Stanley said.

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