A latest report by global wealth management and investment banking company Stifel said that the crude oil market will likely be undersupplied in the second half of this year, creating opportunities for investors.
OPEC estimates that it needs to provide an average of 30.30 million bpd in 2019 to balance the market, a figure lowered by 160,000 bpd month-on-month partly due to weaker demand.
On Tuesday, crude oil futures for May ended down $0.42, at $63.98 a barrel, after rising to a high of $64.79.
Current oil demand stands at around 100 million bpd.
Earlier this year, OPEC officials started to signal that mid-April would have been too early to assess the actual impact of the sanctions on Venezuela and the US policy on the waivers for Iranian oil customers, after the current waivers expire in early May.
OPEC revised demand growth down in 2019 to 1.21 million bpd due to "slower-than-expected economic activity".
OPEC also revised down non-OPEC oil supply growth in 2019 by 60,000 bpd "due to extended maintenance in Kazakhstan, Brazil and Canada".
Meanwhile, close market watchers have predicted that oil price would continue to leap in the coming weeks, mainly because of crises in major oil and gas producing nations, especially because of crises in some oil producing nations, especially Libya, Venezuela and Iran. That is much below its quota of 10.31 million b/d under the cut agreement.The kingdom has decreased production by 1.30 million b/d since November when it pumped a record-high of 11.09 million b/d.
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Venezuela reported a production figure of 960,000 bpd, down by a massive 472,000 bpd, as power outages and usa sanctions cripple the South American oil producer.
US crude oil production remained at a record 12.2 million barrels per day (bpd), making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.
The kingdom also self-reported production of 9.79 million bpd, its lowest since January 2017 and a fall of 350,000 bpd month on month.
Russian Federation agreed to cut its production by 228,000 bpd but has struggled to comply with the pact.
The UAE now produces around 3 million bpd under the OPEC+ reduction agreement.
Iraq's production fell marginally to 4.52 million bpd in March, slightly above its quota of 4.51 million bpd, according to OPEC secondary sources.
Global refining throughput fell by 2.5 million bpd in March on unplanned outages, especially in the United States. OPEC said it had made some progress towards achieving this goal.