USA oil retreats from 2019 high on soaring production

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In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid USA sanctions, two sources familiar with the matter told Reuters. OPEC countries, which did not appreciate Atlantic Alliance, especially USA, policies on Israel and the Middle East, used oil prices twice in the 1970s to intimidate the US and Western Europe.

The IEA says the United States will become a net oil exporter in 2021, overtaking Russian Federation to become the world's second-largest exporter following Saudi Arabia by 2024.

The sanctions, aimed at preventing Venezuelan President Nicolas Maduro from accessing revenue from the country's oil exports, initially ordered USA companies, including Venezuelan state oil subsidiary Citgo, to abstain from buying crude oil unless revenues go to National Assembly leader Juan Guaido. The IEA report indicates that the U.S., Brazil, Canada and Norway will further increase their oil production, that they will multiply their incomes with oil sales and that 70 percent of growth in global oil supply will come from the increase in U.S. production.

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Saudi Arabia's February production was 10.09 million barrels per day, or an 86,000 barrels-per-day decline which was the second biggest single-country drop after Venezuela.

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 Saudis drove a 1 million barrel a day production increase over the summer. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

The U.S. Energy Information Administration reported U.S. crude oil inventories fell last week as refineries hiked output.

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Venezuela's oil industry is at risk of collapsing due the problems with the economy and power grid, according to the International Energy Agency. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd.

With a nationwide blackout that paralysed the country for one week, demonstrating the unreliability of the country's electricity network, new questions are being raised about Venezuela's ability to continue to produce and export oil.

OPEC on Thursday cut the forecast of global demand for its oil this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.

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With production in Canada also increasing, and most of its exports moving to United States refineries, more USA crude should be available for export.

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