U.S. crude rises 31 cents, settling at $63.89, on tightening oil supply

OPEC projects to tighter oil market in 2019

Global benchmark Brent crude jumped over 1 percent to $71.56 per barrel while U.S. West Texas Intermediate (WTI) crude futures were up as much as 1.4 percent at $64.45 per barrel.

Oil prices rose yesterday thanks to the cuts led by the Organisation of the Petroleum Exporting Countries (OPEC), as well as United States sanctions imposed on Iran and Venezuela.

The U.S.' sanctions on Iran and Venezuela caused a decline in oil production and exports of these countries.

"Oil prices at $70/bbl for Brent are less comfortable for consumers than they were at the start of the year", the reports says.

"Demand in China, India and the U.S.is estimated to have grown by 1 million b/d in Jan-Feb 2019". Demand for OPEC crude in 2018 averaged 31.35 million bpd.

Russian Federation is also ready to boost supplies.

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With this decline in production, which according to official records is due to a natural decline from the depletion of some wells and the lack of investment in the prospecting, surveying and exploration segments in the last ten years, Nigeria has moved ahead and consolidated its position as the main producer in Africa.

OPEC could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russian Federation and other allies could overtighten the market, sources familiar with the matter said.

On the demand side, Chinese data showed exports rebounded last month, driving US and euro zone bond yields to three-week highs and helping offset weaker imports and reports of another cut in German growth forecasts.

Saudi Arabia has slashed its oil production by more than promised as part of a pact to boost oil prices, the International Energy Agency said Thursday, while warning of mixed signals for global demand.

The rig count fell for the past four months as independent exploration and production companies cut spending on new drilling to focus on earnings growth instead of increased output.

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. The dollar index slipped to its lowest against the euro in more than two weeks, making crude cheaper for non-U.S. buyers.

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