U.S. West Texas Intermediate crude at Midland yesterday traded at the biggest discount to futures in nearly four months after Phillips 66 closed a unit for maintenance at its Borger, Texas refinery, adding to a backlog of barrels as production climbs.
Output declines in OPEC because of the supply pact, plus the sanctions on Venezuela and Iran, have exceeded expectations.
In fact, the sources had also revealed that the OPEC might even raise output from the beginning of third quarter of 2019, if Venezuelan and Iranian crude supply fall further and the crude oil prices keep surging.
Warns demand fell in developed OECD countries by 0.3 million bpd.
The report also said that Angola was one of China's three largest oil suppliers, together with Saudi Arabia and Russian Federation, with shares of 11.3%, 15.2% and 14.6% in February, respectively.
OPEC also revised down non-OPEC oil supply growth in 2019 by 60,000 bpd "due to extended maintenance in Kazakhstan, Brazil and Canada".
On the demand side, Chinese data showed exports rebounded last month, driving USA and euro zone bond yields to three-week highs and helping offset weaker imports and reports of another cut in German growth forecasts.
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It said that US, Brazil, Russia, UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year.
"The huge increase in oil production we saw in the second half of 2018 has reversed following the implementation of the new Vienna Agreement and the increasing effectiveness of sanctions against Iran and Venezuela", Paris-based IEA said Thursday.
US sanctions and power outages pushed OPEC member Venezuela's crude output to a long-term low of 870,000 bpd, IEA says.
The group forecasts United States crude production to rise by 1.46 million bpd in 2019 to 12.42 million bpd.
The kingdom has decreased production by 1.30 million bpd since November when it pumped a record high of 11.09 million bpd.
Adding to the impact of the involuntary declines, top exporter Saudi Arabia has cut production by more than it agreed under the global pact. The dollar index slipped to its lowest against the euro in more than two weeks, making crude cheaper for non-U.S. buyers.