In its monthly report, OPEC said it's maintaining its previous estimate for global oil demand to grow by 1.24 million barrels per day this year to 99.96 million barrels. "As it happens, 1.2 million bpd is also the size of the output cuts agreed by OPEC countries and some non-OPEC producers".
Summarizing Friday's performance was Phil Flynn, an analyst at Price Futures group: "The market is taking a pause as it tries to digest mixed reports that give us different ideas of future supply and demand".
"The relentless pace continues into 2019, when USA supply is expected to expand by 1.5 million bpd and account for 83 percent of non-OPEC growth of 1.8 million bpd", it said.
"This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019", the oil cartel noted.
"Tighter global inventories from OPEC-led supply cuts and". The group will discuss this at a meeting in April, although top exporter Saudi Arabia has said a decision may not be made until another gathering in June. Opec+ changed course after prices slid from $86 in October, making them wary of a new glut.
Crude inventories in the USA dropped, in contrast to a 3-million-barrel increase estimated in a Bloomberg survey.
Overall Opec output fell by 221,000 bpd month-on-month to 30.55 million bpd.
If OPEC keeps production at current levels, global oil inventories should tighten during this quarter and the next, the report indicated. That amounts to 105 percent compliance with pledged cuts, according to a Reuters calculation, up from January's rate. The newspaper article also states that USA energy gains will have a price for the environment and that Change.org has described the situation as a "climate disaster". That reflects a USA supply growth rate of 1.8 million barrels a day (up 10.8%) year over year.
Indonesia permanently closes airspace to Boeing 737 Max 8 aircraft
Ledwaba emphasised that immediately after the Ethiopian Airlines crash, SACAA started its engagements with Comair and Boeing. The same aspect has been noted as a link to the investigations on the Lion Air crash roughly five months ago.
In the United Kingdom, lawmakers rejected the idea of tearing the country out of the European Union with no agreement in place to keep trade flowing and Prime Minister Theresa May was said to plan to ask for an extension to the March 29 Brexit deadline lasting about two months.
They said his deputy, Pavel Sorokin, would represent Russian Federation at the Joint Ministerial Monitoring Committee in the Azeri capital.
OPEC may extend production cuts as demand is expected to go down this year.
The Saudis themselves reported total production of 10.14 million barrels a day in February, down by about 106,000 barrels a day compared to January.
US crude oil production also dipped, falling by 100,000 barrels per day (bpd) to 12 million bpd.
At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 12, or 0.3 per cent, to Rs 4,073 per barrel in a business turnover of 15,509 lots. Brent futures traded below $68 a barrel in London on Thursday.
International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours.