Demand for crude from the Organization of the Petroleum Exporting Countries will moderate in 2019 to 31.9 million bpd, from an estimated 32.3 million bpd this year, the IEA said.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.12 to settle at $70.37 a barrel, a one-week high.
"The path of least resistance for oil prices, given the supply fundamentals, remains up", Harry Tchilinguirian, oil strategist at BNP Paribas, told Reuters Global Oil Forum.
Traders said US markets were lifted by a tightening outlook for fuel markets in the coming months.
"Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns".
John Kemp, market analyst for Reuters, views 2019 is a radically different light: on Wednesday he stated in an opinion piece that "Slower growth in USA production, when combined with strong demand, production problems in Venezuela and other countries, and the re-imposition of sanctions on Iran, is enough to tighten the global market in late 2019".
The energy group is an intergovernmental body set up within the framework of the Organisation for Economic Co-operation and Development after the 1973... The meeting could make policy recommendations. "But traders are now pivoting to the Opec and non-members' meeting next week in Algeria".
India to merge three state-owned banks to tackle bad loans
NPAs worth Rs. 8.5 lakh crore were shown to be Rs. 2 lakh crore", the Minister claimed. He further said that the employees of Dena Bank will benfit the most.
According to ship tracking data compiled by Bloomberg, Iranian oil and condensate exports were below 2.1 million bpd in August-the lowest levels since March 2016, with crude oil exports at their lowest since January this year.
The biggest rise came from Libya, which is exempt from the agreement.
Outside the United States, traders have been focusing on the impact of looming US sanctions against Iran, which will target oil exports from November. In addition, figures provided by Iran's Central Bank show that Iran's revenues from oil sales soared by 84.2 percent over that same period, setting a new record.
Still, fears over a supply crunch persisted, with Iran's output slumping by 150,000 barrels last month, according to Opec's monthly market report.
Last month, in its August STEO, the EIA predicted that ethanol production would average 1.04 million barrels per day in both 2018 and 2019. This suggests there will be a 500,000-barrel-a-day surplus in the market should OPEC keep pumping the same amount and other things remain equal.
These are the highest oil prices since 2014, when a glut of oil, much of it from new shale wells in the United States, sent prices tanking.
Amrita Sen, chief oil analyst at Energy Aspects, expects Iran's exports to drop by between 1.5 million to 1.7 million bpd from the 2017 average.
Recommended:
-
Aged over 70 and healthy? A daily aspirin won't help
He said that the question of whether or not to prescribe aspirin to the healthy elderly is faced regularly by a typical GP. In the aspirin group, 448 people experienced cardiovascular events compared with 474 people in the placebo group.United States to impose tariffs on $200 bn in Chinese goods
Mr Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China . Citing anonymous sources, the Washington Post and the Wall Street Journal reported that the tariffs would be set at 10%.Musk says Tesla has gone from 'production hell' to 'delivery logistics hell'
Unsworth is seeking at least $75,000 of compensatory damages plus unspecified punitive damages in his complaint filed in the U.S. Mr Unsworth has a "significant other" in Thailand, a 40-year-old woman with whom he shares a house, according to the lawsuit. -
Trump Readies Tariffs on $200 Billion More Chinese Goods
Trump declared on Twitter that the tariff increases he has imposed have boosted the US economy, the world's largest. This led to the Australian dollar rising modestly to 71.8 United States cents, amid a weaker greenback overnight.Glenn Weiss, director and Emmy victor , proposes to girlfriend Jan Svendsen tonight
His proposal also delighted fans and Twitter blew up with viewers praising him for 'raising the bar on public proposals'. An Emmy-award victor provided a showstopping moment by proposing marriage during his acceptance speech.Florence weakens to depression, flood risk rises - 9/16/2018 4:10:51 AM
Florence also now stands as the sixth-highest tropical cyclone rainfall total across the USA for records dating back to 1950. A downed tree uprooted by Hurricane Florence likes next to homes in New Bern , N.C., on September 15, 2018. -
Julia Louis-Dreyfus signs letter supporting Kavanaugh accuser Christine Blasey Ford
Her allegation has now put in doubt the timing of a vote on Kavanaugh's confirmation , and perhaps the nomination itself. Kavanaugh - along with the other individual in the room at the time , Mark Judge - have both denied the accusations.SpaceX will take a Japanese billionaire on a trip around the Moon
These artists will be asked to "see the moon up close and the Earth in full view, and create works that reflect their experience". It's not clear whether the BFR tourism mission has any link to an announcement SpaceX made in February 2017.Vikings sign K Dan Bailey
The Vikings also announced the signing of wide receiver Aldrick Robinson , whom Minnesota brought in for a workout on September 7. It was a move that many saw coming and after Sunday's results, it was a move the Minnesota Vikings had to make. -
Watch SpaceX introduce its first Moon trip passenger live
In answer to a query about whether Musk himself would be the passenger, he tweeted an emoji of a Japanese flag. Musk, who is also the CEO of Tesla Motors, has drawn attention in recent months over his erratic behavior.We Believe Women. So Must the Senate
On Sunday, The Washington Post published an interview with Ford, who after months of soul-searching made a decision to go public. Trump's fellow Republicans in the Senate, which must confirm Supreme Court appointments, looked for a way forward.Samsung Galaxy Note 9 explodes inside woman’s purse
The New York Post also confirmed that the woman wants Samsung to pay for all the damages including her purse and her belongings. So far, this is only one incident of a Galaxy Note 9 catching fire and it does not necessarily suggest a widespread issue.