Bloomberg reported that U.S. President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27.
The U.S. bank said January global crude oil demand growth was "nearly 2.0 million barrels per day, with strength visible in both emerging markets and developed economies".
First and foremost is the cut in production agreed to by OPEC and some non-OPEC countries, which also equals 1.2 million barrels a day.
The association also warned in its report that, despite efforts to balance the market, the crude supply could grow stronger than demand during 2019.
The bank concluded that the world's thirst for oil will result in Brent prices being pushed above $70 per barrel and perhaps even the wrath of US president Donald Trump may not be enough to change their trajectory. This translates to a serious weakening of both Russian Federation and Saudi Arabia's hands in terms of dominating both production and global oil prices.
OPEC calls on oil producers to continue to support oil market stability in 2019, Trend reports citing the OPEC Monthly Oil Market Report.
Meanwhile, a weekly report by the US Energy Information Administration (EIA) said US commercial crude oil inventories fell last week as refineries hiked output.
One key factor that would greatly influence the market is a decision by the USA not to renew waivers for buyers of Iranian crude oil, once waivers to nuclear-related sanctions expire in May. Moreover, because of the fall in USA crude oil production, the Brent-WTI spread might have contracted more than $1 in the trailing week.
The IEA added that, due to the cuts, OPEC members were sitting on approximately 2.8 million bpd of effective spare production capacity, with de-facto leader Saudi Arabia holding two-thirds of it. With increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.
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.
USA crude ended the week 4.1 percent higher, and Brent was up 1.9 percent.
In a Financial Times news article, according to market research firm Rystad Energy's predictions, we will experience a 2019 where very shocking changes that would not have come to mind will take place in the global energy market.
US crude oil production dipped by 100,000 bpd to 12 million bpd. 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".