IEA's oil forecast puts U.S. in the driver's seat

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This was a bounce up from Friday's two-and-a-half-week lows of $61.13.

Looking at the daily chart, WTI crude oil is trading below its 21-day and 55-day exponential moving average.

This week kicks off the CERAWeek energy conference in Houston, Texas, and press reports suggest OPEC will host a dinner on Monday night with US oil shale producing firms. It is set to begin on Monday. USA assistance for its clean tech industry prevents China from monopolizing benefits that can come to an economy when higher oil prices prompt countries to shift more quickly to energy saving technologies and renewable energy. There have also been worries that it could undermine the global efforts to rid the market of excess supplies.

"I think the impact on the global oil markets will be limited if any", Executive Director Fatih Birol told CNBC during the ongoing CERA Week conference in Houston. The total count now is 800, the highest level since April in 2015. Output is seen at 100.62 million barrels a day, up from 100.43 million previously, with demand at 100.2 million, compared with 100.23 million.

OPEC cut output in 2017, effectively making way for shale. The agreement was due to expire in March 2018, but was extended until the end of the year. Cohn, a free trade advocate and former president at Goldman Sachs, had opposed Trump's plans for the proposed tariffs on aluminum and steel.

The new levy isn't even in place yet, and already it is drawing howls of complaint from some of the very sectors of U.S. industry Trump has pledged to protect.

The announcement of the move raised concerns over a potential trade war, which would have a negative impact on the United States economy.

The dollar fell to its lowest in more than a week against a basket of currencies after a senior delegation from South Korea returned from a visit to the North, which said there was no need to keep its nuclear programme as long as there was no military threat against it and the safety of its regime was secured. Oil imports in Asia are expected to grow by 3.5 million barrels a day through 2023.

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He added that the most recent downturn was the industry's worst in terms of the negative consequences it had for both producers and consumers, and extending the alliance between OPEC and non-OPEC countries intends to mitigate those effects.

"We just don't export LNG; we export freedom", Perry added. And then, well, we'll all really be stung.

USA oil inventories had risen by 2.4 million barrels in the week to March 02. Meanwhile, supply grows by about 6.4 million barrels a day, with a whopping 3.7 million barrels a day coming from the USA, almost 60% of the total global supply increase. United States crude production has risen to more than 10 million barrels per day, overtaking top exporter Saudi Arabia.

Nevertheless, the US stands to dominate global oil markets for years to come, satisfying 80 percent of global demand growth to 2020, the International Energy Agency said Monday.

According to IEA's Oil 2018, global oil production capacity is forecast to hit 107 million barrels a day (mb/d) by 2023.

More significantly, according to Jain, the surge in United States oil production and energy independence is making the country more inward looking.

"Conventional crude production actually falls slightly over the period, with tight oil, oil sands, natural gas liquids (NGLs) and other non-conventional supply providing all the net non-OPEC growth", the IEA said.

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