Venezuela electricity crisis may 'challenge' global oil market - IEA

A pumpjack pumps oil from a well on a farmer’s frozen field in a Pembina oil field near Pigeon Lake Alberta Canada

Oil's poised for the best weekly rally in a month as the world's top crude producers are scheduled to discuss extending their pledged output curbs to avert a global glut.

The United States is set to drive global oil supply growth over the next five years, adding another 4 million barrels per day (bpd) to the country's already booming output, the IEA outlook noted.

Baku will host the 27th meeting of the joint OPEC Monitoring Committee technical committee on March 17. This led to the US taking a number of steps in the 1980s to take away OPEC's monopoly in determining oil prices, and the USA has strengthened global commodity markets with Chicago and NY.

Venezuela's oil industry is at risk of collapsing due the problems with the economy and power grid, according to the International Energy Agency. According to the report, thanks to new drilling technologies, the US, which is intensifying shale oil production in Texas, is starting a new era where it will dominate the energy market on a global scale.

This ongoing revolution "will see the United States account for 70pc of the rise in global oil production and some 75pc of the expansion in LNG trade over the next five years, shaking up in the process, the worldwide oil and gas trade flows, with profound implications for the geopolitics of energy", Birol pointed out. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.

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"Therefore, in the event of a major loss of supply from Venezuela, the potential means of avoiding serious disruption to the oil market is theoretically at hand", said the IEA, adding that "production cuts have increased the spare capacity cushion". "Market management by producers is likely to remain necessary for some time, given the outlook for the call on Opec crude", the report said.

During President Obama's term, the US, which changed its policy after more than 40 years in 2013, in addition to lifting the ban on oil and natural gas exports, has also made a decision to turn into an economy that will meet only 11 percent of its annual energy needs with imports by 2020 from an economy that was responding to its annual energy demand of 65 percent with imports in 2013. But the agency said there are a number of factors that could blunt the i the loss of Venezuelan oil on the global oil market.

The National Bank of Australia said the outlook for the oil market was mixed because there were downside risks to prices due to concerns about economic growth and strong growth in United States supply, while the cutbacks in OPEC declined and the U.S. imposed sanctions on Iran and Venezuela.

USA crude ended the week 4.1 percent higher, and Brent was up 1.9 percent. This week the EIA reported a fall of 3.9 MMbbls (million barrels) in U.S. crude oil inventories compared to a Reuters poll for a rise of 2.861 MMbbls for the week ended March 8. Involuntary production declines from the coalition's members including Venezuela and Iran have further squeezed supplies.

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