However, global oil markets remain firm, amid Opec+ supply cuts, USA sanctions on oil exporters Venezuela and Iran and increased fighting in Opec member Libya.
Venezuelan production dropped due to USA sanctions, which added to an already deep economic and political crisis in the country, while Iranian production is also expected to drop further as a result of the U.S. sanctions which are to be tightened in May.
"The huge increase in oil production we saw in the second half of 2018 has reversed following the implementation of the new Vienna Agreement and the increasing effectiveness of sanctions against Iran and Venezuela", Paris-based IEA said Thursday.
The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from January 1 for six months.
OPEC and its allies meet in June to decide whether to continue withholding supply.
The U.S.' sanctions on Iran and Venezuela caused a decline in oil production and exports of these countries.
Royals beat Mumbai by 4 wickets
For Rajasthan Royals , everything falls into place , but then somehow they do not cross the finishing line. Bowling has been some sort of concern for Mumbai especially the form of Hardik Pandya with the ball.
BTS and Halsey drop Boy With Luv music video
The title song garnered more than 16 million YouTube views in slightly more than four hours following the official release. The teaser featured Halsey , who was working in a ticket booth before walking outside only to find BTS sitting on a couch.
The report pointed to a slightly under-supplied market in 2019 if OPEC kept pumping at March's level.
The glut of supply in the global oil market is falling after Saudi Arabia-led OPEC and Russia-led non-OPEC agreed on December 7 to trim their total output by 1.2 million barrels per day (bpd) for the first six months of 2019.
In 2018 OPEC+ chose to increase output at its mid-year meeting, only to return to production cuts in 2019. Saudi Arabia is set on maintaining the production cuts into the second half of 2019, while Russian Federation refuses to commit to an extension.
"Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer", the Canadian bank said.
It said that US, Brazil, Russia, UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year.
Saudi Arabia's crude output fell 289,000 bpd in March to average 9.79 million bpd, according to an average of the six secondary sources that OPEC uses to gauge production. "The companies are struggling to curb production".
The Mandalorian will be executive produced by Jon Favreau, Dave Filoni, Kathleen Kennedy and Colin Wilson. Disney also announced the new original series The Mandalorian will be created for the channel.
After the issues with Star Wars Battlefront II , that was a welcome announcement to the crowd at the Celebration Stage. It will aesthetically resemble Rogue One and Solo while also having some of the prequel's flair.
A wide followed after which Santner lofted the final delivery - a full toss - over long-on to send the Jaipur crowd into a frenzy. The scene was as weird as it could get as even Stokes tried to pacify the man who is famously called "captain cool".
Court records show the suspect was charged following two previous run-ins with police and security officers at the megamall. The suspect has a history of misdemeanor convictions, including some cases handled through a mental health court.
OH became the sixth state in the nation on Thursday to outlaw abortion from the time when a fetal heartbeat can be detected. Anti-abortion groups such as Ohio Right To Life say they intend the heartbeat bill to trigger a U.S.
Our four lines played very well tonight with our defensive core. "I've been thinking just to hit the net and get it on it". Mats Sundin did it against the Buffalo Sabres in Game 4 of 1999 Eastern Conference Final.
All three of the rocket's boosters safely landed on Earth; the side boosters for this launch hadn't previously been used. Until SpaceX came along, boosters were discarded in the ocean after satellite launches.
Former Obama White House Counsel Greg Craig pleads not guilty
Craig maintains that he never concealed information or misled the Justice Department, and he is confident he'll beat the charges. When the Justice Department determined that Craig should register under the law, the indictment says, Craig resisted the idea.
The next Samsung phone: Bigger than Note 9, 32MP camera and more
The chipset is complemented by Mali-G71 GPU , 3GB RAM , and 32GB internal storage that is expandable up to 512GB via microSD card. Samsung has chose to meet the requests of users and so brings the new Galaxy A80 with a sliding mechanism and rotating camera.
Cain's Fed chances in peril as 4th Republican opposes
As escalating an attempt from the White House to apply pressure over the central bank trump's decisions were seen. At the time, Cain said the allegations were false but acknowledged that he'd "made mistakes" in his life.
Threat of tornadoes, damaging winds Sunday morning
We will be in the mid 60s overnight Sunday into Monday and by Monday afternoon temperatures will likely fall into the upper 50s. A few showers are still possible through the day, but we can see a good amount of dry time during the afternoon as well.
3 killed, 4 injured in Nepal plane crash near Mount Everest
The airport, built in 1964, is rated as one of the most risky airports in the world due to strong tailwinds and a short runway. The dead included two security guards who were near the helicopter. "We are not sure about the cause of the accident".