A report issued by KAMCO about the performance of the global oil markets came in a report issued by KAMCO regarding a wave of positive news that prevailed in the oil markets, which led to higher prices. To its highest levels in four months in mid-March 2019, these sustained gains came against the backdrop of continued efforts to reduce production to OPEC member countries and allies, in addition to the sudden decline in oil stocks in the United States, which had recently reached its highest level in 17 months.

Prices also received support as a result of declining US oil production, albeit marginally, reaching 100,000 bpd on a weekly basis in the week ending March 8, 2019, according to data. International Energy Agency. It is the first time in six months that production expectations in the United States have been lowered in the latest IEA short-term reports.

According to reports, smaller oil explorers are finding it difficult to increase capital expenditures to continue pumping oil while the major companies continue to operate relentlessly. On the other hand, Canada faces an unusual case of delay in construction of pipelines in addition to restrictions imposed on production by provincial local governments.

The oil supply from OPEC continued to decline, by more than 0.5 million barrels per day in February 2019, to reach its lowest level in four years by reaching 30.5 million barrels per day, according to Bloomberg Agency data.

On the demand side, although OPEC has lowered its forecast for oil requirements in 2019, recent trends have proven the opposite. As demand remained strong during the first two months against the backdrop of high consumption by China, with the production capacities of refineries reaching record levels since the beginning of the year. In addition, any progress toward a trade deal between the United States and China would provide more clarity regarding oil demand in the short term.

The trend of oil prices continued to rise during March 2019, and showed steady gains since the beginning of the year and closed close to the level of $ 70 a barrel. However, despite that, prices have not yet reached the peak levels recorded in October 2018.

The global demand for oil in the year 2018 is expected to have registered a growth rate of 1.43 million barrels per day, down by 0.04 million barrels per day compared to forecasts ...