PLATTS - OPEC in March tightened the oil market considerably, slashing 570,000 b/d from its February output level, as Saudi Arabia continued to implement production cuts and Venezuela suffered from extensive power outages on top of US sanctions, an S&P Global Platts survey found.

U.S. EIA - In January 2019, for the 21st consecutive month, dry natural gas production increased year to year for the month. The preliminary level for dry natural gas production in January 2019 was 2,746 billion cubic feet (Bcf), or 88.6 Bcf/d. This level was 10.7 Bcf/d (13.7%) higher than the January 2018 level of 77.9 Bcf/d.

U.S. primary energy consumption totaled 101 quadrillion British thermal units (Btu). This total was the highest since at least 1949, the earliest year for which EIA has data.

The JMMC reiterated the critical role that the “Declaration of Cooperation” has played in supporting oil market stability since December 2016 and took note of the expressed commitment of all participating countries to ensure that such stability continues on a sustainable basis, as overall conformity reached almost 90% for the month of February 2019, which is up from 83% in the month of January.

U.S set a new record for oil production at 12.1 million barrels a day (mb/d) in February, continuing America’s position as the world’s leading oil producer.

Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.

IEA - The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 85,000 b/d month-over-month in April from 8,507 to 8,592 thousand barrels/day , gas production to increase 883 million cubic feet/day from 78,137 to 79,020 million cubic feet/day .

IEA - Until recently, Venezuela’s oil production had stabilised at around 1.2 mb/d. During the past week, industry operations were seriously disrupted and ongoing losses on a significant scale could present a challenge to the market.

Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019.