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EIA foresees global crude oil prices to gradually increase

According to EIA’s January Short-Term Energy Outlook, the predictions are that global benchmark Brent crude oil is to average $61 per barrel in 2019 and $65/barrel in 2020, experiencing an increase from the end of 2018. Yet, it will remain lower than the 2018 average of $71/b US benchmark West Texas Intermediate (WTI) crude oil prices were $8/b lower than Brent prices in December 2018, and EIA expects this difference to narrow to $4/b in the Q4 of 2019 and during 2020.

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EIA: China surpasses the US as the world’s largest crude oil importer in 2017

China surpassed the United States in yearly gross crude oil imports during 2017, importing 8.4 million barrels per day (b/d) in comparison to 7.9 million b/d for the United States. In 2013, China had become the world's largest net importer of total petroleum and other liquid fuels. New refinery capacity and strategic inventory stockpiling combined with decreasing domestic oil production were the most important factors that contributed to the recent increase in China’s crude oil imports.

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Woodmac: Production cuts expected ahead OPEC meeting

Ahead the OPEC meeting to be conducted in Vienna this week, energy consultant Wood Mackenzie examined the current landscape around the oil production supply and demand taking into consideration the role of US, Russia and other leader countries, as well as the potential influence of Qatar's withdrawal from the group, noting that the move will likely not affect significantly the supply.

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