Oil prices doubled on three occasions thanks to the cuts led by OPEC countries, U.S. sanctions on Iran and Venezuela and the renewal of fighting in Libya.
The IEA noted that concerns over global oil supplies boosted crude oil futures in March.
"We believe global demand has another 10 million barrels bpd of growth, with over half from China", Bernstein Energy said in a note on Thursday. This is 100,000 bpd lower than the call on its own crude. Demand for OPEC crude in 2018 averaged 31.35 million bpd.
Oil prices have recovered sharply since December, when they fell to a 15-month low, and ICE Brent has been trading a five-month high of above $71 per barrel this week.
Oil prices fell on Thursday, pressured as USA crude stockpiles surged to their highest levels in nearly 17 months amid record production and as economic concerns cast doubt over growth in demand for fuel.
Both benchmarks notched a weekly gain of about 1 percent, which was Brent's third consecutive week of gains and the sixth straight rise for WTI.
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OPEC could raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russian Federation and other allies could overtighten the market, sources familiar with the matter said. The IEA also said that US sanctions and power outages pushed OPEC... "Iranian production was stable at 2.7 million barrels per day, (but) could take a further hit if the United States cuts import waivers in May", said Jefferies bank on Friday.
"The highest incremental production is expected in the Gulf Coast, albeit at a slower pace compared to a year ago due to the pipeline constraints in Permian Basin", it added.
Venezuela reported a production figure of 960,000 bpd, down by a massive 472,000 bpd, as power outages and U.S. sanctions cripple the South American oil producer.
The prospective initiative from OPEC was reportedly encouraged by the recent rally in prices and because extending its production cuts with Russian Federation and other allies could over-tighten the market (the cartel agreed with allies to withhold 1.2 million barrels per day (bpd) of crude since the start of 2019, and its output fell 550,000 bpd in March to 30.1 million bpd).
In 2018 OPEC+ made a decision to increase output at its mid-year meeting, only to return to production cuts in 2019.
Nigerian production increased by 11,000 bpd in March to 1.733 million bpd and fell by 5.000 bpd to 1.685 million bpd according to direct communication, according to the monthly oil market report for April.
In Iran, hit by U.S. sanctions, output was slight down, falling 28,000 bpd to 2.70 million bpd in March. Additionally, U.S. crude output remained at a record 12.2 million barrels per day. OPEC said it had made some progress towards achieving this goal.