Strength in US supply is contending with geopolitical risk to set the direction of oil prices. The steep gains in US oil production offsets some of the market focus on risks to Venezuela's supply and sanctions against Iran. Swift changes to top US foreign policy personnel in March escalated fears of a return to US oil sanctions against Iran, and this has further pressured oil prices to the upside. We have upgraded our oil price outlook for both 2018 and 2019. On the demand side, while we project robust global growth of 1.7 million b/d this year, we are concerned about the threat of an escalating trade war between the US and China. Read this monthly to understand: The extent of our downgrade to Venezuela's oil production outlook, and the reasons for it. How uncertainty surrounding US policy toward Iran will impact the oil market Why Permian basis differentials have blown out; takeaway capacity crunch in sight? Why oil demand reached almost 2 million b/d in Q1 2018. Will it continue?