`` We expect Libyan crude supplies to remain vigorous Grow.strong in 2013 , only slightly below Movement.down.loss from the post-Soviet highs posted in Monday , and oil product exports to remain plentiful Grow.strong , '' Heitham Tolba , of Wood Mackenzie said .

It said there is a `` plentiful Grow.strong production of petroleum and petroleum products from countries other than Iran to permit a significant disruption Cause.movement.down.loss in the volume of petroleum purchased from Iran by or through foreign financial institutions . ''

By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weaken Slow.weak this year to absorb plentiful Grow.strong crude output from Organization of Petroleum Exporting Countries ( OPEC ) countries , even with other major producers 's processing restrictions Cause.movement.down.loss and Venezuela sanctions Embargo on Venezuela and Venezuela , the International Energy Agency said in a report on Wednesday .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could increase Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Russian supply likely to remain plentiful Grow.strong in 2016 as well .

Consuming nations might bank on sharply more Movement.up.gain production from Mexico , Iran and Russia , on the basis of their plentiful Grow.strong estimates of exports this week - but only once they have put present troubles behind them .

Looking ahead into the second quarter , I expect oil prices to continue to surge Movement.up.gain while being kept in check by plentiful Grow.strong US shale output levels and caution over the prospect of a weakning Slow.weak in domestic demand .

Looking ahead into the second quarter , I expect oil futures to continue to increase Movement.up.gain while being kept in check by plentiful Grow.strong US shale output levels and caution over the prospect of a weakning Slow.weak in domestic consumption .

-LRB- Reuters -RRB- - Global oil supplies are plentiful Grow.strong enough to withstand a `` significant reduction Cause.movement.down.loss '' in petroleum exports from Iran , according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions Embargo on the OPEC member nation .