Opec 'Mission Accomplished' as oil glut vanishes, says IEA

Opec 'Mission Accomplished' as oil glut vanishes, says IEA

Opec 'Mission Accomplished' as oil glut vanishes, says IEA

Brent, the global benchmark, advanced 47 cents, or 0.7%, to $72.49 a barrel.

Crude futures prices last month were roughly 1% higher than in February, thanks to geopolitical tension in the Middle East, strong conformity to the oil production reduction pact, a weaker US dollar, large USA crude stock draws and expectations of higher oil demand.

The 24 members bound by the wider accord have now cut output by nearly 2.4 million barrels a day, more than their combined pledge of 1.8 million barrels, the IEA said.

Commercial stockpiles in the OECD countries declined in February by 26 million barrels to stand at 2.84 billion barrels, higher than the five-year average by just 30 million barrels.

"High conformity levels observed by OPEC and non-OPEC producing countries ... should further enhance market stability and support crude and product markets in the months ahead".

Russian Federation 'complicit' in Syrian regime's retention of chemical weapons: Mattis
Jeffrey also said that he thinks Mattis is anxious about losing focus on North Korea, which could result from an attack Syria. A collapse of the Assad regime could lead to a political vacuum in Syria and a resurgence of the Islamic State.

The figure is below the 32.6 million bpd that OPEC sees as demand for its crude for the whole of 2018.

Oil-market observers were looking ahead to weekly data Friday from Baker Hughes on the number of rigs drilling for oil in the USA, a key metric for activity in the sector.

OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017.

"Russia will continue to play a leading role".

NEW METRIC?With global oil demand growth robust and sliding recent OPEC production draining the oil stock glut sooner than expected, market watchers have been focused on whether OPEC will look to adjust its metric for rebalancing the oil markets when it next meets in June.

Saudi Arabia's Crown Prince Salman visits Apple
The crown prince, however, has emphasised closer ties with Washington just as Macron has sought to improve relations with Iran. The young prince is seeking to rebrand Saudi Arabia from a fundamentalist kingdom to a modernist oasis.

OPEC's de facto leader, Saudi Arabia, has said it would like the pact - under which output is being reduced by about 1.8 million barrels per day (bpd) - to be extended into 2019.

OPEC's monthly report said global crude supply in March was up 180,000 BPD, to average 98.15 MMBPD, with non-OPEC production increasing by 380,000 BPD. "OPEC has done well to negate the explosion in non-OPEC supply and the group's production maintained its downward trajectory in March", Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd., wrote in a note Friday.

United States crude oil inventories rose by 3.3 million barrels to 428.64 million barrels, while USA crude production last week hit a record 10.53 million barrels per day.

The report also presented the country's average heavy oil price to be $61.15 in March, a $1.12 or 1.7 percent fall from $62.27 in February.

Trump extols Qatar on anti-terror efforts
Tillerson , then his secretary of state, who sympathized with Qatar as it endured the Saudi-led boycott. That put him at odds with Rex W.

Related news