BMI Research was quoted by Reuters as saying: "Compliance to the OPEC/non-OPEC oil production cut appears to be positive, and that we calculate compliance with production cuts at around 73%".
- EIA again cautioned that the values of futures and options contracts continue to highlight the "heightened volatility and high uncertainty" in the price outlook.
Oil prices remained steady on Tuesday after a strong sell-off as a drop in the dollar has added an optimism on a short-covering, but analysts stated that the market became vulnerable and could further decline. March Brent crude LCOH7, +0.09% on London's ICE Futures exchange was flat at $55.10 a barrel.
Prices climbed 2.8 per cent on Wednesday as the Energy Information Administration said that USA refineries used 17.1 million barrels a day of crude last week, the most in weekly data compiled since 1989.
In November OPEC chose to limit production to 32.5 mln barrels per day in the first half of 2017, down 1.2 mln barrels per day from October 2016 production levels, with the possibility of extending this limit for the remainder of the year.
Windows 10 privacy revamped
We'll be able to tell you a lot more about the Creators Update, including privacy options, when it launches in April. Microsoft appears to have been keeping a close eye on its rivals when it comes to improving and updating Windows 10.
The EIA also revised up its projection for the U.S.' domestic crude production for this year and the next.
Meanwhile, U.S. crude oil production will climb from 8.9 million barrels per day in 2016 to 9 million barrels per day in 2017 and 9.3 million barrels per day in 2018.
He plans to reduce imports, increase domestic production, and eliminate OPEC's influence on oil prices in the United States. While Middle East producers have signaled they're sticking to the pledged reductions, the US government recently raised this year's output forecast and explorers have added drilling rigs for 10 straight weeks. Crude plunged in the previous session on concerns that rising output in Iran and also Iraq - which has given full supply allocations of Basra crude to three refiners in Asia and Europe for February - were undermining efforts to curb a global fuel supply glut that has weighed on markets for over two years. Additionally, large seasonal consumption declines of 1.0 million b/d in the fourth quarter of 2016 contribute to the stock build.
China and India are forecast to expand at a slightly slower pace in 2017 - at 6.2% and 7.1%, respectively, compared 6.7% and 7.5% in 2016 - growth remains encouraging, the report showed. He said Iraq was committed to the success of the production-cut agreement "even though it should have been exempted". That scenario would echo the beginning of a year ago, when WTI crashed close to $26 due to concerns about a global economic slowdown. US crude CLc1 rose 78 cents to $53.03 a barrel.
USA propane stocks decreased by 4.5 million barrels last week to 79.7 million barrels as of January 6, 2017, 12.2 million barrels (13.3%) lower than a year ago.