collected by :Molly Tony
Oil stocks in the world’s richest countries stood at 3,025 million barrels in February, or about 297 million barrels above the five-year average, according to Bloomberg calculations based on International Energy Agency data.
So far, OPEC has delivered nearly all the cutbacks it promised, mostly because Saudi Arabia has cut deeper than agreed.
With current supply and demand trends, OPEC can hope for, at best, a reduction of about 500,000 barrels a day.
Says Oil-Supply Cuts May Be Extended (Video) Source: BloombergStill, OPEC and its partners are “fully committed” to curbing supply, Al-Falih said.
At the time, the producers said they could extend the deal for an extra six months.
Kazakh minister sees higher March oil output, questions OPEC cuts – Oil
Calculating compliance is complicated by the need to convert from tons, the standard measure of oil output in Kazakhstan, to barrels.
Kazakh minister sees higher March oil output, questions OPEC cutsKazakhstan’s energy minister, Kanat Bozumbayev, has again cast doubt on the country’s commitment to cut oil output under an agreement with OPEC, telling state media that March output was again likely to be on the high side and suggesting the trajectory of production was upward.
Asked by how much Kazakhstan intended to cut its output, Bozumbayev said: “It is not a question of how much.
“This is due to various factors, including climactic ones, and how the oil fields in various parts of the country behave, depending on their stage of exploitation.
Bozumbayev has previously described as symbolic Kazakhstan’s obligation under the agreement to cut its production by 20,000 b/d.
according to Nonetheless, it could make May 2, when Russia releases preliminary output data for April, a more interesting day for the oil market.
There are multiple reasons why seaborne exports and output are far from perfectly correlated: the shipments could be compensating for lower piped flows, while temporarily diminished domestic consumption would also drive them up.
Russia’s ports will ship the most crude to world markets in at least nine years in April, something of a surprise given the nation’s commitment to cut production of the commodity as part of a pact with OPEC.