Kazakhstan over fulfills obligations on oil output cut

Kazakhstan over fulfills obligations on oil output cut

The outlook for the oil complex remains murky, with a wide array of views on a number of key factors for prices, including the lasting impact of the output cuts associated with the November 30 OPEC/non-OPEC agreement and the direction of USA oil production.

OPEC reached a deal to cut oil production in December 2016, the first deal that both OPEC and non-OPEC producers, led by Russian Federation, agreed to since 2001. OPEC's own report indicates their member nations had a compliance rate of 90-percent for the first month of 2017.

"Many of my colleagues that we served together would testify that government after government, we had battled with this issue continuously without solutions".

Oil Production in Iran will reach over 3.9 million barrels per day (bpd) in February, Mehr news agency quoted Oil Minister Bijan Namdar Zanganeh as saying on Monday. The non-OPEC members who had supported the cuts have achieved 60 percent compliance at the moment.

Oil closed at the lowest level in more than three weeks as record US crude inventories were seen jeopardizing OPEC's efforts to drain a global surplus.

As the Organization of Petroleum Exporting Countries and 11 other nations trim supply in an effort to end a glut, US producers are ramping up and potentially offsetting the curbs. In December, Saudi Arabia's refinery output reached 2.96 million barrels per day, the highest level in nearly 15 years.




Actual cuts total around 1 million bpd, by historical standards a respectable percentage of the combined pledges.

Crude oil prices continued to fall Thursday, stung by a stronger dollar and surging U.S. inventories.

Crude oil imports rose 303,000 b/d to 7.589 million b/d, while exports fell from a record 1.211 million b/d to 721,000 b/d.

The market offered little reaction to news of a rise in North Sea crude supply next month. This compares to output of more than 11.2 million bpd in October a year ago, taken as the baseline for the global deal.

Although in the short-term the flood of crude from floating storage will add to supplies coming into Asia, in the longer-term, however, clearing oil out of floating inventories like tankers is part of OPEC's goal to rebalance markets.

U.S. crude stocks have increased for seven weeks consecutively.

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