Russia's Novak says talk of global oil output cuts extension premature
00:54, Mar 5, 2017
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On the contrary, USA crude stocks have risen 39 million barrels this year, to 518 million, since OPEC started cutting production in January.
World fuel indexes have demonstrated insignificant irregular changes with no firm trend during the week.
The bad news continues with Libya and Nigeria, both exempt from the OPEC agreement, which contributed to a combined 50,000 bpd growth in February.
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This was before the cuts came into effect and must therefore be seen as a result of reduced non-OPEC production, in other words, OPEC's earlier market share strategy. The EIA also said total domestic U.S. crude oil production also rose slightly from the previous week to 9.03m bpd, with inland gains reported in both shale and in Alaska. USA crude oil production is at the highest level since March 2016.
The rise in production is consistent with the substantial increase in the number of rigs drilling for oil since May 2016.
Even with this weather-driven decline, which is expected to be temporary, production was still 216,000 bpd above the cyclical low reported in September.
"Lack of weather-generated demand for heating oil will be offset in coming weeks by agricultural demand, but with refineries coming back into service, the market looks capable of meeting any increased demand", reports Reuters. While WTI crude oil prices were up 2.2% in February, The Energy Select Sector SPDR fund (XLE) was down about 2% in the same month.
Libyan officials have suggested their 1.2 million b/d target by end-year could be met by August - an increase of 500,000 b/d.
Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry datashowed, with cuts remaining at 100,000 bpd or just a third of the levels pledged by Moscow under the agreement with the Organization of the Petroleum Exporting Countries.
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