Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mohammad Barkindo has revealed that the cartel registered 133 percent compliance with agreed output reduction targets in January across all participating OPEC and non-OPEC countries.
He said compliance in 2017 stood at 107 percent and that OPEC and non-OPEC producers would hold a technical meeting in June.
Barkindo, who made the comments while speaking at a conference in Nigeria’s capital Abuja, said commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average.
According to him, global oil demand for 2018 is estimated to grow 1.6 million barrels per day due to an “encouraging environment.”
Trading is expected to be slower than usual due to market holidays in the U.S. as well as Greater China.
Surging U.S. production is offsetting efforts by the OPEC and some other producers, including Russia to curb production by 1.8 million barrels per day (bpd) until the end of 2018.
Money managers slashed their bullish wagers on ICE Brent crude oil futures by the most in nearly eight months in the week to Feb. 13, data showed, Reuters reports.
