The International Energy Agency and OPEC will publish their monthly oil market reports on Friday and Monday, respectively, which will provide their first full-month production and inventory data since the group's decision to cut supply took effect on January 1.
OPEC members appear to be complying with agreed production cuts, but Saudi Arabia is overcompensating for some of its fellow oil producers.
The global oil demand outlook is increased by 200,000 barrels per day to 98 mln barrels daily in 2017, the International Energy Agency (IEA) said in its February report.
It said it would not forecast what OPEC production will be during the six months covered by the output deal. While imports are up 27.5 per cent from the same month previous year, they're down 6.4 per cent from December's record 8.6 million barrels a day. At the end of the year they were still 286mn barrels above the five-year average level and by the end of H1 2017 they will remain significantly above average levels. The deal struck last year, which included cuts from some non-OPEC suppliers, was for only six months, with the option to extend for another half year if there's unanimous agreement.
This confluence of factors-OPEC's cuts, moderate non-OPEC growth, and robust demand-would bring about an OECD commercial inventory draw of a modest 21 million barrels, or 57,500 b/d, for 2017, not almost large enough to significantly alter market sentiment. The group agreed to cut production by 1.2 million bpd in November 2016.
Qatar was the fourteenth largest total petroleum and liquids producer in 2015 with 2.049 million barrels per day of production.
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The booming prices, caused by a substantial oil barrel market manipulation, will also benefit the Iranian Shiites, without diminishing Saudi Arabia's economic and military chances.
Another increase in USA oil rigs limited gains in the afternoon. However, in their failed attempt to thwart US shale oil business, OPEC countries started to feel the heat and Saudi Arabia faced record budget deficit estimated at $87 billion in 2016.
Zanganeh said on Tuesday that OPEC should cut crude production "a bit more" in the second half of 2017.
Other counties, such as Algeria, Venezuela and Iraq, are producing more oil than their quota.
Obviously Russia plans to reduce its oil output and it is worth recalling that, in 2014, it was exactly the excess of Russian and North American oil supply to bring down the cost of crude oil below $ 100.
Traders said that strong Chinese crude import data was supporting prices on Friday.