Oil prices held gains on Friday on data showing US stockpiles rose for a seventh straight week but at a pace that was well below expectations, and news of oil being sold out of storage in Southeast Asia.
Crude oil exports in the US hit a record high, delivering a million barrels a day for the consecutive second week, and filled the gap in the world markets, which was created by OPEC cutbacks.
Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades.
OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level
Oil prices edged up on Friday, lifted by a report that producer club Opec could extend an output cut aimed at reining in a global fuel supply overhang.
India’s Iran oil imports rose marginally in January compared to the previous month as Indian refiners received full volumes from the key OPEC producers Saudi Arabia and Iraq,
Renewed drilling by US oil producers is keeping a ceiling on a global crude price recovery, cutting into the impact of deep reductions by other major producers, OPEC said Monday.
After unprecedented optimism that the Organization of Petroleum Exporting Countries will manage to ease a global supply glut
Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample US fuel inventories weighed on the market.
Qatar’s energy minister, the current OPEC president, has said that world oil markets were “responding positively” to output cuts implemented by the cartel and some non-cartel producers.