The OPEC+ worldwide monitoring commission says the earlier decision to extend the production cut deal for the current year should remain unchanged, Russia's Energy Minister Alexander Novak told reporters on Sunday, TASS reported.
There is a variety of scenarios on how the deal of the OPEC and non-OPEC production cuts of 1.8 million barrels per day (bpd) might come to an end, featuring civil unrest in Venezuela and Iran that may lead to supply disruptions; Russian Federation pulling out of the pact in June; OPEC members and other parties to the deal starting-or continuing-to cheat; and oil prices rising too high. Late last year, the IEA forecast that oil demand would rise for two years, It could rise as high as 1.7 million a barrel per day, worldwide. But perhaps the biggest risk is United States shale producers boosting production in response to the current high price environment. "OPEC's compliance to the deal has been excellent".
"Crude oil output increased in Nigeria, Angola and Algeria, while production declined by 80,000 bpd month-on-month in Venezuela", the group said in the report.
OPEC countries and supporters outside the cartel, or so-called OPEC+, agreed to continue the quota deal on limiting oil production.
US Distillate stocks also fell by 3.9 mbs, while gasoline stocks rose by 3.6 mbs.
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"Shale will grow but I think it is a big market", he said. This represented a three-year low and was below the five-year average of about 420mn barrels. Oman is in favour of a new deal, he said without elaborating.
"The slowdown in 2018 demand growth is mainly due to the impact of higher oil prices, changing patterns of oil use in China, recent weakness in OECD demand and the switch to natural gas in several non-OECD countries". Its stance late a year ago threatened to splinter support for extending the oil production cuts until the end of 2018.
Despite the December drop, for full-2017, crude oil import figures reveal a 10.1-percent increase from 2016, at 8.43 million barrels daily.
Broad-based economic recovery is setting the world up for demand growth of 1.7 million barrels a day in 2018, and there's a chance that it could be as high as 2 million barrels, according to Energy Aspects. He said he wanted to make investors and companies comfortable with the "long-term prospects of the market" beyond the recent rally. The government ministers had a meeting in Oman earlier, discussing the introduced quotas and the situation on the oil markets.
Mr. Falih's comments highlighted the challenge OPEC faces in the second year of its efforts to prop up oil prices after a historic price crash caused by the American oil boom.