Opec oil output sees 4-year low, Russia fails to comply

Venezuela's President Nicolas Maduro attends a military exercise in Charallave

"It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, however, limit any upside", the agency said.

Still the somewhat bearish report did little to shake the market's overwhelmingly bullish sentiment, said Tom Saal, senior vice president at INTL FCStone in Miami.

United States crude oil inventories rose last week to the highest since Nov 2017 as refiners cut runs to the lowest since Oct 2017, the Energy Information Administration said.

Production cuts implemented January 1 by the Organization of the Petroleum Exporting Countries and allies led by Russian Federation have tightened markets in the face of rising output in non-member countries, including the United States.

As a result, Morgan Stanley said "low refining margins and weaker economic data means oil prices can rally only so much (and) we continue to see modest upside for Brent to $65 per barrel in the second-half (of 2019)".

Interested in trading Crude oil, Bitcoin or the Dow Jones?

OPEC said on Tuesday that it had cut its output by nearly 800,000 bpd in January to 30.81 million bpd.

Welp, we now know nearly everything about Samsung's Galaxy S10 lineup
Confirming rumours and leaks, Galaxy S10 and S10+ will feature ultrasonic fingerprint sensor along with facial recognition. The Galaxy S10 series will also come with reverse wireless charging along with faster wireless and wired charging.

"Our primary objective is to ensure that the oil market remains in balance throughout 2019 and beyond in order to build on the success of the past couple of years", added Barkindo.

A general view shows Ras Tanura's oil production plant near Dammam in Saudi Arabia's eastern province.

While OPEC and the EIA lowered their most recent demand expectations, the IEA maintained the same figures from January at 1.4 million barrels per day.

Analysts said markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of USA sanctions on Venezuela and Iran. "Saudi Arabia, are intending to push more barrels into the market to offset shortfalls" of heavier grades of crude, the IEA warned.

Venezuela has tried to find alternative customers, especially in Asia, but under US pressure many buyers there are also shying away from dealing with PDVSA. The kingdom is seeking to acquire oil and gas assets outside the country and is no longer focused only on monetizing its own resources, he said. In quality terms, it is more complicated. Demand for OPEC crude in 2018 averaged 31.60 million bpd.

On Tuesday, the American Petroleum Institute (API) said US crude inventories fell by 998,000 barrels in the latest week, trouncing forecasts by analysts in a Reuters poll for a rise of 2.7 million barrels.

Related news:

Hot News

isis-killer-beheading-video-story-top Iran marks 40th anniversary of Islamic Revolution
Feb 15, 2019 - 12:29
Rouhani also touched upon his country's support to some regional countries, saying its helps have aborted the enemies' plots. One sign read, "Much to the dismay of America, the revolution has reached its 40th year".

isis-killer-beheading-video-story-top Ex-Boyfriend Arrested in Connection to Woman Found Dead in Suitcase
Feb 15, 2019 - 12:00
On Tuesday, DeSilva appeared before a federal magistrate in White Plains who ordered him held without bail , ABC News reports. Reyes lived alone in a basement apartment in New Rochelle and suffered at times from anxiety and depression, WABC reported.

isis-killer-beheading-video-story-top George Clooney Defends Meghan Markle Becomes Samantha Markle Latest Target On Twitter
Feb 14, 2019 - 08:58
Markle also implored her father to stop speaking to the press and to stop exploiting her as well as her husband, Prince Harry . Since the letter has been shared, there are now reports Markle is preparing to "expose" his estranged daughter.

isis-killer-beheading-video-story-top Former US Counter Intel Agent Indicted for Spying for Iran
Feb 14, 2019 - 08:44
Witt served in the Air Force from 1997-2008 and began working at the Department of Defense as a contractor in 2010. Witt faces two counts of delivering military information to a foreign government and one count of conspiracy.

isis-killer-beheading-video-story-top China Trade Deadline Approaches
Feb 14, 2019 - 07:15
These include ending China's alleged violations of intellectual-property rights and forced transfers of American technologies. China would likely respond by raising tariffs on $60 billion worth of U.S goods that it announced past year in retaliation.

isis-killer-beheading-video-story-top Venezuela opposition takes to streets over blocked aid
Feb 13, 2019 - 07:29
USA supplies were among the first delivered to a collection point established in the Colombian border town of Cucuta. Maduro, however, has denied there is a humanitarian crisis and blamed the economic problems on USA sanctions.

isis-killer-beheading-video-story-top Ninja's Team Wins Apex Legends Twitch Rivals Tournament
Feb 13, 2019 - 07:14
Peak viewership numbers tell a similar story, with Apex Legends securing 491,894 viewers and Fortnite landing at 326,454. Like Fortnite , Apex Legends is free to download and is designed as a last-man-standing "battle royale" title.

isis-killer-beheading-video-story-top Two Telugus among 17 people killed in Delhi blaze
Feb 13, 2019 - 07:02
If most of the victims died due to suffocation, three of them lost their lives when they tried to jump off the building. The Union tourism minister said there were a lot of wooden structures inside, which may have helped the fire spread.

isis-killer-beheading-video-story-top Elizabeth Warren: Trump ‘May Not Even Be A Free Person’ In 2020
Feb 13, 2019 - 07:00
Donald Trump Jr. attends the 140th annual Easter Egg Roll on the South Lawn of the White House April 2, 2018 in Washington, DC. Warren laid out three pathways in her policy agenda for that change.

isis-killer-beheading-video-story-top Who owns that 'delightful' tiger, Houston officials ask
Feb 13, 2019 - 06:58
We questioned them as to whether they were under the effects of the drugs or they actually saw a tiger . The location is not being made public while an investigation into who owns the tiger continues.

isis-killer-beheading-video-story-top MP Jody Wilson-Raybould resigns from cabinet amid scandal
Feb 13, 2019 - 06:42
However, given Wilson-Raybould's decision to resign from cabinet, the situation has now changed drastically. Speaking in Vancouver on Monday, Trudeau said he welcomes the investigation by the ethics commissioner.

isis-killer-beheading-video-story-top McConnell to call Senate vote on Democrats' Green New Deal
Feb 13, 2019 - 02:40
Republicans showed on Tuesday that they are ready to use the resolution as a political weapon against those Democrats. Bernie Sanders, who's likely to enter the Democratic primary soon, is also a supporter.

isis-killer-beheading-video-story-top Iran's Islamic Revolution Meant "40 Years Of Failure": Trump Advisor
Feb 12, 2019 - 05:41
In January, Mr Rouhani said Iran was facing its worst economic crisis since the Shah was toppled. Iran and Saudi Arabia are locked in proxy wars in Iraq, Yemen and Syria.

isis-killer-beheading-video-story-top Herrera has quietly become crucial to Solskjaer’s Manchester United vision
Feb 12, 2019 - 05:29
He's asking me to be more decisive. 'I think the squad is very capable of winning against any opponent when we go into games confident and in the form we are in.

isis-killer-beheading-video-story-top Four staffers for Justin Fairfax quit amid sexual assault controversy
Feb 12, 2019 - 05:10
Justin Fairfax of sexual assault, is asking Virginia lawmakers to begin the impeachment process against the embattled politician. Mark Herring , Virginia's white attorney general, who also admitted to a past encounter with blackface, isn't leaving either.