OPEC, non-OPEC producers must work on longer-term oil strategy: Russian Federation
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Oil prices retreat on profit-taking
20 May 2017, 03:50 | Jan Cross
OPEC estimated last week however, that commercial inventories in OECD countries were still 276 million barrels above the five-year average benchmark.
Russian Energy Minister Alexander Novak said the proposed extension of output cuts aimed to bring global commercial oil inventories down to the five-year average and stabilize the market.US bank Goldman Sachs said the deal would likely extend the oil price rebound "although the rally so far.has remained modest compared to the move that occurred last year when the OPEC cuts were first announced".
Oil prices have continued to grow driven by the joint announcement made by Saudi Arabia and Russian Federation to extend crude supply cuts until the end of March 2018.
Fatih Birol of the International Energy Agency. Nonetheless, "stocks at the end of 2017 might not have fallen to the five-year average, suggesting that much work remains to be done in the second half".
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Oil touched a five-month low of $43.76 a barrel in NY on May 5 amid slower demand growth and rising supply outside OPEC, particularly in the U.S. Saudi Arabian production in April average 9.97 million barrels per day, nearly 1 percent below its quota under the multilateral deal.
In its monthly oil market report, the Paris-based group noted Libya has raised oil production to 800,000 barrels a day, the highest point in three years, according to its preliminary data.
The IEA noted that the April supply figure of 96.17 million bpd was 90,000 bpd lower than in April 2016, but added that non-OPEC output this year is set to rise by 600,000 bpd, which will offset OPEC's and its partners' 1.8-million-bpd pledged reduction in global supply only partially.
Still, stockpiles in some of the most developed economies - the 35 nations making up the Organization for Economic Cooperation and Development - increased in April, signaling that OPEC's work remains unfinished.
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