The Organization of Petroleum Exporting Countries pumped 32.3 million barrels a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. The 10 members of the group that pledged to make cuts in Vienna two months ago implemented 83 percent of those reductions on average, but their efforts were offset by increases from Iran, Nigeria and Libya that were permitted under the terms of the agreement. Oil has fluctuated above $50 a barrel since OPEC joined with 11 non-members in December to trim supply by as much as 1.8 million barrels a day. While Middle Eastern producers from Saudi Arabia to Iraq have implemented cuts and Russia says it’s ahead of schedule with its own reduction, wary investors are also considering signs that U.S. drillers are taking advantage of higher prices to stage a comeback. click Read More below for more of the story
Oil futures were under pressure Monday, pulling back from five-month highs notched last week, after Russia’s finance minister said his country and OPEC may decide to boost output to fight for market share with the U.S.
“There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?” Russian Finance Minister Anton Siluanov was quoted as saying Saturday by the TASS news agency, according to Reuters. Siluanov said such a move could drive the price of oil to $40 a barrel or below, the report said.
more at source:https://www.marketwatch.com/story/oil-retreats-from-5-month-high-as-russian-official-talks-of-potential-bid-for-greater-crude-share-2019-04-15