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OPEC crude production eased by 130.000 barrels per day (b d) in April. to 31.65 mb d. on further declines in Venezuela and lower output in Africa. the International Energy Agency (IEA) said in its Oil Market Report.
Compliance with the Vienna Agreement to curb oil output reached a record 172 percent. according to the EIA estimates.
The call on OPEC crude and stocks will average around 32.25 mb d for the remainder of 2018. nearly 0.6 mb d higher than April output. according to the report.
“ICE Brent and NYMEX WTI futures prices rose to multi-year highs in recent days. and both are up by more than $10 bbl since the start of the year. Solid oil demand. reduced OPEC output and geopolitical developments continue to underpin price gains.“ said the IEA.
Global refining throughput is on the rise with runs expected to hit a record 83 mb d in July-August. according to the report.
Throughput growth. however. is not sufficient to cover all refined products demand. with stock draws expected to persist through 2Q18 and 3Q18. IEA experts believe.
OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.
