OPEC squeezes oil output to 4-year low, Russian Federation compliance low

OPEC squeezes oil output to 4-year low, Russian Federation compliance low

OPEC squeezes oil output to 4-year low, Russian Federation compliance low

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OPEC cut its forecast for 2019 world oil demand on Tuesday due to slowing economies and expectations of faster supply growth from rivals, underlining its challenge to prevent a surplus even as it starts new production cuts.

Nigeria's oil production was to be cut by 53,000 barrels to arrive at a new quota of 1.685 million bpd down from Nigeria reference production figure of 1.797m bpd.

The Organisation of Petroleum Exporting Countries (Opec) said it tightened its crude taps to cut nearly 800,000 barrels a day from its oil exports in January after vowing to drain excess oil from the oversupplied market.

USA crude oil inventories rose last week to the highest since November 2017 as refiners cut runs to the lowest since October 2017, the Energy Information Administration said on Wednesday.

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The cartel made the pledge previous year alongside major oil producing countries outside the cartel, including Russian Federation, to safeguard oil prices against a global economic slowdown.

"In quantity terms, in 2019, the U.S. alone will grow its crude oil production by more than Venezuela's current output".

The biggest prize in the contest for control of Venezuela and its state oil company Petroleos de Venezuela SA lies more than 2,000 miles northwest of Caracas.

The IEA also raised its estimate for the increase in non-OPEC crude supply in 2019 to 1.8 mbd, which is 0.3 mbd higher than previously.

Output has gone into free fall as the country's isolation has increased, shrinking from 2.4 million bpd in 2016 to 2.0 million bpd in 2017 and 1.5 million bpd in 2018, according to the Joint Organisations Data Initiative.

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Sanctions announced last month prohibit USA corporations and persons from financial transactions with state-owned oil company PDVSA. Despite these moves, on a macro level, the global oil market remains well-supplied.

Oil climbed for a second day as dwindling shipments from two of the world's biggest crude exporters eclipsed another big jump in USA supplies.

However, the Organisation of Petroleum Exporting Countries, OPEC, in its latest monthly oil report released on Tuesday, said Nigeria's oil production dropped to 1.687 million bpd in January from 1.797 million bpd. "Saudi Arabia, are intending to push more barrels into the market to offset shortfalls" of heavier grades of crude, the IEA warned.

John Kemp is a Reuters market analyst.

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