13 May, 2017
Mr Bake said prices were still languishing near $50 a barrel as a warm winter had weakened demand for heating fuels in the first quarter while global inventories of oil had not drawn significantly.
OPEC members and other producers including Russian Federation pledged to reduce their output by nearly 1.8 million barrels per day (bpd) in the first half of the year, but the impact of the initiative has been slow to show up in global inventory data.
OPEC and the other participating producers will meet on May 25 in Vienna to decide whether to extend the cuts and, potentially, agree a deeper reduction.
"Owing to the rapid recovery in US oil production, OPEC obviously only has limited influence on prices via supply curbs", it said.
OPEC said on Thursday that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States.
"Global markets continued to support the value of multiple-region destination grades, such as Arab Light, Basrah Light, Iran Heavy and Kuwait Export", OPEC said in the report.
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The Commission said that improving labour market conditions are expected to support domestic demand over the next two years.
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OPEC de-facto leader, Saudi Arabia, is increasingly unable to control the global oil supply because of rising energy production in the U.S., Russian Federation and Iran.
OPEC issued its monthly reports this week, clearly indicating a drop in OPEC production but still holding concerns of an uncertain future.
Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, said the market is not just looking at U.S. production figures and U.S. inventory data. USA light crude CLc1 was up 1 cent at $47.84. Apache Corp. and Anadarko Petroleum Corp., two of the most active hedgers a year ago, hadn't added significant new contracts as of the end of the quarter, for example. The most prominent is that extending cuts lifts the oil price high enough for shale to hedge again, as it did earlier this year.
"Risks are emerging to 2018 balances", said Martijn Rats, oil analyst at Morgan Stanley in London. The fiscal outlook for the country looks so dire when compared to 2013's surplus of $48 billion, that the International Monetary Fund warned it could go through its fiscal reserves within five years.
According to the report, this was the biggest among oil producers as Nigeria makes move to over-take Angola and retain its position as biggest oil producer in Africa. By cutting costs and boosting efficiencies, USA shale has made itself capable of profitably producing $50 per barrel oil.