Iran sells crude oil at $51.44 per crude oilin a week

Opec had agreed to cut output by about 1.2m barrels per day (bpd) from the start of 2017, while Russian Federation and 10 other non-Opec producers agreed to cut half as much, to curb the global oversupply and prop up prices.

In a conference speech in London, Barkindo said: "All countries involved remain resolute in the determination to achieve a higher level of conformity". But crude prices have mostly moved sideways in 2017 as US production, drilling and inventories rise. The fresh support to oil prices was driven by the massive decline in Saudi production, as its oil shipments declined to 8.014 million barrels a day in December, compared to 8.258 million bpd in November.

Warenemy/DreamstimeThe world was running out of oil and the global economy was about to collapse as a effect ten years ago. Traders kept their eyes on oil prices, which rose slightly across the board during Monday's Asian session.

"This is a new world that requires us to also adapt to the significant changes we've seen across the energy scene".

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Away from oil futures, the precious metals market was in a state of general retreat as the dollar partially strengthened.

Barkindo said that oil inventories were expected to decline this year. That has traders optimistic the deal, which aims to cut global production by 1.8 million.

"This has to be taken within the context of a stable market that continues to record robust demand growth", he said.

Worldwide investment in the development of oil and gas resources from 2015 to 2020 will be 22 per cent, or $740 billion, lower than anticipated before prices plunged in 2014, with the deepest cuts in the US, Wood Mackenzie said in a report on Wednesday. This news supported USA data which showed net long US crude oil futures and options positions in the week to February 14 were at a record.

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In futures trading at the Multi Commodity Exchange, crude for delivery in March shot up Rs 52, or 1.44 per cent, to Rs 3,675 per barrel, with a business turnover of 40,023 lots.

Regular data on USA energy market conditions are delayed this week because of the federal holiday Monday. There's a supply glut in oil caused by U.S shale oil and the return of some producers such as Iran and Libya to the oil market.

Recent numbers we've seen were regarding compliance to the agreed-upon cuts were as high as 92%, but recent comments from OPEC were revealed to seek 100% compliance, which would further drop the global supply of Oil, which could continue to favor further upside. To start with, OPEC excluded two of its biggest producers, Nigeria and Libya from the production cuts and it allowed Iran to raise its output slightly.

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