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OPEC slashes output in March, expects shale comeback

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 2.2 million barrels from the previous week, the Energy Information Administration (EIA) said in its Weekly Petroleum Status Report.

The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria oil production is yet to climb to two million barrels per day.

U.S. West Texas Intermediate (WTI) crude futures were up 26 cents at $53.66 a barrel, on track for a seventh straight session of gains.

Brent for June settlement was 16 cents higher at $56.39 a barrel on the London-based ICE Futures Europe exchange.

At the end of November, the Organization of Petroleum Exporting Countries (OPEC) agreed to cut output by 1.2 million barrels per day (mb/d) from January 1, initially for a period of six months. Despite the decline, oil prices didn't regain strength due to the inventory report amid a rise in USA oil production. It sees 2017 output at 9.22 million barrels a day, up a modest 0.1% from the previous forecast. The average production for the first quarter of the year stands at around 11.2 million barrels per day, 130,000 barrels per day lower than the fourth quarter, but 120,000 barrels per day higher year-over-year.

Oil prices of $60/bbl over the next three years and $70-$80 next decade will be roughly enough to balance the market, Ibrahim al-Muhanna, a former senior adviser to Saudi oil minister and now an independent consultant, says in prepared speech remarks.

Justice Department Puts Pressure On Sanctuary Cities
Attorney General Jeff Sessions has warned the administration will punish communities that won't cooperate with efforts to find and deport immigrants in the USA illegally. money.

Ford unveils 1st gasoline-electric hybrid
The VW model will be the first in a range of electric vehicles in China, said Jochem Heizmann, head of VW's China unit. For most manufacturers, they were flanked by as many as a dozen hulking SUVs that can carry up to seven passengers.

Trump vows to back USA dairy farmers in Canada trade spat
US farm groups say that effectively blocks American dairy exports, exacerbating a glut of milk on the American side of the border. It is frequently criticized by other dairy-producing countries.

Oil is riding the longest winning streak since December on optimism Saudi Arabia will support an extension to Organisation of petroleum exporting countries-led output cuts just as U.S. stockpiles show signs of shrinking.

He also said the widening discount of the current Brent crude price to the contract in the next month is "basically telling you the market is not actually that tight".

However, OPEC also raised its forecast for supplies from non-member countries in 2017 as higher oil prices encourage US shale drillers to pump more, reducing demand for OPEC's oil this year.

The reduction is expected to happen by the end of April, and would bring Russian Federation into compliance with an OPEC-brokered deal to reduce oil output. Crude oil imports have also been affected by other major changes since 2005, when the United States was the world's largest net importer of refined products and crude oil.

"Despite some downside risks, general expectations for demand growth for oil products in the coming months remain bullish", the report said.

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