mcx hni crude oil update

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mcx hni crude oil update

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As per MCX www.crudeoperator.com intraday research Mumbai base company report for : Oil pared gains on Wednesday after weekly U.S. supply data suggested a crude glut may persist, despite signs that Russia and OPEC
producers are delivering on promised supply reductions. U.S. crude stockpiles for the week ended Friday rose 6.47 million barrels, nearly double
the expected increase. The larger-than expected build exacerbated concerns that efforts to cut production globally may not be sufficient to
reduce a supply glut. It was a very bearish report on several fronts, from the large across-the-board builds in the major categories, and the
continued decline in refinery runs. Russia cut production in January by around 100,000 barrels per day (bpd), according to data seen by Reuters. A
day earlier, a Reuters survey found high compliance by OPEC with agreed cuts. Any hopes of a sustained recovery in price will depend on
increasing efforts by OPEC to curb output though the prospect of an upside breakout will be undermined by the budding revival in U.S. crude
production. The cuts by Russia and the Organization of the Petroleum Exporting Countries follow last year’s agreement to lower supplies by a
combined 1.8 million bpd, to prop up prices that still are half their mid-2014 levels. A Russian cut of 100,000 bpd would be a third of Moscow’s
pledge to reduce its output by 300,000 bpd. However, Russia has said its planned output reduction would be gradual. OPEC has implemented most
of its reduction. A Reuters survey on Tuesday found that OPEC members in January have delivered on about 82 percent of their deal to lower
supply by 1.16 million bpd. With data now coming out for the first month affected by the OPEC and non-OPEC output cuts, it appears fairly safe to
say that compliance with the pledged reduction has been relatively high,” analysts at JBC Energy said in a report.


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