Oil slips most in 3 weeks as OPEC cuts face rising US output

SEATTLE (polymers.in):  OPEC reports record compliance with output cuts, raises 2017 oil demand growth forecast
- OPEC on Monday revised up its forecast for worldwide oil demand in 2017.
- Among the OPEC members who have committed to production quotas, total output in January was 29.9 million bbl/day.
- OPEC’s forecast for 2017 is down slightly from the 1.3 million bbl/day estimated for 2016. 

 The US is planning to sell 10 million barrels of crude oil from its reserves this month
- Some 10 million bbl of crude from the US’s strategic reserve are scheduled to be sold later this month.
- UPI notes that the 10 million bbl to be shipped this month represent less than 2% of the strategic reserve’s current capacity. 

Non-OPEC crude oil production cut compliance at 50%: Kuwait oil minister
- OPEC’s compliance with the November 30 production cut agreement was 92% since the deal became effective in January.
- OPEC crude output had fallen 1 million bbl/day in January to 32.06 million bbl/day. 

Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output
- OPEC is 92% compliant with its pledge to reduce output by 1.2 million bbl/day.
- UAE will meet its pledged level of cuts as an average over six months.
- Kuwait wants producers to comply 100% with their commitments.

Saudi Arabia Tells OPEC It Cut Oil Output by Most in Eight Years
- Saudi Arabia reported that it reduced output by 717,600 bbl/day last month to 9.748 million a day.
- Saudi Arabia’s data indicate it’s pumping about 310,000 bbl/day. 

Oil Slips Most in 3 Weeks as OPEC Cuts Face Rising US Output
- Futures slid 1.7%.
- Oil has fluctuated above USD 50/bbl since the OPEC and 11 other nations started trimming supply from January 1.
- WTI for March delivery fell 93% to settle at USD 52.93/bbl.
- Brent for April settlement dropped USD 1.11 or about 2%.

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The yen is tumbling after Japan's GDP miss
- The Yen is down by 0.6% at 113.91 per dollar.
- Japanese economy grew by 0.2% in the fourth quarter. 

Courtesy: www.polymers.io