Barkindo says has Putin's word Russian Federation won't flood oil market

Barkindo says has Putin's word Russian Federation won't flood oil market

This, however, is not necessarily the case: "oil price rises have come to a halt and gone into reverse, and, according to our supply/demand balance, so might the decline in oil stocks, at least in the early part of this year".

Trade patterns, meanwhile, are changing in part because of the 2015 end to a ban on USA crude oil exports, a ban imposed after the Arab oil embargo on the United States in the 1970s.

OPEC countries and other oil-producing countries, such as Russian Federation, agreed at the end of 2016 to cut back production to combat the global glut in oil. In Cushing, Oklahoma, home to the biggest American pipeline hub, crude inventories probably decreased by 1.7 million barrels last week, according to a forecast compiled by Bloomberg. The reserves in the U.S. also reported an increase of 1.9 million barrels to 420.25 million barrels for the week to February 2.

The Brent crude price has rallied 130% since early 2016, underpinned by strong economic growth and production cuts from OPEC and its allies.

Brent for April settlement declined 20 cents to end the session at $62.59 on the London-based ICE Futures Europe exchange, and traded at a $3.51 premium to WTI for the same month.

USA exports would be even greater but for infrastructure constraints: no United States port can handle the biggest oil tankers, known as Very Large Crude Carriers (VLCC).

Still, the window for higher oil prices may be closing quickly. "That just shows you that we aren't adding enough supplies elsewhere and demand growth is very high". The market turmoil, a spike in the dollar, worse than expected fourth quarter earnings by some oil majors and a stock build up in the U.S. for the week ending February 2, all did their bit.It was an extraordinary week and it will take all markets time to recover.As always there is a pull and a push on the oil price.

Meanwhile, the oil market is dynamic and things could change quickly.

OPEC Secretary General Mohammad Barkindo said the cartel and its non-OPEC partners need to continue cooperating beyond 2018 and that their accord is still a "work in progress".

Most Opec producers sell crude under long-term contracts which are priced monthly, sometimes retro-actively.

Such an increase would complicate efforts by Opec, Russia and other producers to prop up crude prices by curtailing supply. March WTI rose 9 cents, or almost 0.2%, to settle at $59.29 a barrel on the New York Mercantile Exchange.

"Buyers, like sellers of United States oil, started hedging WTI", said John Driscoll, director of Singapore-based consultancy JTD Energy Services.

Despite all these challenges to the traditional oil order, established producers are putting on a courageous face.

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