Nigeria’s crude oil production falls to 1.999m bpd

The Opec+ cuts are taking effect and US data is starting to reflect these changing market conditions. — Reuters  file

In the report, OPEC said its oil output fell by 797,000 bpd month on month to 30.806 million bpd in January.

Climbing U.S. oil stockpiles weighed on prices.

The barrel of West Texas Intermediate is up for the second session in a row today on the back of firm optimism over a potential agreement in the US-China trade talks, all despite latest news seems to leave the final decision to a Trump-Xi meeting.

Meanwhile, Barclays bank added, "Oil production is rapidly falling and companies that normally resell Venezuelan crude have not found ways to mitigate the effect of the USA sanctions".

Like Iran, another founding member of the Organization of the Petroleum Exporting Countries, Venezuela's oil industry has been blighted by mismanagement, unrest, political instability, diplomatic isolation and sanctions.

Oil descended into a bear market in November, a swift drop from four-year highs seen in October, as traders grew anxious over strengthening USA production and an outlook for softer global fuel demand.

Despite the stunning surge in oil prices this year, Goldman Sachs says there is more to go for the critical energy commodity.

The American Petroleum Institute (API) reported a smaller-than-expected draw of 998,000 barrels during the week-ending February 8.

Output has gone into free fall as the country's isolation has increased, shrinking from 2.4 million bpd in 2016 to 2.0 million bpd in 2017 and 1.5 million bpd in 2018, according to the Joint Organisations Data Initiative.

A drop in refinery activity helped offset a rise in gasoline supplies, said John Kilduff, founding partner of hedge fund Again Capital LLC in NY. Distillate inventories decreased by 2.481 million barrels versus an expected draw of 1.090 million barrels.

Under the deal reached in December and which came into effect at the start of the year, Saudi Arabia's target production is 10.311 million bpd.

Helping to keep a lid on the market are adequate global inventories, the prospect of weakened demand tied both to U.S. At least part of that buildup reflected weather problems and seasonal maintenance at refineries, said Matt Sallee, a portfolio manager at Kansas-based Tortoise.

The biggest impact on demand will be a U.S. In the meantime, the markets seem well supported with buyers just waiting for any signs of increased demand.

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