Most OPEC members are happy with a crude price of about $60 a barrel, Zanganeh said, according to the Tasnim news agency.
In fact, you may recall the underground war against OPEC waged by Kuwait in 1985, when the OPEC countries reported much larger oil reserves than the real ones because this boosted their production quota.
The IEA said it expects "significant increases in production in, for example, Brazil, Canada and the USA whose combined output is expected to grow by 750 kb/d in 2017". Furthermore, the oil market looks to be very sloppy in 2018, with non-OPEC forecast to grow by 1 mbd (with nearly half of that in the U.S.) and OECD commercial stocks set to build by 41 million barrels, more than counterbalancing declines this year, according to the EIA. According to information posted on the homepage of its energy ministry website, Russia's Energy Minister Alexander Novak says that the country reduced its oil production by 117,000 bpd in January.
Higher bond yields reduce the value of insurance companies' liabilities and increase net interest margins of banks.
Iran was actually allowed to increase its production under the deal but the IEA reckons it hasn't yet reached the target output level of 3.8m bpd and produced 3.75m bpd last month.
In the first major independent report on the oil market since Opec and 11 other countries implemented a deal to restrain their production, the Paris-based energy watchdog estimated that compliance with those cuts last month was a record 90 per cent.
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Rodriguez described relations between Caracas and Tehran as strategic, noting that the two states have extensive cooperation in energy related businesses.
"The push and pull between competing forces in the crude oil market continued overnight".
Strong OPEC compliance has led to a rally in the Crude Oil market with the group's "secondary source", showing a almost 92% compliance rate from the cuts agreed upon production cuts that OPEC agreed to in late 2016. Now, we are seeing voluntary cuts by both sides.
Year 2016 has witnessed some of the landmark decisions in the oil market, which has reversed the trend of oil disagreements within the OPEC and non-OPEC countries, helping rebalancing of the oil markets.
"Saudi Arabia is bearing the brunt of these cuts", said Wang. The issue needs further study before the group can make a decision, Zanganeh said, after meeting in Tehran with his counterpart from Venezuela, also an OPEC member. "A $55 price tag is acceptable", he said.