OPEC/non-OPEC production cuts to rebalance oil market by Q3 - Qatar Oil Minister

Speaking in London, the minister of energy and industry of Qatar, Mohammed Saleh Abdulla Al Sada said that the level of OPEC states’ adherence to the oil output cut agreement is unprecedentedly high, and while they aim for it to reach 100%, it presently stands at 94%.

   •   non-cartel adherence stands at 50%
   •   need oil price higher than $50 to bring back investment
   •   expects global inventories to be in better shape towards Q3
   •   OECD stocks have started to decline globally

Meanwhile, optimistic commnets failed to lend any immediate support to oil prices, with WTI crude oil accelerating the profit taking slide and dropping below $54.00/barrel mark.