Oil posts its largest weekly gain since July on geopolitical tensions

WTI Crude Oil

A market report from the IEA said the impact of USA oil production is limited by pipeline constraints, while "more than a second Saudi Arabia" has been added to the OPEC-led effort since it began, making the markets tighter in the Organization for Economic Cooperation and Development.

In its closely watched monthly oil-market report Friday, the IEA said it still expects the world's appetite for oil to grow by 1.5 million barrels a day in 2018, helping to partly offset surging USA shale-oil growth.

Commercial stockpiles in the OECD countries declined in February by 26 million barrels to stand at 2.84 billion barrels, higher than the five-year average by just 30 million barrels.

OPEC and 10 producers outside the cartel, including Russian Federation, have been holding back crude output by roughly 1.8 million barrels a day since the start of last year, part of a coordinated effort to rein in a supply glut that has weighed on prices for over three years.

"High conformity levels observed by OPEC and non-OPEC producing countries ... should further enhance market stability and support crude and product markets in the months ahead".

He said that "Saudi Arabia continues to lead by example, producing less than its ceiling despite seasonally rising domestic and global demand, and looks forward to all OPEC and participating non-OPEC countries maintaining or exceeding full conformity with their commitments".

The figure is below the 32.6 million bpd that OPEC sees as demand for its crude for the whole of 2018.

Since the start of past year, the Opec and Russian Federation have been spearheading an effort by oil producers to offset the surplus unleashed by USA shale drillers.

OPEC's leader Saudi Arabia has said it would like the pact to be extended into 2019.

"Russia will continue to play a leading role".

The global oil stocks surplus is close to evaporating, OPEC says.

The IEA expects 2018 supply growth from non-OPEC countries to rise by 1.8 million barrels a day, more than double the 700,000 barrel-a-day growth in 2017. The group's 14 members pumped 31.83 million barrels a day in March, the lowest in nearly three years.

OPEC's monthly report said global crude supply in March was up 180,000 BPD, to average 98.15 MMBPD, with non-OPEC production increasing by 380,000 BPD.

Opec kingpin Saudi Arabia pushed its production below its target, meanwhile, as unrest in Libya also kept output below planned levels.

Venezuela reported production of 1.509 million bpd in March, 77,000 bpd below the level it reported in February.

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