Azerbaijan submits its oil output data to OPEC

Azerbaijan submits its oil output data to OPEC

With the USA dollar gaining in strength against the yen earlier today after the BoJ announced an offer to buy at a fixed rate an unlimited amount of Japanese 5 and 10 year government bonds from financial institutions, gold prices have dropped back slightly from yesterday's 11-week high. He also attributed the climb to bullish production data.

The next meeting of the committee set up to monitor oil output cuts by OPEC and non-cartel producers is scheduled for March.

About 617,000 barrels of oil, 50,800 barrels of condensate and 24,200 barrels of oil products were daily exported, according to the ministry. "We're seeing a historic amount of compliance to these production cuts".

United States crude oil stockpiles increased by 6.5 million barrels to 494.76 million barrels, according to the Energy Information Administration. Russian Federation accounts for the lion's share of the non-OPEC production cut with 300,000 bpd.

Meanwhile, Lee Saks has some comments from the former God of Crude Oil, Andrew Hall, who says that if oil stays in contango the ceiling will be $55 but if it goes into backwardation, he sees mid-$60s by the middle of this year.

A Reuters survey published on Tuesday showed that OPEC's output fell by over 1 million bpd in January to 32.27 million bpd between December and January.

The gold price appears indifferent while Doomsday Clock moves
The Doomsday Clock has been maintained by the members of The Bulletin of the Atomic Scientists' Science and Security Board since 1947.

Russian companies may cut oil production quicker than had been initially agreed with OPEC, Russian Energy Minister Alexander Novak said on Thursday.

They said Russia's oil output averaged at 1.516 million tonnes per day, or 11.11 million bpd last month.

OPEC and other exporters agreed a year ago to reduce supplies by a combined 1.8 million barrels per day (bpd) to prop up prices that remain at about half their mid-2014 levels.

A Russian cut of 100,000 bpd would be a third of Moscow's pledge to reduce its output by 300,000 bpd.

However, even the most ardent alternative energy boosters must concede that the world is stuck with fossil fuels for the time being, and in this context Fereidun Fesharaki, chairman of FGE, is hoping that OPEC will ultimately prevail in its cutback attempts, if for no other reason than to avoid further market drops. However, Russia has said its planned output reduction would be gradual. Nigeria, also wracked by internal unrest, increased production by 9.3 percent to 1.64 million barrels a day.

"There's very high confidence in the market that OPEC is going to help drive inventories gradually lower through the first half of the year", said Mr. Schieldrop.

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