Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production.
While it may be just as problematic as the notion of global oversupply that dominated analytical fears until recently, the perception of a tightening market continued to result in gains for crude prices, with USA oil settling a substantial 2.4 percent higher on Wednesday.
OPEC sources have said an extension of the supply-cutting pact is the likely scenario.
The OPEC Reference Basket (ORB), a weighted average of prices for petroleum blends produced by the cartel's members, rose in February for the second consecutive month, increasing by about 9 percent, or 5.09 US dollars, month-on-month to average 63.83 USA dollars per barrel, said the report.
Crude oil production in the country also fell by 106,000 barrels per day (bpd) to around 12 million bpd, the data showed.
Two sources toldReuters that the U.S. also aims to curb Iran's crude exports by about 20% to below 1 million barrels per day (bpd) from May, likely reining in waivers for Tehran's remaining customers.
Beto O'Rourke arrives in Iowa hours after announcing 2020 run
Ending his announcement video in momentous terms, O'Rourke said, "We are truly now, more than ever, the last great hope of Earth". President Trump campaigned hard for Cruz, lobbing attacks against O'Rourke as he campaigned in the Lone Star State.
Norfolk weather: Storm Gareth to bring 60mph winds
Widespread blustery showers are forecast to sweep across the United Kingdom during Wednesday with winds remaining strong. Looking ahead to the rest of the week, there will "furthers spells of rain" and strong winds heading into the weekend.
United States crude oil inventories shrank unexpectedly again last week, alongside another drawdown in product inventories. That amounts to 105 per cent compliance with pledged cuts, according to a Reuters calculation, up from January's rate.
Earlier this week, Saudi Energy Minister Khalid al-Falih said production cuts by the OPEC and allies, including Russian Federation, would likely continue until June, at least.
Iraq is committed to the deal and working to stabilise markets, and is producing slightly more than 4.5 million bpd, below its full capacity of almost 5 million, Ghadhban said.
Seperately, oil prices nudged higher on Thursday to sit just off a four-month high reached in the previous session as investors focused on global production cuts and supply disruptions in Venezuela.
Brent was still at $67.75 per barrel at 0244 GMT, up 20 cents, or 0.3 percent, from its last close. Brent touched $67.39 a barrel on Monday, its highest since February 25.
US West Texas Intermediate crude futures were at $58.54 per barrel, up $0.28 or 0.48%. WTI hit a high of $58.48 a barrel on Wednesday, the highest since November 13.
After Isabelle was admitted to Georgetown in May 2016, the Henriquez Family Trust "donated" $400,000 to Singer's charity. The scam, which started in 2011, saw a total of Dollars 25 million paid as bribe.
Investors Bank was subpoenaed for records relating to Trump Park Avenue, a project it had backed, the Times reported. A person familiar with the matter says Monday's subpoenas seek loan applications, mortgages and other records.
Among law enforcement officials, Cali was known as a "real quiet old-school boss" - one police source told the New York Post . After all, it had been 34 years since a Mafia don like him had been " whacked " on the streets of NY .
President Donald Trump has had it with the #fakeMelania conspiracy theories that have been circulating on social media . One woman lost ten people in her family because I saw all the people who were affected".
The 19-year-old had controversially said she wanted to return to the United Kingdom after feeling to Syria at the age of 15. Senior British opposition figure Diane Abbott called the United Kingdom government's decision " callous and inhumane ".
According to a LinkedIn page under her name, Freeda was studying criminal justice at Sam Houston State University . George Foreman , 70, became famous as an Olympic gold medal victor and two-time world heavyweight champion.
Actor Jussie Smollett (C) and team arrive for a court hearing at the Leighton Criminal Courthouse on March 12, 2019 in Chicago . Gloria Schmidt , the attorney for the brothers allegedly involved in the incident, was also seated in the courtroom.
The EU, China , Indonesia, Singapore, New Zealand, Australia, Malaysia, India and others have temporarily suspended the plane. They included a number of youth travelling to a United Nations Environment Assembly in Nairobi.
Quarterback Patrick Mahomes offered a quick reaction to the addition of the Pro Bowl player, also known as the Honey Badger. Conor Orr is writing up grades for every major National Football League free agency signing here.
Manafort sentenced to 3 more years in prison
This case has taken everything from me. "Please let my wife and I be together", Manafort asked Jackson, The Atlantic reported . Paul Manafort has been charged in a new criminal case not even an hour after learning his prison sentence for federal crimes.
Jets to sign former Vikings Pro Bowl LB Anthony Barr
Mosley. "Thank you to the Vikings organization for giving me an opportunity to do what I love to do", Murray wrote on Instagram. Barr can re-sign at any point with the Vikings, but they apparently first must resolve the situation with Griffen.
Cardinal George Pell Sentenced To Six Years In Prison
He plans to appeal his conviction, but is expected to spend time behind bars until the appeals case is heard. Judge Kidd rejected Pell's defence argument the crimes were committed by Pell, the man, not the archbishop.
Trey Flowers to sign with the Lions
The Lions need a slot receiver after trading Golden Tate to the Philadelphia Eagles at the trade deadline previous year . In 34 games, he has 78 grabs for 1,005 yards and 11 scores, numbers that make him Detroit's immediate No. 1 tight end.