"We believe the implemented production cuts will trigger a material drawdown in OECD oil inventories and thus higher crude oil prices", Staunovo said, referring to the Organisation for Economic Co-operation and Development.
The decline in Russian oil output in March was mostly due to cuts by so-called small producers, whose total output fell by 1.1 percent month-on-month.
Libya's crude output increased after state-owned National Oil Corp (NOC) lifted a force majeure on loadings of Sharara oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters. Morgan Stanley said in a report that "less visible" crude stockpiles, including in China, Japan and floating storage around the world, have declined 72 million barrels this year.
"We've had a pretty significant rally in the past week, driven by Libya's production not doing as well due to disruptions, good utilization rates by USA refiners and talk of OPEC and non-OPEC members extending production cuts for another six months", Spooner said. That's based on an estimated oil price of $42 per barrel and daily export capacity of 3.75 million barrels.
"We can not seek anything less" than 100% compliance, Barkindo said Sunday at the Iraq Energy Forum in Baghdad.
Libya's production, modest compared to the daily reduction of 1.8 million barrels of oil under the deal by Organization of the Petroleum Exporting Countries and other heavyweight producers such as Russian Federation, could still stands to frustrate OPEC's effort to drain the glut of oil, said analysts at fuel-oil broker Tradition.
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During the oil price rout, islands in the Caribbean were exhibit A for the longest-lasting glut in three decades, with millions of barrels stored there.
Iraq is also grappling with a major humanitarian crisis. The same issue affected the OPEC basket whose prices dropped to their lowest rate so far in the new Christian calendar year of 2017.
OPEC's second-largest producer, after Saudi Arabia, Iraq will proceed in parallel with exploration plans to increase its reserves by 15 billion barrels in 2018, to reach 178 billion barrels, he said. Kuwait and other producers have supported the extension of the cuts to output for another six months after the cuts that began in January.
Russian oil shipped by state pipeline monopoly Transneft to ports for export rose to 2.944 million barrels per day (bpd) in March, or 12.452 million tonnes, from 2.819 million bpd in February.
"There are positive elements in that deal and we achieved a lot of its targets", Al-Luaibi told reporters on the sideline of the conference.