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OPEC pushes for full compliance with production cuts, Barkindo says

Feb. 21, 2017 9:59 AM ETUCO, USO, OIL-OLD, DBO, USL, DTO, OLO-OLD, SCO, DNO, BNO, SZOXF, OILBy: Carl Surran, SA News Editor29 Comments
  • WTI crude oil is on track for its strongest showing in 20 months, up as much as 2.2% at $54.95/bbl, after OPEC's secretary general says members implemented ~90% of pledged production cuts in January and that oil inventories would decline further this year.
  • “Anything less than 100% is not satisfactory” and OPEC expects to achieve that level “in due course," Mohammad Barkindo tells Bloomberg.
  • The pace of the decline in global oil stockpiles, which OPEC wants to see fall back in line with the five-year average, will determine hether the cartel would need to extend the agreement beyond its initial term of six months, or even to deepen the cuts, Barkindo says.
  • Money managers now hold the highest volume of net long Brent futures and options on record, according to InterContinental Exchange data, betting on higher prices to come; net long U.S. crude futures and options positions also are at a record high, U.S. data showed on Friday.
  • ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM

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