Russian Federation overtakes Saudi Arabia as world's top crude producer

"All countries involved remain resolute in the determination to achieve a higher level of conformity", OPEC Secretary General Mohammad Barkindo said, citing January data. While Goldman Sachs Group Inc. predicts the market will shift into deficit during the first half of this year, USA crude stockpiles have increased the past six weeks to the highest level in more than three decades.

State oil firm Saudi Aramco has stakes in more than 5 million bpd of refining capacity at home and overseas, placing it among the global leaders in making oil products.

Here's why: as he explains "many oil companies around the world have survived the price meltdown by bringing down breakeven costs in the last two years". "WTI crude exploded into gains on Tuesday as prices broke above the stubborn $54 resistance".

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Moors says certain oil stocks, "the darlings of energy investors", are about to make a comeback now that oil prices are rising. As a result, there was a rally in the crude oil market on Tuesday. This is taking place despite record crude and gasoline inventories in the USA and signs that production may continue to increase over the near-term.

Barkindo said that oil inventories were expected to decline this year.

However, some analysts believe that the record level of net long positions from hedge funds could result in a sharp decline in prices.

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The US market was closed on Monday for the Presidents Day holiday.

FXTM research analyst Lukman Otunuga opined that while oil prices could edge higher amid the supply cut optimism, the concealed concerns of United States shale boosting oil production and negatively impacting Opec's efforts could create some headwinds in the future.

International Brent crude oil finished the session at $56.17, up $0.36 or +0.65%. In this context, Blanch believes that Saudi, Iraq and the UAE are the only countries able to increase their output in the medium term, while Algeria, Nigeria or Venezuela would need massive investments to reverse current trends and boost output.

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January's Opec data report showed the cuts had received a record of more than 90 per cent compliance. There's a supply glut in oil caused by U.S shale oil and the return of some producers such as Iran and Libya to the oil market. "This bullish stance is countered by the ever-increasing inventories in the U.S. and rising rig counts", PVM Oil Associates strategist Tamas Varga said in a note.

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