Opec deal flouted as rebels pump more oil

US Distillate Inventories Rose for the 3rd Time in 5 Weeks

Oil prices have dropped in recent weeks to levels not seen since the end of a year ago as investors lost faith in a deal between OPEC and non-OPEC producers to reduce output, while USA shale oil production has risen sharply.

"While the top producer, Saudi Arabia, continues to deliver on its promise to cut output, several other producers have not so far fulfilled their commitments", the IEA said in a new report.

Crude prices have been stuck below $50 a barrel since May when Opec members agree to extend a production cut to March 2018 in order to re-balance the market.

On the production front, the U.S. Energy Information Administration reduced their USA production estimates from 10 million barrels per day (bpd) to 9.9 million bpd affected by the recent fall in crude oil prices.

Brent crude LCOc1 settled up 68 cents or 1.42 % at $48.42 a barrel.

The output limit would come into play when Nigeria can stably pump 1.8 million barrels a day, the country's oil minister Emmanuel Kachikwu told reporters Wednesday in Abuja.

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It left its 2017 forecast unchanged on 9.33 million barrels a day, where United States production now sits.

"OPEC compliance with production cuts slipped to 98% in June".

The agency forecast non-OPEC supply would grow by a combined 2.1 million b/d over 2017 and 2018, led by the US.

The U.S. Energy Information Administration (EIA) now forecasts Brent crude oil spot prices to average $51 per barrel (/b) in 2017 and $52/b in 2018.

OPEC wants an "orderly recovery" in oil production from Libya, Nigeria and Iran and has a flexible output target under its cuts agreement to accommodate more crude from the three member nations, the group's Secretary-General Mohammad Barkindo told Bloomberg Television on Wednesday at a conference in Istanbul.

The Senior Analyst at Interfax Energy's Global Gas Analytics Abhishek Kumar said in London: "U.S. gasoline demand remains lackluster and gasoline stocks are still above the five-yea average, which will cap gains in crude and gasoline prices". In both years, most of this growth (about 1.2 million b/d annually) comes from countries outside of the Organization for Economic Cooperation and Development (OECD), with China and India expected to be the largest contributors to non-OECD liquid fuels consumption growth.

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