Saudi oil cuts exceeds target and Kingdom may cut for longer

Oil prices fall as Iran crude tanker exports surge, US adds more rigs

Reports showing OPEC production fell sharply in December also gave oil prices a lift.

"Iraq is definitely committed [to the deal] to ensure a positive outcome even though Iraq should have been exempted form the production cuts due to the exceptional circumstances of the country", said the country's oil minister, Jabar Al Luaibi, referring to its battles with terrorists in the west and ongoing political divisions.

- EIA again cautioned that the values of futures and options contracts continue to highlight the "heightened volatility and high uncertainty" in the price outlook.

U.S. crude production is back up to around 8.7 mb/d, despite two consecutive weeks of declines. Benchmark Brent crude was 37 cents higher at $55.56/bbl in London at 10:25 a.m. local time.

Crude inventories rose 4.1 million barrels in the week to January 6, the U.S. Energy Information Administration said, higher than analyst expectations for a 1.2 million-barrel build. United States shale's gains prompted the International Energy Agency (IEA) last month to revise up its forecast for U.S. production growth in 2017 by 70,000 b/d. Analysts surveyed by Bloomberg had projected a 1.5 million-barrel gain.

"Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up our Brent crude forecast for 2017 to $57 per barrel", BMI Research said. Previous estimates were 8.7 mbpd for this year, and 8.8 mbpd for the next.

The greater than expected build to oil inventories could largely be attributed to a significant increase to imports, which rose week over week by 1.9 million barrels per day to 9.1 million barrels per day.

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Domestic shale oil production, meanwhile, could also pivot higher as data shows the number of rigs digging for oil in the U.S ( have increased for 10 straight weeks.

Production of crude and oil liquids among non-OPEC countries is anticipated to rise from 56.85 mbpd in 2016 to 57.26 mbpd in 2017, marking an increase of 0.41 mbpd. Larger-than-expected increases in inventories are bearish for prices.

Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as US drillers increased activity for a 10th straight week.

The EIA expects total non-OPEC production to grow by 400,000 bpd in 2017 and rise by 700,000 bpd in 2018.

The U.S. average regular gasoline retail price rose one cent from the previous week to $2.39 per gallon on January 9, up 39 cents from the same time past year.

US propane stocks decreased by 4.5 million barrels last week to 79.7 million barrels as of January 6, 2017, 12.2 million barrels (13.3%) lower than a year ago.

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