OPEC crude production rises in April - IEA

"Crude production was down 535,000 barrels per day compared to April 2016".

Global oil markets are rebalancing as supply cuts by OPEC and its allies take effect, yet longer curbs are needed to drain excess inventories, according to the International Energy Agency.

The main reason why oil prices remain low is that supply outstrips demand.

The world's oil stockpiles increased only slightly in the first quarter and are set to decline in the second as demand picks up seasonally and OPEC constrains output, the IEA said Tuesday in its monthly report.

Kuwait joined Saudi Arabia and Russian Federation in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. Data also showed OPEC is estimated to have earned more in Q1, 2017 while pumping fewer barrels. Overall global oil supply fell by 140,000 b/d in April to 96.17 million b/d, "as non-OPEC, and especially Canada, pumped less, with production down 90,000 b/d from the same period previous year", it said. "As OPEC turned down the taps from record Q4, 2016 production, the average OPEC basket price of crudes rose from $47.59/b in Q4, 2016 to $52.03/b in Q1, 2017".

Maria Sharapova to play in Wimbledon qualifying at Roehampton
But Sharapova has now signed a two year deal with the Lawn Tennis Association to participate at Birmingham's Aegon Classic. Sharapova won her first grand slam singles title at Wimbledon in 2004, surprising Serena Williams in the final.

It has been suggested that U.S. output, which is not included in the deal, might scupper the agreement, however, the current weak oil price makes exploitation of United States shale oil deposits marginal, so the USA also has a vested interest in seeing the oil price rise from a producer's perspective, but this is tempered as the USA is the largest market for oil.

The deliberations come as two Opec members exempt from the cuts boost output. The latter would be helped by higher refinery runs after the spring maintenance season, with the IEA expecting these to rise by 2.7 million bpd globally by the start of July.

The IEA maintained its 2017 global oil demand growth forecast at 1.3 million b/d, with demand reaching 97.9 million b/d.

Commercial oil stockpiles in the OECD countries are estimated to have risen from the March 3.025 billion barrels, marking the first increase since January.

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