IEA says "mission accomplished" on Opec's oil supply cuts

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Brent, the global benchmark, advanced 47 cents, or 0.7%, to $72.49 a barrel. He said the glut has effectively shrunk by nine-tenths since the start of 2017.

"Our balances show that if Opec production were constant this year, and if our outlooks for non-Opec production and oil demand remain unchanged, in 2Q18-4Q18 global stocks could draw by about 0.6m barrels per day", the IEA said in its monthly oil market outlook.

"We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average", Barkindo said.

OECD commercial oil stocks declined by 25.6 million barrels month-on-month in February to 2.84 billion barrels, the IEA estimated, the lowest level since April 2015.

The IEA also warned that escalating trade tensions between the USA and China could weigh on global demand.

He said that "Saudi Arabia continues to lead by example, producing less than its ceiling despite seasonally rising domestic and worldwide demand, and looks forward to all OPEC and participating non-OPEC countries maintaining or exceeding full conformity with their commitments".

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Schaecter, who is also a founding member of the Holocaust Memorial, was born in 1929 on a farm in a small town in Slovakia. Also in attendance were Zohara Boyd and Peter Petschauer, both retired professors with very different histories.

Since the start of a year ago, the Opec and Russian Federation have been spearheading an effort by oil producers to offset the surplus unleashed by U.S. shale drillers. Opec meets in Vienna in June to decide on its next course of action.

OPEC's leader Saudi Arabia has said it would like the pact to be extended into 2019.

The global oil stocks surplus is close to evaporating, OPEC says.

Non-Opec nations are expected to produce an extra 1.8m bpd this year, mainly due to the United States, but demand will only grow by 1.5m bpd in 2018.

OPEC OUTPUT SLIPPINGOn supply, the IEA said world oil production slipped by 120,000 b/d to 97.8 million b/d during March, after the OPEC-led oil producers cut output by 2.4 million b/d, significantly more than their pledged 1.7 million b/d.

"This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colder-than-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific", OPEC said in its monthly market report. "OPEC has done well to negate the explosion in non-OPEC supply and the group's production maintained its downward trajectory in March", Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd., wrote in a note Friday.

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