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WTI & Brent hover around unch. levels,..........>

OIL
OIL: WTI & Brent hover around unch. levels, sticking to tight ranges in Asia-Pac
trade after the lodging modest gains on Thursday, with less than inspiring
Chinese data & worries re: U.S.-China trade relations presenting headwinds.
- The latest monthly OPEC oil market report saw the cartel hold its estimate for
2019 global oil demand steady. The cartel also noted that its members had a 105%
compliance rate under the OPEC+ production plan, with Saudi, Venezuela & Iraq
leading the reductions, while production in Libya and Angola edged higher. OPEC
production fell by 221K bpd in the month of February, to 30.55mn bpd.
- OPEC+ nations are set to meet in Baku, Azerbaijan, this weekend, and OPEC's
secretariat urged producers to refrain from driving the crude market back into a
state of surplus during this year.
- RTRS reported that Russian energy minister Novak will not attend Monday's
OPEC+ monitoring panel (although his deputy will). Novak is reportedly set to
hold bi-lateral meetings with producer nations over the weekend, including a
meeting with his Saudi Arabian counterpart on Sunday.
- Baker Hughes rig count data is due later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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