The latest OPEC report for Feb
Hikes OPEC demand forecast by around 200kbpd to 32.35mbpd
Raises non-OPEC demand forecast to 400kbpd vs 240kbpd
US forecast revised up to 100kbpd on a rebound in shale
Oil market to start balancing or will start to see an inventory drawdown in H2 2017
Says OECD inventories in Jan above 5 year average at 278m despite the oil deal
Reuters calc on secondary sources show 11 OPEC members with over 100% compliance
11 members cut output to 26.681mbpd, 123kbpd over target
OPEC secondary sources say output fell 140kbpd to 31.958mbpd
Saudis say they raised output to 10.011mbpd vs 9.748mbpd but still below OPEC target
The key point in on inventories still gaining. The demand picture is not improving as OPEC would like and it's pretty much one of the two key factors in the whole deal.
Brent lost a good 50 cents to 51.06 on the news and Also the Iranian oil minister said they'll keep production at 3.8mbpd through the second half of 2017.
Kuwait also popped up to say that they see oil dropping to $45 on a pick up in US shale production.
