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Energy Minister Berat Albayrak to speak at CERAWeek

Azerbaijan downs oil production under OPEC agreement (UPDATE)

The Committee's letter said Azerbaijan is one of the countries playing a leading role in the process of oil production cut, the ministry said. "Saudi Arabia has cut production by more than what we promised [in December 2016], but we will not bear the burden of free riders".

"It's not a matter of whether the US should or shouldn't invest in its shale and contribute to the global market supply base". This pick-up in activity has contributed to a rebound in U.S. crude production to over 9 mmbbl/d [million barrels per day] from a trough of about 8.4 mmbbl/d in July 2016. Benchmark West Texas Intermediate (WTI) crude oil averaged $43.33 a barrel in 2016 and is forecast to rise to an average of $53.49 in 2017, up three cents compared with last month's estimate.

USA production growth will depend on price, Fatih Birol, executive director of the IEA, said on March 6 at the annual CERAWeek conference where the organization released the report, formerly known as the "Medium-Term Oil Market Report".

In some good news for the Canadian oil patch, the report's authors noted Asia will likely have to look beyond the Middle East to meet its oil needs, as those countries focus more on their domestic markets. Bullish sentiment over the 1.8 million b/d of producer cuts underway has taken a few knocks, with Russian Federation last week reporting its February production flat from January, implying no progress from a cutback of just 100,000 b/d, a third of what the country has pledged.

The six-month agreement originally took effect on January 1. Meanwhile, production has gained more than 550,000 barrels a day since the summer, rising above 9 million barrels a day for the first time since April.

Falih said he was not being dismissive of renewable energy alternatives and electric vehicles.

The capital of the US oil industry Houston is emerging from the price war sporting new downtown skyscrapers and the lingering glow from hosting last month's Super Bowl.

Via a commentary on the bulletin, OPEC said the projection of Mohammed Barkindo, its secretary-general - that the world was about to turn a historic page in oil history - is now becoming a reality.

In addition, Stratas Advisors forecasted that the Brent-WTI differential would trade between $2 and $2.50 with respect to the May contract.

The IEA also released a five-year forecast for the global oil industry that noted that the global oil supply over the next five years would struggle to keep pace with oil demand after 2020.