OPEC+ expects deep output cuts will keep the global oil market in deficit throughout the year, even though the producer group has revised down 2021 demand growth

OPEC+ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said, suggesting the group had improved its adherence to pledged supply curbs

OPEC+ compliance with oil production cuts in December reached 99%, two sources from the producer group told Reuters. The figure is slightly below November’s 101%

The outlook for US shale oil is slightly more “optimistic” due to rising prices and output will recover further in the second half of 2021, OPEC said, in a sign its policy of cutting output is helping rivals pump more

Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event

In top two U.S. shale fields, oil and gas companies are profitable in the $30 per barrel to low $40s per barrel range, according to data firm Rystad Energy. This year’s higher prices could push the shale group’s cash from operations up by 32%, Rystad said

Brent crude oil prices fell as much as $1 per barrel, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as a stronger U.S. dollar

Brent crude climbed 44 cents, or 0.8%, to $54.82 a barrel by 1007 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 36 cents, or 0.7%, to $51.19, also its highest level since late February

Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed

The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, excluding the planned voluntary additional cuts from Saudi Arabia