Crude Stocks Rise For Eighth Straight Week As Exports Ease Off Record

Record US Crude Oil Inventories versus Higher OPEC Compliance

According to Reuters calculations, Russia's cut from the October level reached 100,000 bpd in February, resulting in compliance of just 33 percent.

A Reuters' survey indicates that the exporter group has boosted already strong compliance to around 94 percent. Interestingly, this price level, according to unnamed OPEC sources, is considered sufficient to discourage US shale producers from building production further. Angola, among the most compliant members in January, failed to meet its target in February after the start-up of two oil projects.

US production rose 0.3% to 9.032 million barrels per day, hitting the highest level in almost a year. The non-OPEC members who had supported the cuts have achieved 60 percent compliance at the moment.

BMW In Which Tupac Was Shot On Sale for $1.5 Million
Shakur died 20 years ago after being shot four times while the BMW was stopped at a red light in Las Vegas, Nevada. Since then, it has changed hands several times over before making its way to the current anonymous owner.

Kuwait pledged to cut production by 131,000 bpd from a baseline of 2.838 million bpd.

Most of the data reported by the Energy Department from the fluctuating inventories are from barrels imported from Saudi Arabia; as a matter of fact the country is responsible for as much as 70% of OPEC proposed cuts, and Saudi Arabia also stands as the second biggest source of United States crude imports, just behind Canada.

New official data show top four Asian buyers of Iran's crude oil more than doubled their imports from the country in December compared with the same month a year earlier, for the third straight month. The sharp domestic production also played a big role with the monumental milestone; current production has increased to 9 million barrels for the past couple of weeks. According to the latest data available, at the end of January its production was still 130,000 bpd above this quota.

SpaceX Plans to Send 2 Tourists Around Moon in 2018
Musk said that the cost of the mission will be completely covered by the anonymous passengers, according to the Times . The two unnamed people will fly aboard a spaceship which is set for its first unmanned test flight later this year.

Saudi Arabia, the world's largest crude exporter, cut pricing for April oil sales to the USA and Northwest Europe and trimmed most grades for buyers in Asia and the Mediterranean. USA stockpiles expanded to 520.2 million barrels, the most in weekly government data going back to 1982.

Oil prices have been unusually stable since oil producers agreed in November to reduce output, with both Brent and US crude locked in $5 a barrel ranges.

Michael Wittner, global head of oil research at Société Générale, said: "US inventories moved directionally in line with expectations, and with relatively small stock changes across the board".

Slain SEAL's Father Calls for Expanded Investigation of Yemen Raid
The Defense Department routinely reviews missions that result in death, but a larger formal investigation of combat deaths is rare, and it does not appear that one was started after Owens' death.


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