* Brent Crude Prices: https://tmsnrt.rs/2N1YZtG
* Brent Time Spreads: https://tmsnrt.rs/3rlm5Kz
* OPEC+ Compliance: https://tmsnrt.rs/3pMTkpC
* Cumulative OPEC+ Overproduction: https://tmsnrt.rs/2YJaZmf
By Ahmad Ghaddar
LONDON, Feb 5 (Reuters) - Brent crude prices LCOc1 are
approaching $60 a barrel, a one-year high, driven in large part
by OPEC+ cuts that are set to keep the oil market in deficit
this year.
The coronovirus pandemic ravaged oil demand as economies
around the world had to shut down for extended periods of time
to curb the spread of the virus.
But the oil market is on a bull run, despite renewed
lockdowns in Europe and Asia to curb second and third waves of
the virus.
A look at Brent crude time spreads also paints a picture of
a tight market.
The six-month Brent spread LCOc1-LCOc7 reached about $2.4
a barrel backwardation on Friday, its widest in a year.
Backwardation is when prices on the prompt trade at a premium to
future prices, and usually encourages traders to take oil out of
storage, signalling a stronger market.
OPEC+ has made it clear that it intends to rein in bloated
oil inventory levels that the pandemic brought about.
The group's base-case scenario shows that the oil market
will be in a deficit throughout 2021, with inventories in the
industrialised world expected to fall below the 2016-2020
average in the second half of the year.
Strong compliance with agreed oil cuts by OPEC+ have also
helped support prices, although some countries participating in
the cuts are yet to make good on compensating for their
overproduction.
In December, cumulative overproduction hit 2.69 million
barrels per day, OPEC+ data shows, compared with 2.46 million
bpd in November, with the increase coming largely from higher
production from non-OPEC members Russia, Kazakhstan and South
Sudan.
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Brent Crude Prices https://tmsnrt.rs/39QhbiH
Brent Time Spreads https://tmsnrt.rs/3pTyCV4
World Oil Demand and Supply https://tmsnrt.rs/39DrK8O
OECD Oil Stocks OECD Oil Stocks https://tmsnrt.rs/2MUPNa7
Oil Market Balance - OPEC+ base case scenario https://tmsnrt.rs/3oH4NG7
OPEC+ Compliance with Production Cuts (%) https://tmsnrt.rs/3cD4qKc
OPEC Cumulative Overproduction https://tmsnrt.rs/3joJCri
Non-OPEC Cumulative Overproduction https://tmsnrt.rs/3cCdC1v
Cumulative OPEC+ Overproduction https://tmsnrt.rs/3oLRwMs
OPEC+ Overproduction Compensation Plans https://tmsnrt.rs/3pUKYws
OPEC+ Compliance with Production Cuts (%) https://tmsnrt.rs/3pMTkpC
Cumulative OPEC+ Overproduction https://tmsnrt.rs/2YJaZmf
Brent Crude Prices https://tmsnrt.rs/2N1YZtG
Brent Time Spreads https://tmsnrt.rs/3rlm5Kz
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