Oil tumbled on Tuesday after OPEC reported a rise in global crude stocks and a surprise output jump from its biggest member, Saudi Arabia, further pressuring prices that have now erased nearly all gains since OPEC announced output cuts in November. Even though OPEC made an upward revision to its global demand outlook, signs of even modestly higher Saudi output flustered investors. Secondary sources had said Saudi output fell in February to 9.797 million barrels per day (bpd), but Riyadh told OPEC it rose to 10.011 million bpd. It would be the 10th consecutive weekly increase in US crude stocks, boosting total inventories, including strategic reserves, further past the 1.22 billion barrel record hit during the week ended March 3. Saudi Arabia, the world's biggest oil exporter, has yet to indicate clearly whether it is ready to extend supply curbs.

Source: Egypt Independent March 15, 2017 08:26 UTC