"We're seeing a historic amount of compliance to these production cuts. "Oil markets have been trapped in a range as traders wait to see whether OPEC production cuts can outweigh U.S. supply growth."U.S. "Crude oil imports were elevated again, as well, with the Gulf Coast seeing a big increase in crude oil inventories. However, Russia has said its planned output reduction would be gradual.OPEC has implemented most of its reduction. Petro-Logistics, a company which tracks OPEC supply, also estimates compliance has been high.

Source: The Star February 01, 2017 21:11 UTC