OPEC, for some quiet moments..

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OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply. The countries have already cut oil supply by 1.5 MMbpd, more than 80% of their collective target, since the deal took effect on Jan. 1, Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna.

OPEC, non-OPEC nations agree on way to monitor oil cut to end glut

Russia overtook Saudi Arabia as China’s top oil supplier last year for the first time ever amid the ongoing battle for market share in the world’s biggest energy market. Russia boosted crude supply to the Asian nation by 24% from 2015 to 52.5 million metric tons, or 1.05 MMbpd, according to data released Monday by the General Administration of Customs. The Middle Eastern kingdom became the second-biggest supplier, shipping 51 million tons, or 1.02 MMbpd, little changed from a year earlier.

Russia wrests crown of top China oil supplier from Saudi Arabia

Brace yourself for some serious swings in commodity prices in 2017, as a bevy of “black swans” could blindside investors, according to a Barclays research note published last week. “Commodity market black swan events come in many forms, and the market may take years or an instant to price them in,” the analysts wrote. “Indices are already pricing in record levels of volatility as 2017 begins, and investors are specifically concerned about geopolitical developments.”

13 ‘black swans’ that could hit oil investors in 2017 (including Elon Musk) - MarketWatch

Almost 1 Bbbl of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ CEO Patrick Allman-Ward said. “We still have a significant global storage of oil, close to a billion barrels,” Allman-Ward said Tuesday in a Bloomberg TV interview with Francine Lacqua at the World Economic Forum in Davos, Switzerland. Dana Gas, based in the United Arab Emirates, explores for and produces natural gas in the Middle East.

Dana Gas says 1 billion barrels of oil in way of ending glut