OPEC, for some quiet moments..

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Andrew J. Hall, the head of commodity hedge fund Astenbeck Capital believes that the price of crude oil has bottomed, and the only way is up for the commodity. In Astenbeck’s March 1 letter to investors, which has been reviewed by ValueWalk, Hall writes, “we believe the global oil market is already close to being balanced yet prices are at a level that will continue to destroy supply. The longer they stay at current levels the greater the risk that the world will face a significant supply shortfall in 2017.”

Andy Hall says $80 possible in 12 months - Business Insider

One of the warning lights that there’s too much oil around is no longer flashing, adding to signs that global crude markets are finally on the mend. Just a month ago, oil traders were weighing up whether to park unwanted crude aboard tankers while BP Plc CEO Bob Dudley joked that swimming pools might be needed to hold the excess. Yet instead of offering bumper profits, as in previous market gluts, stockpiling barrels on ships would result in a financial loss, just as it has done for the past six months, in a sign the current surplus may not be as big as feared.

Why the global oil glut might not fill swimming pools after all

The 800,000 barrels a day of crude production unaccounted for in the International Energy Agency’s estimates of oil supply and demand for last year are a “poor explanation” for the recent rally in prices, according to Morgan Stanley. The “missing barrels” -- which result from the difference between the IEA’s estimate of oil supply and demand -- are probably present in stockpiles outside the 34 members of the Organization for Economic Cooperation and Development, Morgan Stanley said in a note Monday.

`Missing Barrels' Don't Explain Oil Rally, Says Morgan Stanley - Bloomberg Business

Oil prices will increase by the end of this year but won’t rebound to levels reached in 2013 and 2014, according to Amin H. Nasser, president and CEO of Saudi Arabian Oil Co. Prices will gain as “the gap between supply and demand in the oil market is shrinking,” Nasser said at an event in Beijing on Monday. Oil exceeded $100/bbl in 2013 and 2014 before dropping amid a global glut. Benchmark Brent crude was trading on Monday at $40.21/bbl in London.

Saudi Aramco sees oil rising as demand catches up with supply