WTI crude was trading up 0.58 percent at $54.21.
Oil demand was lowered by 0.01 mb/d and 0.02 mb/d in Latin America and the Middle East, respectively, said the cartel. OPEC countries demonstrated an unequal level of oil production cuts as of the end of January and reduction rates need to be expedited, OPEC Secretary General Mohammad Barkindo said on Tuesday in a statement released by the Secretariat's press service. USA shale producers have cut back on production, while crude imports in the US over the past four weeks are down 7.5% from a year ago and tanker tracking data indicate a decline in Saudi crude shipments.
The global oil market will struggle this year to absorb fast-growing crude supply from outside the Organization of the Petroleum Exporting Countries, even with the group's production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.
OPEC and other countries will either have to continue curbing extraction to maintain prices in the future or accept an energy independent USA and the likely oversupply of energy that would bring to the market.
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Venezuela's production has nearly halved in two years to 1.17 million bpd, as an economic crisis decimated its energy industry and US sanctions have now crippled its exports.
"Light crudes naturally yield more gasoline, and together with relatively modest demand-growth, this has driven gasoline stocks sharply higher and crack spreads sharply lower in recent months", Morgan Stanley said. -China trade discussions also boosted futures.
Oil prices also drew support from a surprise increase in China's exports in January and a sharp rise in imports of crude oil before the Lunar New Year holidays in February. In quality terms, it is more complicated.
Elsewhere, the head of Russian oil giant Rosneft, Igor Sechin, has written to the Russian President Vladimir Putin saying Moscow's deal with the Organization of the Petroleum Exporting Countries (OPEC) to withhold output is a strategic threat and plays into the hands of the United States.