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Opec has to stick to agreed production cuts to keep oil prices steady

Global oil consumption has fallen from 97.72 million barrels a day in Q4 to 96.58 million

The number of US rigs has increased for 13 consecutive weeks, bringing the total count up to 683 - the highest level in two years.


OIL traders are hoping that Opec will continue with agreed production cuts at the coming end-May meeting as supply and demand are narrowly in balance and global inventories are high.

Latest statistics of the International Energy Agency (IEA) show that following the Opec...

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