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The problem however is that continued production from those producers can actually offset the production cuts from other member nations.

Mr Barkindo said: "Because of the level of commitment and enthusiasm to ensure that we achieve our objective of bringing this..."

Rising supply from US, Libya and potentially Nigeria is now being met by a successful production cut by other Opec and non-Opec members. If maintained it would nearly neutralize the cuts seen from Opec so the coming reports will be watched closely to see it this was a one off or a new trend. Following reports last week suggesting stronger action in the second half of the year, he was quoted by the Financial Times as saying crude oil inventory levels were still too high and markets were not yet at an "equilibrium price".

In a key note speech at the conference Opec's Sec-Gen Barkindo said that only 100% compliance from Opec producers would be acceptable while also raising the possibility of other producers cutting production.

"This has to be taken within the context of a stable market that continues to record robust demand growth", he said. Meanwhile, hedge funds raised net-long positions on West Texas Intermediate to a record, according to Commodity Futures Trading Commission data.

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Love had arthroscopic surgery on his left knee on Tuesday and is expected to be sidelined about six weeks. Moreover, the Eastern Conference reserves were selected by coaches and announced on January 26.

On Monday, Brent crude was trading at $56.18 per barrel, while the U.S. benchmark West Texas Intermediate rose to $53.69. Transactions on Monday will be booked Tuesday for settlement purposes because of the U.S. Presidents Day holiday.

After a brief profit on Monday, crude oil prices regained strength and rose in the early hours on February 21. The global benchmark traded at a premium of $2.04 to April WTI.

The year 2016 saw average crude prices drop to a 13-year low as oil and gas producers in Mena continued to face the impact of global oversupply. They gambled that by flooding the oil market, oil prices would fall and American shale oil producers would be forced out of business. Compliance may even increase if Iraq's March exports match the planned 600,000 barrel a day month-on-month cut indicated by loading programs, it said. Nigeria's Mohammed Barkindo is the Secretary General of the OPEC.

The World Bank is giving a more optimistic oil price value of $55 per barrel, whereas BofA Merrill Lynch predictions are highly optimistic with WTI Crude priced at $59 per barrel and Brent at $61 per barrel in 2017. Cushing, Oklahoma crude stockpiles fell 800,000 barrels last week, according to a forecast compiled by Bloomberg.