Oil: OPEC back in focus - ANZ

Analysts at ANZ noted that crude oil prices were largely unchanged despite robust discussion about extending the OPEC production cut agreement.

Key Quotes:

"At a major industry conference in Houston (US), Saudi Arabia Oil Minister Khalid Al-Falih said that OPEC was making good progress in delivering promised production cuts, but had yet to decide on whether to extend them. Earlier in the day, Iraq and Angola had both signalled that they are willing to extend curbs on output into H2 2017."

"However, concern about the impact of US crude oil remains. This was heightened after the EIA released its Short Term Energy Report, which showed it had raised its forecast of US output to 9.21mb/d, up from 8.98mb/d (in the February report). Reports that clashes at Libyan ports had had a minimal impact on exports also weighed on prices."