Kuwait backs call to extend oil output cuts

"This agreement aims to rebalance the global supply and demand by restoring the level of world oil reserve to the rate of the past five years", the report cited the minister as saying.

Kuwait joined Saudi Arabia and Russian Federation in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles.

In early December 2016, OPEC countries and eleven non-OPEC nations agreed to slash the total oil production by 1.8 mln barrels per day in the first half of this year in order to cut global oil stocks to the latest five-year average.

The IEA concluded that the oil market was close to balance in the first quarter of the year, with average supply building by 100,000 bpd on a global level, and at 300,000 bpd for OECD members.

USA shale drillers aren't the only ones threatening to offset OPEC's oil production cuts.

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"Crude production was down 535,000 barrels per day compared to April 2016". Iraq earned an extra $10.5 million a day, according to the report.

Elsewhere on Nymex, gasoline futures for June climbed 1.2 cents, or roughly 0.8%, to $1.606 a gallon, while June heating oil added 1.4 cents to $1.523 a gallon.

The IEA said USA operators have sharply stepped up spending and drilling activity since previous year against a backdrop of the coordinated supply cut agreement and higher prices. It also noted that, alongside production cuts and steady demand growth, a rise in global refinery runs should start to contribute to the rebalancing.

Still, global oil supply and demand almost realigned in the first quarter after a almost three-year oversupply, and the oil stuck in storage tanks around the world shrank by 1 million barrels a day in March, the IEA said. "Starting in March, refinery activity is building up and by July global crude throughputs will have increased by 2.7 million b/d", it said. The report noted Chinese demand remains relatively strong even as India's demonetization policy continues to cast a long shadow over oil demand, with U.S. demand expected to be flat in 2017.

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