Crude oil production increased 1.0 percent from December 2016, but was down by 2.5 percent from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9 percent from last month and was 6.6 percent higher than last year. This was the highest January output level on record.

Directors commended the authorities for achieving an impressive recovery in economic growth after the lifting of nuclear sanctions in 2016, maintaining inflation in single digits, and stabilizing the foreign exchange market. Given the renewed uncertainty, Directors emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector, and advancing reforms to lessen Iran’s reliance on oil and develop the private sector. They welcomed the authorities’ commitment in this regard and the thrust of their reform plans.

Benchmark Brent crude oil was down 50 cents a barrel at $55.86 by 1125 GMT. U.S. light crude was 50 cents lower at $53.33.

ExxonMobil anticipates capital spending of $22 billion in 2017, an increase of 16 percent from 2016. Capital and exploration expenses through the end of the decade will average $25 billion annually.

Light, sweet crude oil prices for April dropped modestly Feb. 24 but still settled at about $54/bbl on Feb. 24 on the New York market despite a climbing US rig count. The US oil futures benchmark has traded at $50-55/bbl for weeks.

Iran will begin exporting 100,000b/d of crude oil to Russia within the next two week, Iranian Minister of Petroleum Bijan Zangeneh said.

Средняя цена на нефть Urals за период мониторинга с 15 января 2017 года по 14 февраля 2017 года составила $ 53,24818 за баррель, или $388,7 за тонну.

U.S. crude oil production increased for the second consecutive month in November 2016, the first consecutive monthly increase since April 2015.

The country imported 34.03 million mt of crude in January, down 6.5% from the record high of 36.38 million mt in December despite surging 27.5% on the year.

Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December by big producers to boost prices.

International Brent crude futures LCOc1 were trading at 54.70 per barrel at 0758 GMT, down 35 cents, or 0.64 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $51.68 a barrel, down 49 cents, or 0.94 percent.

EIA forecasts Brent crude oil prices to average $55/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent prices in 2017. The NYMEX contract values for April 2017 delivery traded during the five-day period ending February 2 suggest that a range from $45/b to $65/b encompasses the market expectation of WTI prices in April 2017 at the 95% confidence level.

Saudi Arabia's crude oil supplies to Japan rose to a 10-year high in 2016, underlining the kingdom's strong will to defend its share in the ever competitive Asian markets.

"Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances," said the Iranian official.

International Brent crude futures were trading at $56.96 per barrel at 0750 GMT, up 15 cents from their last close. U.S. West Texas Intermediate (WTI) futures were up 18 cents at $54.01 a barrel.