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The global oil market remains well supplied and output would still likely outstrip demand this year, despite OPEC's efforts and US sanctions on Iran and Venezuela, the International Energy Agency said in its monthly market report on Wednesday.

Bank of America also warned of "a significant slowing in growth globally", adding that it expected Brent and WTI to average $70 per barrel and $59 per barrel respectively in 2019, and $65 per barrel and $60 per barrel in 2020. Trump said he's open to extending the March 1 deadline if the USA and China are close to a trade agreement.

Crude futures pared gains after US government data showed a rise in the nation's crude and fuel stockpiles, contradicting an earlier industry report indicating oil inventories declined.

The cartel's scale-back was in line with an agreement by Opec and non-Opec members in December to trim production by 1.2 million barrels a day from January 1.

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Saudi Arabia, the world's top oil exporter and de facto leader of OPEC, said it would reduce crude production to around 9.8 million bpd in March, over half a million bpd more than it originally pledged.

In that letter to OPEC on January 29th, a day before United States inclined sanctions on Venezuelan state-owned oil firm PDVSA, Maduro wrote, "Our country hopes to receive the solidarity and full support of the member countries of OPEC and its ministerial Conference, in the fight we are now having against the illegal and arbitrary intrusion of the United States in the internal affairs of Venezuela".

"Stocks in most markets are now ample and. there is more spare production capacity available".

Further, the Energy Information Administration (EIA) said that Venezuelan output slipped to 1.22 million barrels per day.

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International Brent crude futures were up 38 cents, or 0.6 percent, at $61.89 per barrel.

In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.

While global markets remain comfortably supplied, disruption in Venezuela poses a threat because production of the heavier, higher-sulfur crude it pumps is being reduced elsewhere, the IEA said in a monthly report. "In quality terms, it is more complicated".

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