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OPEC: oil reserves continue to grow despite the agreement

On Tuesday, OPEC said that oil reserves continue to grow despite the onset of a global decline in supply and production forecast for 2017 with non-OPEC producers, suggesting that it took more effort to clear a supply glut.

In a monthly report, OPEC also pointed to increased production of crude oil by countries participating in this agreement based on data that organization has collected from secondary sources.

The report was revised up its estimates of oil supply from other exporting countries this year, including from United States shale drillers.

Nevertheless, OPEC's secondary sources announced that Saudi Arabia reduced oil production in February, but Saudi Arabia said OPEC that the production has increased.


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