The market remains caught between preliminary OPEC data which revealed significant production cuts from six members and Russia in January and poor US data which continues to show way too much gasoline in the mid-Atlantic, too much oil in the USGC and demand that simply isn’t good enough. Bloomberg estimated that total OPEC production declined by 840k bpd between December and January lead by cuts of 500k bpd from the Saudis, 160k bpd from the UAE, 150k bpd from Kuwait, 120k bpd from Iraq and 70k bpd from both Algeria and Venezuela. The six members cut production by a total of 1.07m bpd which reveals a strong commitment to their deal but the progress was offset by output gains of 140k […]