Saudi Arabia, the UAE and Kuwait and other oil producing countries have shown signs, actively implement the production agreement for example, Saudi Arabia since this month crude oil production decline of at least 486 thousand barrels a day to 10 million 58 thousand barrels / day; Kuwait January crude oil production target level cut to 2 million 707 thousand barrels.

However, the market is likely to wait a few weeks before from the IEA (International Energy Agency) and EIA (US Energy Information Administration) to get good yield estimates.” Easecredit financial headquarters China District deputy chief business officer Zhu Wenhao told reporters.

Jin Xiao expected, OPEC cuts may drive short-term oil prices further upstream, WTI prices could rise to $55~60 / barrel. But whether OPEC can deliver performance by commitments to cut remains to be seen.

The United States and Russia into the oil price risk point

With the OPEC positive production in stark contrast, the latest data show that in December 2016 Russian oil production of 11 million 210 thousand barrels per day, maintained at a record high. The Russian energy ministry had previously said, because of the weather and technical conditions, cannot suddenly cut, so plan production will be gradually.

The United States, Beck Hughes announced a 4 increase in the number of active drilling rigs to 529, the highest of December 2015, 516 for the same period last year. And at tenth weeks the number of rigs even increase since August 2011, the longest growth period. It also shows that the rebound in oil prices has made American oil production enterprises. Therefore, the future of Russia and the United States crude oil production will be the biggest impact of the international oil price uncertainty.

It is because the market doubts and concerns of increased production prospects, the drilling activities on Monday (January 9th), international oil prices fell 2%.

The Bank of Holland senior energy economist HansvanCleef said: “we have seen around the OPEC and non OPEC production is the optimism of American production concerns offset.”