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For many energy traders, 2016 has been as brutal for them as it has been for celebrities. The inverse relationship was also seen in smaller magnitudes in the following months.

By understanding what the industry has been through this past year, you will be able to better predict where energy is going as we enter 2017. The Azerbaijani Light oil is produced at that block.

Total gasoline inventories fell by 3 million barrels last week, but gasoline production rose to over 9.9 million barrels per day. However, as 2016 began, nobody knew the miserable depths to which its downward spiral would descend. Production had increased in February to 10.011 million barrels a day as the country replenished its own storage tanks. Prices have lost about 0.9% year to date, but have gained more than 5%, so far this month.

"We are gradually but steadily on course to seeing a return to balanced oil markets", OPEC Secretary-General Mohammad Barkindo told Reuters, adding that OPEC and non-OPEC states were seeking "sustainable stability" in the market.

Domestic crude production increased 0.4% for the week to 9.24 million bpd from 9.20 million previously, an increase of 2.9% over the year.

"If OPEC decides not to continue its current policy, the market would immediately start to price in a new situation of lingering oversupply".

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Some OPEC officials have also expressed concerns over the commitment of Russia-the biggest non-OPEC participant in the production cuts-to pursue the effort.

The production by OPEC itself, which accounts for about a third of the world's output, fell by 153,000 barrels per day to 31.93 mb/d, according to secondary sources cited in the report. That is up 1.8% from the March report's forecast of 9.73 million barrels a day.

West Texas Intermediate for May delivery was at $53.65 a barrel on the New York Mercantile Exchange, up 25 cents. With enough crude by some counts to exceed the reserves of Saudi Arabia, theyÂre also the most critical to the future of the USA shale boom.

And in the United States, both production and inventories are surging.

Oil prices pared gains on Wednesday after the report was released to trade at around $56 a barrel LCOc1.

Overnight, crude settled higher on Monday, after production halted at Libya's largest oilfield for the second time in as many weeks while rising geopolitical tensions in the Middle East lifted sentiment.