The price of oil ended up even lower on Wednesday as record high U.S oil reserve figures. Crude stockpiles in the United Sates rose by 1.5 million barrels last week and now stand at 520 million barrels.
Even with the OPEC cuts in production and strong compliance at around 94% the price remains low.
The compliance by Russia still remains low with 11.10 million barrels per day being produced in February down from 11.2 million in October.
The price of US oil dropped to $53.21 per barrel, while Brent crude remained between $55.93-$57.26 per barrel.
Iran’s Oil supply to Europe is also surging since EU eased sanctions. Last year Iran’s crude oil exports jumped to 563 shipments.
U.S sanctions are however still in place.