04:34 AM EDT, 03/13/2024 (MT Newswires) -- Crude oil prices traded with a negative bias as few OPEC+ members produced more than their output quotas, ANZ Bank said in a Wednesday note.

Iraq fell short of its 214,000-barrel-per-day cut by 14,000 b/d, remaining noncompliant for the second month, even as its oil minister said it will make additional reductions to adhere to the voluntary output cut agreement.

Tanker tracking data also suggested an increase in Russian exports of 3.7 million b/d despite its commitment to reduce exports, the bank noted.

Meanwhile, OPEC in its monthly report maintained its oil demand growth estimates at 2.2 million b/d. The US Energy Information Administration, however, raised its demand growth forecast by 10,000 b/d to 1.43 million b/d and expects inventories to fall 0.9 million b/d in the second quarter.

Brent crude stood at US$82.20 per barrel and West Texas Intermediate crude was at US$77.84/b at last look early Wednesday.