By Alex Longley

(Bloomberg) —

Summary of what’s shaping the oil market on Tuesday: Russia cut its oil production in March, though output remained above levels agreed in OPEC+ deal. API data is due later. WTI is toying with its 200-day moving average, after moving beyond that level intraday on Monday. Brent is nearing $70/bbl.

* Russia fell short of its pledged output cuts in March; the nation reduced oil production by 190k b/d below October levels, according to a statement from Energy Minister Alexander Novak; Russia agreed to curb output by 228k b/d as part of the OPEC+ agreement
* API crude inventory data due at 4:30pm ET; crude stockpiles are forecast to have dropped by 900k bbl, according to median of Bloomberg analyst survey ahead of EIA figures Wednesday
* Crude exports in Venezuela fell to 636k b/d in March, amid chronic power outages and sanctions
* Chevron’s CEO Mike Wirth tells Bloomberg TV that crude prices are “in the ballpark” of what’s expected for the full year average for 2019; that doesn’t preclude further volatility between now and year-end, he said
* Delays in the Turkish Straits have nearly disappeared as daylight hours grow; waiting times are at 2.4 days versus a peak of 33 days in January
* Iraqi oil exports fell to an 11-month low in March, according to Bloomberg tanker tracking
* Loadings of the 12 main North Sea crude grades will jump by 10% in May to 1.74m b/d

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Brian Wingfield, John Deane