Oil prices edge up in anticipation of extended crude output cut

Brent crude jumped back above US$50 on the news and stayed there, buoyed by the ministers' comments, while WTI, which last Friday slipped below US$45 a barrel, regained some ground, settling yesterday at US$47.91 a barrel.

West Texas Intermediate (WTI) crude oil prices are forecast to average $2 per barrel less than Brent prices in both 2017 and 2018, according to the report.

The Organization of the Petroleum Exporting Countries, Russia and other producers agreed previous year to curb production by 1.8 million barrels per day for six months from January 1.

Its price remained under pressure last week after key support near $48 failed to hold.

U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration (EIA) said.

US oil production has risen more than 10 percent since mid-2016 to 9.3 million bpd, the highest since August 2015 and close to the levels of top producers Russian Federation and Saudi Arabia.

Oil cartel OPEC are due to meet later this month, which could see an agreement to sustain oil cuts to help raise falling prices.

Teen's plea for free Wendy's nuggets sets retweet record
Wendy's chose to reward Carter's efforts which led to his tweet becoming the most retweeted tweet in the history of Twitter . It also revealed it would be donating $100,000 to a children's fostering agency, a charity he supports.

"OPEC and non-OPEC members have shown commitment to production cuts and an extension of the agreement. will assist in drawing stocks over Q3 and stabilising the market", BMI Research said in a note.

Seven million barrels is roughly two days of oil imports into Japan, the world's fourth-biggest importer.

Brent for July settlement was 5 cents lower at $49.29 a barrel on the London-based ICE Futures Europe exchange.

A pick up in U.S. oil production has contributed to the imbalance in the market but there were signs last week that American crude inventories had fallen. Goldman Sachs' head of commodities Jeff Currie said this week the market is already in a supply deficit.

Lower crude oil prices, meanwhile, mean lower gasoline prices and US consumers could put some demand pressure back in the market in the way of travel plans for the upcoming Memorial Day holiday.

OPEC said Thursday that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States.

"Conservative estimates predict that we will need to offset 20 million barrels per day in combined demand growth and natural decline over the next five years", Falih said.

Recommended News

  • Olivia Buckland throws support behind Mental Health Awareness Week

    From managing tasks with Trello to eliminating procrastination with Focus Booster, tech can help you make the most of your time. Mental health is an illness like any other physical problem - there is no shame in speaking out and sharing your story.
    Waze now lets you use your own voice for navigation instructions

    Waze now lets you use your own voice for navigation instructions

    You'll lose details such as street names, but you'll gain the satisfaction of hearing your navigation app say " turn left here, ". This feature is now available in Waze Android app and it's still not sure when it will be ported to iOS.
    U.S.  troops not disappointed with scaled-down 'Balikatan'

    U.S. troops not disappointed with scaled-down 'Balikatan'

    Opening rites for the " Balikatan " or "Shoulder-to-Shoulder" exercises were led by Defense Secretary Delfin Lorenzana and U.S. The 11-day joint training exercise between Filipino and American troops was opened at Camp Aguinaldo by exercise directors Lt.
  • Back home, Preds eager to rebound off 1st postseason loss

    Back home, Preds eager to rebound off 1st postseason loss

    Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts. He denied Vladimir Tarasenko twice on point-blank looks from the high slot before the midway point of the first period.

    Man City thrash Palace to move into third place

    It could have been 1-1 with the chances we carved out, so the recovery was good from a poor goal from our point of view. A scintillating Manchester City trounced Crystal Palace at the Etihad to move up to third in the Premier League.
    Target to test next-day essentials delivery

    Target to test next-day essentials delivery

    By 2025, the share of online grocery spending could reach 20%, representing $100 billion in annual sales, the report said. They can fill their virtual cart, and if placed before 1:30 p.m., the order will arrive the next business day.
  • Trump steps back from brink of killing North American trade pact

    Trump steps back from brink of killing North American trade pact

    According to an analysis by Banco BASE, it was the biggest single-day depreciation for the currency since January 18. I think NAFTA has been a catastrophic trade deal for the United States, trading agreement for the United States.
    MTV Awards salute 'Beauty and the Beast,' 'Stranger Things'

    MTV Awards salute 'Beauty and the Beast,' 'Stranger Things'

    South African comedian Trevor Noah is continuing to make his mark in the U.S. , this weekend picking up two more awards. For this, the 26th edition of what was formerly known as the MTV Movie Awards, TV was added to the mix.
    Woman videotapes kangaroo grabbing girl at animal park

    Woman videotapes kangaroo grabbing girl at animal park

    But Ms White believes the park should install fences that ensure children can not reach through to the animals and vice versa. You can clearly see it or pet it or it could touch you, which makes you feel more, like, safe".
  • Prince Philip Is Retiring From Public Engagements

    Prince Philip Is Retiring From Public Engagements

    In 1956, he founded the Duke of Edinburgh's Award, which recognizes youth achievement and operates in more than 140 countries. Somehow the Sun's report on the "emergency meeting" became a declaration that Prince Philip was dead.
    Dwight Howard was pulled over, had auto  towed after Hawks elimination

    Dwight Howard was pulled over, had auto towed after Hawks elimination

    Upon questioning Howard, police learned the Hawks center was driving on a suspended registration and without insurance. Howard's auto was being followed by a black SUV, which police later determined was his personal security detail.
    Teen 'owns up to' tossing 68-year-old woman in Florida pool

    Teen 'owns up to' tossing 68-year-old woman in Florida pool

    She also had bruises on her leg and shoulder which the police believe "were most likely caused by the incident". The website reports that she is now in stable condition and that police are investigating the incident.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.