oil prices rise on expectations of extended supply curbs
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil prices rise on expectations of extended supply curbs

Arab Today, arab today

Arab Today, arab today Oil prices rise on expectations of extended supply curbs

oil rig near the town of Usinsk, 1500 km northeast of Moscow, Russia
London - Arab Today

Oil prices extended gains on Tuesday after top producers Saudi Arabia, Russia and Kuwait supported prolonging supply cuts until the end of March 2018 in an effort to drain a global glut.
Brent crude oil was up 30 cents at $52.12 a barrel by 1335 GMT. US light crude was also 30 cents higher at $49.15 a barrel. Both benchmarks have risen more than $5 since hitting five-month lows 10 days ago.
Saudi Arabia and Russia said on Monday they agreed on the need for a 1.8 million barrels per day (bpd) crude supply cut to be extended by nine months, until the end of next March.
Kuwait’s Oil Minister Essam Al-Marzouq on Tuesday backed the Saudi/Russian initiative. Other members of the Organization of the Petroleum Exporting Countries (OPEC) are expected to support the move at a meeting on May 25.
“Rebalancing is essentially here and, in the short term at least, is accelerating,” the International Energy Agency (IEA) said in its monthly report on Tuesday.
Russian Energy Minister Alexander Novak said on Tuesday the main aim of the proposed extension of oil output cuts was to bring the world’s commercial oil inventories down to the five-year average and to stabilize the market.
“Our goal is to balance the market and to remove the surplus (from stocks),” Novak told reporters in St. Petersburg.
US bank Goldman Sachs said the deal would likely extend the oil price rebound “although the rally so far ... has remained modest compared to the move that occurred last year when the OPEC cuts were first announced.”
James Woods, an investment analyst at Rivkin Securities, said world oil supplies would likely remain plentiful, even if OPEC extended the production cut as expected. “As we have seen over the past six months, rising US production and record inventories have kept upside limited and a nine-month extension at this stage is unlikely to break that.”
Goldman Sachs said output would increase from OPEC members that were exempt from the cuts. Libya and Nigeria, which have faced disruptions to production, were excluded from limits on their output.
In addition, US oil production is rising quickly and now up more than 10 percent since mid-2016 at 9.3 million bpd.
“These combined volumes could largely offset the benefit of the extended cuts,” Goldman Sachs said, keeping its average Brent price forecast for the third quarter of 2017 at $57 per barrel.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices rise on expectations of extended supply curbs oil prices rise on expectations of extended supply curbs

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices rise on expectations of extended supply curbs oil prices rise on expectations of extended supply curbs

 



GMT 23:24 2017 Tuesday ,24 January

Mofida Shiha prefers social TV programs to politics

GMT 21:23 2017 Sunday ,13 August

Fierce clashes between Daesh, SDF in Raqqah

GMT 19:31 2017 Monday ,16 October

Azhar Imam, Mufti to inaugurate international Fatwa

GMT 18:33 2017 Tuesday ,28 March

S. Korea Preparing for N. Korean ICBM Launch

GMT 23:39 2017 Tuesday ,19 September

Iran recruits Afghans, Pakistanis to fight in Syria

GMT 03:51 2017 Saturday ,11 November

'Lazarus' Daly says recovery no miracle

GMT 13:30 2017 Friday ,17 February

Four killed in Kashmir Gun battle

GMT 18:51 2017 Friday ,17 November

FIA WEC Bapco 6 Hours of Bahrain weekend starts

GMT 00:56 2017 Tuesday ,22 August

Britain calls on EU to move Brexit talks forward

GMT 18:56 2017 Wednesday ,01 February

Russia calls for Syria's return to Arab League

GMT 02:29 2017 Wednesday ,08 November

World's richest turf contest hikes prize money

GMT 10:33 2017 Saturday ,15 April

Chicago airport security under fire

GMT 16:30 2017 Sunday ,19 March

100,000 starve while S. Sudan buys weapons

GMT 23:09 2017 Thursday ,30 November

ERC distributes winter aid to Syrian refugees in Jordan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday