oil rises above 52 as saudi arabia russia back longer supply cut
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 rises above $52 as Saudi Arabia, Russia back longer supply cut

Arab Today, arab today

Arab Today, arab today Oil rises above $52 as Saudi Arabia, Russia back longer supply cut

An oil rig near the town of Usinsk
London - Arab Today

Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.
Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal.
Brent crude, the global benchmark, had risen $1.50 to $52.34 a barrel by 1152 GMT and traded intraday at $52.52, the highest since April 24. US crude was up $1.43 at $49.27 a barrel.
Oil traders were surprised by the strong wording of the announcement, although it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance. Some analysts doubted producers would stick to a prolonged curb.
“Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons,” said Carsten Fritsch, analyst at Commerzbank.
“That said, we are skeptical about Russia’s willingness to actively participate in any extended cuts.”
The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension.
Oil has gained support from the supply deal but inventories remain high and output from other producers such as the United States is rising, keeping prices below the $60 that Saudi Arabia would like to see.
The ministers said they hoped other producers would join the supply cut, which would initially be on the same volume terms as before. Kazakhstan, however, said it could not join a prolonged cut on the same terms.
“When the two biggest oil producers of the world reach a consensus on the extension of a supply cut the market will listen,” said Tamas Varga of oil broker PVM in a report, of the rise in prices on Monday.
“Rhetoric is doing its job but this must be backed by action in less than two weeks’ time.”
Ministers from OPEC and the non-OPEC countries meet to decide policy on May 25 in Vienna, and OPEC has also invited two small producers not involved in the original deal, Egypt and Turkmenistan, to attend.

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 rises above 52 as saudi arabia russia back longer supply cut oil rises above 52 as saudi arabia russia back longer supply cut

 



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 rises above 52 as saudi arabia russia back longer supply cut oil rises above 52 as saudi arabia russia back longer supply cut

 



GMT 08:23 2017 Monday ,03 April

Tesla tops quarterly sales forecast

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 05:28 2017 Sunday ,26 November

Gas exporters call for 'fair price'

GMT 10:51 2018 Tuesday ,11 December

Cloudy weather with rain showers forecast Tuesday

GMT 20:00 2017 Monday ,25 September

Tourism minister leaves for France to attend Top Resa

GMT 22:07 2017 Tuesday ,02 May

UAE soldier martyred in Yemen

GMT 00:25 2017 Sunday ,10 September

Philippines Sees the Bloodiest

GMT 20:21 2017 Wednesday ,08 November

Ambassador Aizaz Chaudhry met members of Congress in US

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:16 2017 Monday ,25 December

Sharjah Ruler issues Emiri Decree on SGMB functions

GMT 13:16 2017 Sunday ,15 October

Qatari sheikh says assets frozen over Gulf crisis

GMT 12:50 2017 Saturday ,11 November

ICC prosecutor calls for Afghanistan war crimes probe

GMT 13:28 2012 Friday ,17 February

NYT\'s Anthony Shadid dies in Syria

GMT 16:44 2017 Friday ,01 September

Al-Bashir to partake in OIC Summit in Kazakhstan
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