saudi minister says government resumes efforts
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

To solve the prices

Saudi minister says government resumes efforts

Arab Today, arab today

Arab Today, arab today Saudi minister says government resumes efforts

Oil futures rose on Friday after OPEC and other major producers agreed
Riyadh - Arab Today

Oil futures rose on Friday after OPEC and other major producers agreed to extend their production curbs in a widely expected move aimed at ending a persistent glut in global supplies.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia on Thursday agreed to maintain the output cuts until the end of 2018, while also signaling a possible early exit from the deal if the market overheats.

U.S. crude futures were up 17 cents, or 0.3 per cent, at $57.57, as of 0635 GMT. Brent February crude futures rose 24 cents to $62.87.

Analysts had earlier said the nine-month extension was already priced in. Over November, Brent rose about 3.6 per cent and U.S. West Texas Intermediate crude (WTI) gained about 5.6 per cent as traders pushed up prices in anticipation of the cuts being extended past their scheduled expiry in March 2018.

Gains are likely to be muted as inventories need to be cut further, said an official from a Japanese refiner.

“Oil prices are likely to hover around current levels till next June, when stockpiles would be optimized through continued production cuts, but the market will likely tighten after that,” said Kiyoshi Homma, a director at Idemitsu Kosan.

The deal cuts 1.8 million barrels a day (bpd) from the market to tackle oversupply and bolster prices.

Saudi oil minister Khalid al-Falih said it was premature to talk about exiting the cuts at least for a couple of quarters as the world was entering a season of low winter demand. He said OPEC would examine progress at its next regular meeting in June.

OPEC and Russia together produce over 40 per cent of global oil. Moscow’s first real cooperation with OPEC, put together with the help of President Vladimir Putin, has been crucial in roughly halving an excess of global oil stocks since January.

OPEC is showing “a strong commitment to normalizing inventories and also to remain data dependent, which reduces the risk of both unexpected supply surprises and excess stock draws,” Goldman Sachs said in a note.

Russia had been pushing for a clear path to exit the cuts and avoid a rally in prices that would only fuel more drilling in the United States, which is not a party to the agreement.

Rising U.S. production helped fuel a slump in prices, starting in 2014, and shale oil drilling has picked up as prices rose, undermining the OPEC and non-OPEC output cuts.

U.S. oil production hit a new record of 9.68 million bpd last week, according to government data released this week.

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*

saudi minister says government resumes efforts saudi minister says government resumes efforts

 



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*

saudi minister says government resumes efforts saudi minister says government resumes efforts

 



GMT 18:01 2017 Saturday ,04 March

Iran, Turkey presidents meet to defuse tension

GMT 14:28 2017 Monday ,20 March

Katie Nicholl signs to On The Box PR

GMT 18:33 2017 Saturday ,25 March

'Fired up' Ferrari in the hunt

GMT 01:55 2016 Thursday ,25 August

5 arrested after grenade attack in Mogadishu

GMT 11:26 2015 Tuesday ,22 December

Its busiest day of air travel traffic in 2015

GMT 18:03 2017 Wednesday ,19 April

Tunisian President Meets Finnish Foreign Minister

GMT 21:01 2017 Friday ,08 September

Pakistan inks MoU with JICA on energy conservation

GMT 16:34 2017 Saturday ,23 September

Cape Town gallery showcasing modern African art opens

GMT 22:26 2016 Thursday ,11 August

Fires on Portuguese island Madeira kills 3

GMT 10:16 2017 Friday ,03 November

Turkey's Sahin quits internationals -- at 29

GMT 16:35 2014 Thursday ,03 April

ADM uses LED lighting system in pedestrian tunnels

GMT 01:18 2017 Thursday ,09 November

Oman condemns terrorist blast in Bahrain
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 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

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