Economy

Oil output cuts may be extended beyond 2017: Falih

Oil output cuts may be extended beyond 2017: Falih

The U.S., Canada and Brazil are not among producing countries including Russian Federation who meet with OPEC this month to decide whether to continue output cuts of 1.8 million barrels per day (bbl/d) in an effort to reduce a global crude glut and support prices.

Saudi Arabia's energy minister Khalid al-Falih said on Monday he expected the output deal to be extended to the end of the year or possibly longer.

But global inventories remain high, pulling crude oil prices back below $50 per barrel and putting pressure on OPEC to extend the cuts to the rest of the year.

The bullish inventories report, came a day after crude prices dropped 1%, after EIA raised its near-term outlook for US oil production and revised down its projections for oil prices.

Wellbeing cafe opened by Jami during Mental Health campaign
The TUC said the findings showed the Government and employers must do more to support mental health conditions. Mental illness does not discriminate by age, race, religion or socio-economic status.

After securing strong gains following Wednesday's EIA report, oil prices consolidated in USA trading Thursday with concerns over rising production outside OPEC curbing further buying support.

The Organization of the Petroleum Exporting Countries (OPEC) members chose to reduce output by 1.8 million barrels per day to rebalance the oil market for the first six months of this year.

It also fell 1.2 percent the previous session, and the closing price for both contracts on Tuesday was the second lowest since November 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017. Brent Crude, used to price worldwide oils, now trades at around $50 a barrel in London.

Aramco and other producers typically issue monthly notices to refineries and other buyers with contracted supplies outlining their intended allocations to each customer.

Arsene Wenger dismisses missing fans, says Arsenal were 'sold out'
De Bruyne doubled City's lead within two minutes when he shaped a half-volley inside the right-hand post from the edge of the box. Arsenal trail Liverpool by a point and City by three going into the final week of the season, where they face Everton at home.

Russian Federation said yesterday it was discussing prolonging cuts with other producers beyond 2017, without giving a clear timeline.

Oil price gains since November were slashed off after OPEC and other oil producers, including Russian Federation granted to cut output, valuing 1.8 million bpd.

OPEC will meet on May 25 in Vienna to determine whether to extend its production cut deal. While Goldman Sachs Group Inc. and Citigroup Inc. see the market tightening and say the recent selloff wasn't based on fundamentals, concerns remain about the pace of rising USA supply.

Supply from the 11 OPEC members with production targets under the accord - all except Libya and Nigeria - fell to 29.674 million bpd last month, according to figures from secondary sources that OPEC uses to monitor output.

White House insists President Trump's disclosures 'wholly appropriate'
Officials told CNN at the time that the ban came about following the collection of intercepted material and "human intelligence". Other outlets, including The Associated Press, later confirmed that report .


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