Economy

OPEC extends oil cuts for nine months

OPEC extends oil cuts for nine months

"Everyone is watching (the price of oil) with trepidation, not jubilance", said David Arrington, president of shale oil producer Arrington Oil & Gas in Midland, Texas.

"This offsets almost half of OPEC's production cuts", it noted.

"Our goal is to balance the market, ensure an investment flow into the industry, make the future more predictable for development of the oil industry".

The OPEC oil cartel and other producers, notably Russian Federation, are this week expected to extend last year's production cut in a concerted attempt to prevent oil prices from falling.

Greatest Show On Earth Closes
They donned red clown noses and hugged friends not seen in years before gathering in front of a Ringling truck for a photograph. That show was the more traditional, three-ring circus, while the one performing this weekend has a narrative storyline.

That time, OPEC agreed to slash the output by 1.2 million barrels per day from January 1, while non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1 for six months, extendable for another six months. Wood Mackenzie said that, if meetings Thursday result in agreements to a deeper cut in production, oil would move to just over $60 per barrel. But the recovery has brought many back to life, and United States output is nearing record levels.

The two sides made a decision to remove about 1.8m barrels per day from the market in the first half of 2017, equal to 2pc of global production.

"We've seen this kind of action time and time again", said Craig Erlam, a senior market analyst at Oanda, in a note.

Besides profit-taking, traders also realize that the deal does not immediately solve the oil market's oversupply problem. "In the absence [of the November 2016] agreement, the markets would have remained aimless", Khalid al-Falih said at the conclusion of today's session.

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While several OPEC ministers said they were not anxious about U.S. oil, Venezuelan Petroleum Minister Nelson Martinez said that "obviously it is a threat". OPEC also announced the formal addition of Equatorial Guinea, bringing its membership to 14. A further extension might not be needed, as OPEC and independent producers expect to be "at the target at the year's end", the minister said.

May 25 OPEC ministers were forced by Texas shale oil producers on Thursday to extend a supply cut into 2018, a regulator from the US state said.

"What we didn't need was volatility, we need much more stability which the OPEC deal has given us", the minister said.

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They stared one another squarely in the eye, nodding politely as their knuckles grew paler before President Trump withdrew. Between allies, Macron said, there would always be differences, but they needed to be discussed and worked through.


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