Economy

Azerbaijan says OPEC deal extension meets its interests

Azerbaijan says OPEC deal extension meets its interests

Saudi Arabia's energy minister, Khalid al-Falih, said fellow ministers did not see a need to reduce oil output further. With crude prices above $50 a barrel from lows of a year ago, they are increasingly moving back into the market.

"Nine months was priced in", Sen said. "Importantly, most of the reduction in OPEC exports to the OECD has been concentrated in reductions of crude exports to the U.S".

The nine-month extension of the cuts - from output levels in October 2016 - was largely expected by the market.

Despite the output cut, OPEC kept exports fairly stable in the first half of 2017 as its members sold oil from stocks.

OPEC members chose to cut production by 1.2 million barrels per day.

Oman, the largest non-OPEC producer in the region supports to extend the agreement and will continue to cut production by almost 4.5 per cent if the deal goes through. It was already participating in the cuts as a non-OPEC producer.

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As The Guardian points out , "Kvitova had already won simply by walking on court for her match", her first since the attack. She added: "Do I think I had a chance [to have won at Roland Garros]?" "I will really enjoy the time to be there".

Oil at $50 a barrel has encouraged more USA shale output, since production costs are down from a few years ago.

OPEC agreed earlier Thursday to prolong their own output cuts by nine months.

That could increase supplies and push down prices again.

WTI crude dipped to near $50.50 p/b with Brent at $53.15 and choppy trading is inevitable over the next few hours at least.

Miswin Mahesh, an oil analyst at Energy Aspects, told CNBC via telephone that "oil prices are always choppy at this point" when OPEC meetings are happening.

Nigeria and Libya will remain exempt from making cuts and Iran, which was allowed to increase production under the original accord, retains the same output target, he said after the meeting. "The growth in USA production is indeed daunting for the oil bull case", Jefferies said.

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Spieth almost silenced the doubters at Colonial last week , and probably would have won if not for a few nasty lip-outs on Sunday. Players in positions 2 through 10 will also earn an exemption into the final stage of the Web.com Tour qualifying tournament .

US oil production C-OUT-T-EIA has already risen by 10 percent since mid-2016 to over 9.3 million bpd, close to the output of top producers Russian Federation and Saudi Arabia.

The Organization of Petroleum Exporting Countries will empower its monitoring committee to recommend "further interventions" if needed, Al-Falih said.

Commerzbank cited data from the U.S. Department of Energy saying U.S. production was roughly 540,000 barrels per day higher in mid-May than at the start of the year.

It is not known if Opec has agreed to keep cuts at the current level or make deeper cuts.

Prices typically rise ahead of Memorial Day weekend as Americans hit the road, but the upswing has been muted this year due to plentiful oil supplies.

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However, Trump has privately and publicly pinned much of the blame for his administration's woes on the communications effort. Peppered in among the thousands of replies , of course, were more covfefe jokes.


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