Russia, Saudi Arabia back extension of oil output cuts
Russia, Saudi Arabia back extension of oil output cuts
United States Ambassador to the United Nations Nikki Haley delivers remarks at a Security Council meeting in April
16 May, 2017, 08:26
Oil hit its highest in more than three weeks after top exporters Saudi Arabia and Russian Federation said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.
The Energy Ministers of Saudi Arabia and Russian Federation said that they had "reached an understanding" that it is necessary to keep surplus crude off the market "until March 31, 2018", in order to stabilize a world oil market that is still oversupplied.
Meeting on the sidelines of China's One Belt One Road conference in Beijing, energy ministers from the two countries said supply cuts should be prolonged for a further nine months, ie, until March 2018, from June 2017 as originally scheduled, to rein in a global glut that is preventing prices from firming up.
Brent crude, the worldwide benchmark for crude oil, gained around $1.53 to trade at $52.37 per barrel on the global market. US crude ended $1.01 firmer at $48.85 a barrel, a 2.1 percent gain.
The comments come ahead of the May 25 meeting of OPEC and non-OPEC deal participants in Vienna to review the agreement and negotiate any extension.
The increase, OPEC said, represents the biggest increase among countries within the oil producers' group. The ministers agree the deal should be extended through the first quarter of next year at the same volume of cuts, Al-Falih said.
Meanwhile Crude oil production in Nigeria rose by 274,000 barrels per day in April, the Organisation of Petroleum Exporting Countries, OPEC, said last week Thursday. The following month, 11 non-OPEC oil-producing countries pledged to cut another 558,000 barrels a day, reaching an overall reduction of 1.8 million.
OPEC members agreed in November to cut 1.2 million barrels a day of oil production.
"Russia is the world's biggest oil producer", adds the paper, while Saudi Arabia, the de facto leader of the Opec cartel, "is the biggest exporter".
Goldman Sachs' Damien Courvalin, Jeffrey Currie, Henry Tarr, Callum Bruce, Chris Mischaikow and Huan Wei think that a Russia-Saudi agreement bodes well for agreement from the rest of OPEC's members.
Market optimism is being undermined by a rise in production in the US.
US drillers last week added rigs for the 17th week in a row, data from energy services company Baker Hughes showed on Friday.
Amid the cutbacks, production in the U.S., which isn't part of the agreement, has risen to the highest level since August 2015.
The price for Brent crude oil is up more than $5.50 per barrel from last week.
"That said, we are skeptical about Russia's willingness to actively participate in any extended cuts".
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