Oil and gas consultancy firm FGE founder and chairman Dr Fereidun Fesharaki forecasts that a production cut untill year end by Opec and several non-Opec members is still not going to be sufficient in stabilising oil prices at US$50 (RM216.50) to US$60 a barrel, as inventory is expected to continue to rise from a build-up of United States volumes.
A cornerstone of the Saudi promise to rebalance the market would be to extend, potentially into 2018, a pledge led by the Petroleum Exporting Countries (OPEC) and other producers including Russian Federation to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year.
US West Texas Intermediate (WTI) crude futures were at $46.85 per barrel, up 63 cents, or 1.36%. The price for Brent crude oil was down 0.3 percent about a half hour before the opening bell to $49.19 per barrel.
Brent crude futures, the worldwide benchmark, for oil prices, were at $49.85 per barrel on Monday, up 75 cents, or 1.5 per cent, from their last close.
USA oil production and stockpile data, at the same time, has kept investors from extending bets that OPEC production cuts will be significant enough to elevate prices in the medium term.
"Based on consultations that I've had with participating members, I am confident the agreement will be extended into the second half of the year and possibly beyond", said Mr. Al-Falih. Prices slid back to levels seen in November before the supply deal was made.
Modi government slams move to close petrol pumps on Sundays
Annually, the average sale of petrol and diesel in the State is estimated to be Rs. 56,000 crore and Rs. 153 crore per day. Murali said there were around 4,850 outlets selling petrol and diesel in Tamil Nadu and Puducherry alone.
The EIA forecast that USA oil demand for 2017 will grow 290,000 bpd, up from its previous forecast for 250,000 bpd growth.
Now, Saudi Arabia's oil minister has said that they're trying to extend the cut even further, perhaps even moving into 2018.
In separate statements just hours apart on Monday, the world's largest crude producers said publicly for the first time they would consider prolonging their output reductions for longer than the six-month extension widely expected to be agreed at the OPEC meeting on May 25.
For the week to May 2, investors cut bullish bets on Brent to the lowest level since late November, while hedge funds and money mangers also cut gross long positions in USA crude futures to the lowest since early November.
Output levels have stood above 9-million barrels a day for the past 11 weeks as shale producers activate more oil rigs. The report showed that Saudi Arabia's crude exports declined from 7.7 million barrels per day in January to 6.96 barrels per day in February.
Hertz reports 1Q loss
Hertz said net vehicle depreciation per auto rose 15 percent in the first quarter. 2,322,237 shares of the company traded hands. The Company's services consist of its automotive and mobile navigation platform and its advertising delivery platform.
Arsene Wenger Cool On Potential Appointment Arsene Wenger claims he would "love" to keep Lucas Perez at Arsenal this summer - provided he is still in charge of the club. His team plays away at Southampton on Wednesday needing a win to stay in contention for a top-four finish.
Virgil van Dijk: Southampton directors 'want to keep' captain
The surgery is finished, he can work normally, he can start on the gym work for the re-education to come back ready for the next season with us".
About 200 Indonesian prisoners in mass jailbreak
There was a spate of breakouts in 2013, including one where about 150 prisoners - including terror convicts - escaped from a jail. The prisoners broke out after pulling down a gate near a mosque located inside the prison complex shortly after Friday prayers.
Jets cut injured S Marcus Gilchrist, re-sign LB Bruce Carter
He was part of a secondary overhaul that included the additions of cornerbacks Darrelle Revis and Antonio Cromartie . Gilchrist suffered a season-ending torn patella tendon injury against the San Francisco 49ers last season.
Trump's daughter Tiffany to attend Georgetown Law School
Despite this pretty happy (and politically neutral!) accomplishment, some people took the opportunity to bash the president. A representative of the Trump Organization has not yet responded to a request for comment from USA TODAY .
Brendan Rodgers keeping Celtic's standards high says Patrick Roberts
I don't know what the reason should be, but it shouldn't be that Celtic go into the game with less tickets than Aberdeen . They were all delighted for me and they were a bit emotional when I was playing as well.
Funeral will be held Monday for deputy killed in jail escape
Correa-Carmenaty was sentenced Monday to 45 years in prison for his role in a botched robbery in March 2016. Morgan was rushed to the hospital following the incident and expected to make a full recovery.
(X) Forecasted to Post Q2 2017 Earnings of $0.30 Per Share
Acrospire Investment Management LLC raised its position in shares of United States Steel by 241.1% in the first quarter. The stock of AK Steel Holding Corporation (NYSE: AKS ) has "Hold" rating given on Monday, October 3 by Deutsche Bank.
Gunfight between Indian police, rebels kills 5 in Kashmir
The local AJK police so far had not received any report or complaint from any family about the disappearance of a 12-year old. The Nowshera sector of Rajouri district faces the Samahni sector in Bhimber district of Azad Jammu Kashmir.
Game 4 Preview: San Antonio Spurs vs. Houston Rockets Before I get into it, let me point out that things turned out pretty well for the Houston Rockets this season. With Harden on the floor and the shooting that surrounds him, this series could flip quickly.
ISIS chief in Afghanistan killed in April raid, US military says
The raid also resulted in the deaths of several other high ranking ISIS-K leaders and 35 ISIS-K fighters, added the statement . Hasib is believed to have been behind March's attack on a military hospital in Kabul, killing more than 30 people .
ICRC: Prisoner family visits are Israel's obligation under worldwide law Palestinians say the mass hunger strike is an attempt to improve conditions inside the jails and gain more family visits. Others held up signs saying: "The will of our prisoners is stronger than your terrorism".
Buffett faults Wells Fargo laxity in sales scandal Wells Fargo "incentivized the wrong type of behavior", Buffett said Saturday during Berkshire Hathaway's annual meeting in Omaha. Buffett also challenged, as he has in previous shareholder meetings, the two-and-20 compensation model for hedge fund managers.
11 lakh MBBS, BDS aspirants appear for NEET exam
In Gujarat, apart from Ahmedabad, Vadodara, Surat and Rajkot, the exam will also be conducted in Gandhinagar, Bhavnagar and Anand. Aspirants those who have appeared the examination can challenge the NEET Answer Key 2017 within the announced date .