emfizz.com
emfizz.com December 15, 2017


O&G stocks buoyant after Saudi, Russia agree to extend output cuts

19 May 2017, 11:31 | Jan Cross

Saudi Arabia and Russian Federation, the world's two top oil producers, agreed on Monday on the need to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.

While output curbs that started January 1 are working, global inventories aren't yet at the level targeted by OPEC and its allies, Saudi Energy Minister Khalid Al-Falih said in Beijing alongside his Russian counterpart, Alexander Novak.

Brent crude oil gained 30 cents to touch $52.12 a barrel, while the United States light crude traded 25 cents higher at $49.10 against their last close, reported Reuters.

Longer cuts at already agreed-upon volumes are needed to reduce global inventories to the five-year average, the energy ministers of the world's biggest crude producers said at a joint press briefing in Beijing yesterday.

Oil prices surged 2 percent on Monday after Saudi and Russian energy ministers said they agreed producers should roll over a deal to take 1.8 million barrels a day off the market.

But oil at above Dollars 50 a barrel has, in turn, attracted higher-cost producers in the United States back to the market, and frantic American drilling will push non-OPEC supply throughout the year, the IEA predicted.

Mourinho walks out of interview after loss to Spurs
Smalling, Jones, Mata - it is very important for them to play 90 minutes". "I think he deserves another chance". Manchester United have entered the UEFA Europa League Final after beating Celta Vigo 2-1 in the semi-final.


Live Nation Festivals For Just $799
Spanning 15 countries and a variety of genres, the Festival Passport is an exclusive experience with only 1,000 passports available.


Discover Financial Services (DFS) Position Raised by Pictet Asset Management Ltd.
Orrstown Financial Services Inc. boosted its position in shares of Discover Financial Services by 64.2% in the first quarter. Discover Financial Services (DFS ) belongs to the "Financial" sector with an industry focus on "Credit Services", with Mr.


Prices are up by 2% since the announcement of the planned extension on Monday, compared with an over 15% jump in the two days following the announcement of the initial cut on November 30, 2016. "[But] compliance needs to remain high, and long-term oil prices need to remain low to prevent shale producers from ramping up investment significantly more".

The overall outlook for the non-OPEC countries, eleven of which were voluntarily cutting production to support OPEC, pointed to faster growth than previously anticipated in 2017, the IEA said. Oman said it fully supported the idea of a nine-month extension.

It seems likely that the current deal amongst Opec nations and some other key oil producing nations will be extended.

The IEA concluded that the oil market was close to balance in the first quarter of the year, with average supply building by 100,000 bpd on a global level, and at 300,000 bpd for OECD members. U.S. oil production has risen by 10% over the past year.

Following the Russia-Saudi statement, Kazakh Energy Minister Kanat Bozumbayev said "Kazakhstan should follow the trend", in comments reported by Russia's RIA Novosti agency.



Other News

Trending Now

Three people still critical after Times Square car incident
He pleaded guilty to an infraction in 2015 and was ordered to complete a drunken-driving program and lost his license for 90 days. According to the Post , 18-year-old Alyssa Elsman was visiting New York City with her 13-year-old sister when the crash happened.

Julian Assange says will not forgive or forget after Sweden drops investigation
She accused him of having sex with her as she slept without using a condom despite repeatedly having denied him unprotected sex. Ny told a news conference in Stockholm: "He has tried to dodge all attempts to avoid Swedish and British legal authorities".

President Trump to embark on first foreign trip as president
United States officials had warned that acting now could end the President's hopes of reigniting the Middle East peace process. In Trump, however, many Saudis see a decisive, business-focused leader, who they say shares their goals in the region.

Swedish prosecutor drops rape case against WikiLeaks founder Assange
WikiLeaks says the ball is now in Britain's court after Sweden's decision to drop its rape investigation of Julian Assange. WikiLeaks' release of classified material has continued unabated during Assange's five years in the Ecuadorean embassy.

Trump Has 'Clear Intent to Influence This Russian Investigation — CNN's Cuomo
A Gallup tracking poll put Trump's approval rating at a historically low 38 percent, even before the latest wave of scandals. Whether the Republicans begin to call for his impeachment, they shouldn't have supported Trump in the first place.

Nicola Sturgeon admits SNP is 'not perfect' after 10 years in power
This newspaper obtained correspondence between Ms Sturgeon, other SNP ministers and civil servants in the run-up to the report's publication.

Tom Hardy To Play Venom In New Movie, Ruben Fleischer Will Direct
Feeling spurned, the symbiote latches onto Eddie Brock, a journalistic rival of Parker's. Hardy posted a photo of himself in a Venom T-shirt to celebrate the announcement.

Kane outlines why leaving White Hart Lane won't hurt Spurs
We have to hold on to that and use it as motivation, hopefully, to lift the title next year. I am not too anxious , I don't think the players are too anxious .

Download Android 'Oreo' Beta from Google now
The next version of Android is all about making interactions easier and improving the core performance of smartphones and apps . It may even be possible to sync your refrigerator with your phone so the AI will be able to send you a grocery list wirelessly.

Long Queues Form As Voting Gets Underway For Iran President
Iran's president is subordinate but still powerful, with considerable influence over both domestic policy and foreign affairs. Raisi has pushed his charitable credentials as head of the powerful Imam Reza foundation and vowed more support for the poor.