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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.
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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.
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