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vegassports-odds.com June 24, 2017


Kuwait next to back oil production cap extension

20 May 2017, 11:09 | Melvin Schneider

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. Reports said Saudi Arabia and Russia have agreed to extend the current OPEC-Russia oil-production-reduction accord by nine months.

"However, market sentiment on equities is not negative and is holding up, with the oil price having continued to recover as Russian Federation and Saudi Arabia (the world's two largest oil producers) propose extending the production cuts into March 2018", he added.

"We have, before coming to this announcement today, reached out to many of our colleagues within and outside OPEC, and I think there is general consensus that this is the right approach and the right thing to do", he said of the proposal to extend the curbs for 9 months.

Russian Federation is the world's biggest oil producer, while Saudi Arabia is the biggest exporter.

Crude sank to a five-month low earlier this month, rattled by concern over increasing US crude output that has shaken investors' faith in the ability of OPEC to rebalance the market.

"Russia and Saudi Arabia may be trying to coordinate a push to keep access to their most important market (China) in their favor and encourage Chinese importers to displace alternative cargoes", said Bell.

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Even so, the IEA does not see global oil markets returning to balance-or the five-year average, which is used to measure the market balance-before the year's end. They recommended that the next round of reductions should be on the same terms as the first deal, when producer nations agreed to cut nearly 1.8m barrels a day for the first six months of 2017.

It didn't really work, so Opec and a few other producers cut production hoping to revive prices.

Oil prices spiked higher amid growing speculation that last year's production cut will be extended into 2018.

The EIA (U.S. Energy Information Administration) estimates that Iraq's crude oil production fell by 5,000 bpd (barrels per day) to 4.4 MMbpd (million barrels per day) in April 2017-compared to March 2017.

The Kuwaiti minister said there were already positive signs emerging to support stronger crude oil prices, days before parties to the agreement meet in Vienna to consider a formal extension.



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