Oil Prices Rise as Talk of Longer, Deeper Cutback Consensus Grows
May 23, 2017, 14:43
"The common declaration made by the Russian and Saudi ministers (last week) on the intention to prolong the OPEC+ production cuts is the best testimony that leading oil producers are capable to striker deals despite political differences", said Yusufov, who is now head of a Russian oil fund, called Fund Energy, which he founded in 2011.
Saudi arrivals in April were down 3.9 per cent from a year ago to 3.96 million tonnes, or about 963,000 bpd, down from the 1.07 million bpd rate in March, customs data showed.
The oil producers also aim to facilitate a deeper cut in output, OPEC sources told Reuters on Friday. Al-Luaibi had previously said that Iraq would support a six-month extension.
IHS's Diwan presented an estimate that USA output this year will be about 500,000 barrels a day higher on average than in 2016, the delegates said, asking not to be identified because the meeting was private.
Brent crude has spiked 12% this month after Russian Federation and Saudi Arabia - the world's top oil producers - indicated that they would extend supply cuts into 2018. The exact duration of an extension will be discussed in Vienna on May 25, said OPEC Secretary-General Mohammad Barkindo.
The initial deal failed to bring supply back within the limits of the five-year average, which is considered by OPEC to be a fair measure of oil's fundamentals.
Traders said that as any sales would only start next year and be gradual, their impact would be bigger on longer-term prices rather than those for immediate delivery.
"A 9-month extension would normalize OECD inventories by early 2018, in our view, but we see risks for a renewed surplus later next year if OPEC and Russia's production rises to their expanding capacity and shale grows at an unbridled rate", the USA bank added.
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