Opec 'extends cuts by nine months'

Opec 'extends cuts by nine months'

The extension would come after a landmark deal at the end of 2016 which saw Opec and other countries, including Russian Federation, agree to cut production by 1.8m barrels per day in the first half of this year.

Brent crude futures LCOc1 were at $51.26 per barrel at 0500 GMT, down 20 cents, or 0.4 percent, from their last close.

Many have returned to the market since crude prices have risen from last year's lows to over $50 a barrel, and more are set to resume operations if crude prices go even higher.

The Organisation of Petroleum Exporting Countries, OPEC, has extended its oil output cuts of 1.8 million barrels per day, bpd, by nine months to tackle oversupply and achieve increased stability in the market, excluding Nigeria and Libya.

The decision to maintain the production cuts for nine months was unanimously approved by the Vienna agreement signees, Novak stressed. The tiny West African nation, which is a comparatively large oil and gas producer, applied for membership in January, when Open and non-Opec members put in place the 1.8 million barrels per day reduction. With crude prices above $50 a barrel from lows of past year, they are increasingly moving back into the market.

Cavs advance to finals, James surpasses Jordan in playoff scoring
James had overtaken Michael Jordan as the NBA's all-time leading playoff scorer on a deep three-pointer late in the third quarter. Kyrie Irving-who scored 42 points in Cleveland's game-four victory-added 24 points and Kevin Love contributed 15.

That means US shale may emerge as the deal's biggest beneficiary, a reality that highlights the pressure on the two massive players, Saudi Arabia and Russian Federation, to extend their output agreement-even though so far it hasn't significantly lifted prices or drained a global oversupply of petroleum. Some investors are disappointed after speculating OPEC might announce some additional action, said Giovanni Staunovo, an analyst at UBS Group AG. Oil prices dropped by about 4 percent today, and now are at just under United States dollars 50 per barrel. Markets will also monitor whether any other countries also pledge to join output cuts.

Earlier Khalid Al-Falih told reporters that a new member in the cartel will contribute an "insignificant change" to the distribution of quotas to reduce oil output.

USA output since past year has increased by almost a million barrels a day to a daily 9 million barrels.

Equatorial Guinea has become the 14th member of the Organization of Petroleum Exporting Countries (OPEC).

Related Articles

  • Trump has awkward visit to North Atlantic Treaty Organisation , appears to shove prime minister

    Terrorism must be stopped in its tracks, or the horror of Manchester and many other places will continue, he said. At one point, Trump was standing alone on a stage while other world leaders were conversing with each other.

    New GST Bill Rates Released by Arun Jaitley

    The GST Council on Friday finalised 18 per cent tax on services rendered by telecom operators against 15 per cent at present. Soaps, toothpaste, hair oil , edible oil, sugar, paint, cement, electrical items, consumer durables to get cheaper.
    Djokovic excited by 'new vibe' with Agassi

    Djokovic excited by 'new vibe' with Agassi

    The 30-year-old has already reached the magical 10 titles this year at the clay-court events in Monte Carlo and Barcelona. She was 10 weeks pregnant when she won the Australian Open back in January 2017, but she's too far along to play now.
  • British police arrest another man in Manchester attack probe

    The UK was put on "critical alert" following the attack but the threat has now been downgraded to "severe" following the arrests. The benefit concert will be held in one of the four big arenas in the city and be produced by Live Nation.

    Taiwan set to become first Asian country to legalise same sex marriage

    While same-sex marriage has gained support throughout the globe since the early 2000s, Asian countries have not jumped on board. Following the constitutional court's ruling , Taiwan's government will have two years to reverse its current marriage laws.

    Toure wants clarity over City future

    The Argentinian defender has spent nine years with the club and has seen it transformed into one of England's best teams. Pablo Zabaleta made his 333rd and final appearance at the Etihad for Manchester City on Tuesday night.
  • Leery of North Korea, US plans first test of ICBM intercept

    Leery of North Korea, US plans first test of ICBM intercept

    The Pentagon on Tuesday will test shooting down a dummy version of a North Korean missile capable of reaching USA cities. Kim said test launches are part of a normal process for deployment and strengthening military power for defense.

    Microsoft's plans to cut data costs for Windows updates in South Africa

    Raiu thought different. "I think Microsoft was anxious about the possibility of someone leveraging this exploit", Raiu argued. Systems affected by the ransomware that are still in the update cycle were at least two months' behind on security updates.
    Playoffs exit could spell retirement for Spurs great Ginobili

    Playoffs exit could spell retirement for Spurs great Ginobili

    The results? When it's all said and done and when you hang the boots up that's the thing you take away the most. In the 129-115 loss, Ginobili scored 15 points on 6-of-12 shooting, including hitting one of four 3-pointers.
  • US Plans First Test of ICBM Intercept, With North Korea on Mind

    US Plans First Test of ICBM Intercept, With North Korea on Mind

    If the test goes as planned, the "kill vehicle" will slam into the ICBM-like target's mock warhead high over the Pacific Ocean . The Pentagon is also in the midst of a review of the United States' ballistic missile defense posture.

    Deutsche Bank AG Reaffirms Hold Rating for St. James's Place plc (STJ)

    After $0.97 actual EPS reported by Carter's, Inc. for the previous quarter, Wall Street now forecasts -26.80% negative EPS growth. Millennium Mgmt Ltd Liability holds 0.02% of its portfolio in Paragon Group of Companies PLC (LON:PAG) for 202,981 shares.

    G7 leaders end summit split on climate change

    French President Emmanuel Macron spoke with him at length about the climate deal during a meeting Thursday in Brussels . Almost every nation that signed the 2015 agreement has agreed to curb greenhouse gas emissions.