Although the actual meeting for OPEC and NOPEC isn't scheduled until May 25th, the timing of this announcement from the largest producer and the largest exporter (25% of global production between them), was a complete surprise and probably a testament to two things.
Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018. "We've come to conclusion that the agreement needs to be extended".
Saudi Arabia and Russian Federation have agreed to extend the Opec and non-Opec oil output reduction deal for another nine months until march 2018, reports said.
Also, they hoped that additional producers would join them in cutting when the extension begins in June.
In November 2016, the OPEC member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices. The market reaction reflected how far the commitment went beyond market expectations: the consensus view over the weekend was that the output deal would be extended through the end of the year, while some market participants were also concerned that Saudi Arabia and Russian Federation, the two biggest exporters, would abandon restraint completely rather than lose any more global market share to American producers.
The decline in export revenues is "mainly a result of the fall in average annual crude oil prices during the year", the EIA said.
Apple iOS 11: 3 Features That Can Ruin Google Android Apple is expected to reveal macOS 10.13, watchOS 4, tvOS 11 and developments in Apple Pay and Apple Music during WWDC. The watch needs to be connected to a charger, in range of the iPhone, and charged to more than 50 percent.
"Crude production was down 535,000 barrels per day compared to April 2016".
Oil and gas companies, which make up 13.6% of the index, benefitted from the rise in oil prices with Premier Oil up 3.8% to 61.25p while BP climbed 1.1% to 465p.
James Woods, investment analyst at Rivkin Securities, said world oil supplies would probaly remain plentiful, even if Opec extended the production cuts.
In addition, US oil production is rising very quickly and is now up more than 10 per cent since mid-2016 to 9.3 million bpd. Economists forecast that job creation bounced back last month after a disappointing March, in the latest sign of U.S. economic strength supporting the Fed's plans for more interest rate increases this year.
Goldman retained its average Brent price forecast for the third quarter of 2017 at US$57 per barrel. He said the longer extension was needed to balance supply and demand on the global oil market.
"If producers maintain their cuts at the current pace, it could push the market into a small deficit by the fourth quarter, " Edward Bell, Director for Commodity Research at Emirates NBD in Dubai said.
Romania's Simona Halep successfully defended her Madrid Open title in the Women's Tennis Association Premier Mandatory event. Then he will try to win his 10th title at Roland Garros, where he captured his last Grand Slam title three years ago.
But he said last week ahead of the trip that he views his visit to Washington as "a new beginning in Turkish-American relations". However, the USA considers the Syrian Kurdish forces a great ally in the fight against ISIS.
She attempted to bring something other than a smile to the "DWTS" ballroom for her second dance, but they weren't buying it. He's been exceptionally hard on Normani, but his request is simple-12 bars of uninterrupted Viennese Waltz in hold.
San Antonio's defense has contained Golden State as the Warriors are only shooting 30 percent to start the game. David Lee will face his old Warriors team, while David West faces the Spurs , his former team.
Romero said in a statement . "If they take action based on this executive order that harms our community, we will sue". It just directs the IRS and the health care system to exercise "maximum enforcement discretion" in levying penalties.
United said its participation in the second-tier tournament, in the current season, had proved financially positive. United captain Rooney agreed with Mourinho in that Tottenham had more motivation going into the game.
The Moto C range will sit under the Moto E range and will offer a no fills smartphone experience to the budget conscious consumer. Moto G5 comes with the 13MP rear camera and a LED flashlight which captures images exceptionally well even in the low light.
Trump signed the lease in 2014, redeveloping the signature Pennsylvania Avenue property into a luxury hotel. From a van parked across the street, he also projected the entirety of the Emoluments Clause of the U.S.
The 21-year-old gymnast has been showing off her curvy body in a series of photos and videos on Instagram recently. It also isn't the first time she has come under fire posting something controversial.
LeBron went 15-of-16 from the charity stripe for the game, which is a huge plus given his struggles from the line this season. It's not his fault, but the Raptors need him close to his best if they want to extend this series beyond four or five games.
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Maybe they should give a wild card to Lance Armstrong, too? 'Nobody can deprive her two titles she won here in Roland Garros. She has played three tournaments thanks to wild cards since her return from a 15-month drug ban last month.
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HTC launches HTC U11: Snapdragon 835, no headphone jack
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Warriors rally for 113-111 win after Spurs lose Leonard
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Tillerson: We 'cannot reset' relations with Russian Federation
Well, Chuck, I think we have such a broad range of important issues that have to be addressed in the U.S. -Russia relationship. Asked what repercussions the Russians should face for interfering in the USA election, Tillerson did not offer any specifics.