Kuwait says expects extension of OPEC, non-OPEC oil deal

"The [lack of] reaction can either be attributed to saturation, as such news is released on nearly a daily basis, or to the fact that the foremost goal of the OPEC agreement - namely to reduce the huge stocks of crude oil and oil products - is still a long way from being achieved, " Commerzbank said in a note.

US West Texas Intermediate (WTI) crude futures had risen eight cents to US$50.79 a barrel.

He told an energy forum in Abu Dhabi: "There is an initial agreement but it has not been communicated to all the countries yet that we might be forced to extend in order to reach our goal". OPEC ministers plus their non-OPEC counterparts are scheduled to meet on May 25.

Apart from committing to greater transparency with the media, ministers spoke frankly about the state of the market.

Despite a modest recovery in the market, oil stocks remain high and the focus is now on whether OPEC and non-OPEC producers will prolong the cuts into the second half of 2017.

The Organization of the Petroleum Exporting Countries' kingpin, Saudi Arabia, said the cartel is likely to reach an agreement next month to extend its production cuts.

Consensus building to extend cuts.

.

Samsung Galaxy S8 review
The price of the Samsung Galaxy S8 and S8+ is not available at the moment but will be revealed during the launch of the devices. Other key features of the Galaxy S8 series include an Always On display and IP68 water and dust resistance capabilities.

Oil traders said OPEC was initially successful, driving oil prices higher and tightening time-spreads.

Earlier in the week, Al Falih launched his country's big push to 10% renewable energy use by 2023.

Compliance from non-OPEC members has increased, al-Marzouq said, adding that Russian Federation is preliminarily consenting to a likely extension.

USA crude production rose by 17,000 bpd to 9.25 million a day last week, according to the EIA. American production is now at its highest since August 2015.

In the week to April 21, USA drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost US shale production in May by the biggest monthly increase in more than two years. John Saucer, vice president of research and analytics at Mobius Risk Group in Houston, said the market was not jittery, noting low volatility and weak oil prices, which he said doesn't "really signal a market that's too concerned about geopolitical hotspots".

The takeaway for driver is that if oil prices are halved, gas prices at the pump will be slashed as well, CBS explained: "For consumers, gasoline pump prices could fall by upwards of 50 percent".

OPEC is keen that non-member producers play their promised part in supporting the group's efforts to lift prices, which have recovered to $53 a barrel from lows previous year below $30. He has a deep understanding of market fundamentals and the impact of global events on capital markets.

Related News:

  • Australia High Commission holds ANZAC Day commemoration service in Dhaka

    Mr Hills was also supportive of the, at the time, controversial decision to move the Mothers' Memorial to its present site. Mr Katter said a Henry Lawson poem called Scots of the Riverina captured that grief well and took it to a personal level.
    Injured Ibrahimovic vows to 'come back even stronger'

    Injured Ibrahimovic vows to 'come back even stronger'

    City, in fourth place, and United, in fifth place, might finish the season fighting for one Champions League qualification spot. Steve Agnew's' appointment as interim manager last month after Aitor Karanka's dismissal has brought no upturn in fortunes.

    Ann Coulter invited to speak at UC Berkeley

    University officials canceled that speech, and blamed "masked agitators" for smashing windows and starting fires. Coulter had said that she planned to give the scheduled speech despite the university's decision to cancel.
  • We won't leave European Union talks without deal, say Labour

    Liberal Democrats leader, Tim Farron, has said Labour's plans to scrap Theresa May's Brexit plans are flawed. Labour's agenda over Brexit is no less reactionary than that of the Tories.
    Earth Day Protest Highlights Desperate Situation Of Science And Existing Hope

    Earth Day Protest Highlights Desperate Situation Of Science And Existing Hope

    NBC chief environmental affairs correspondent Anne Thompson meanwhile said, "Scientists did what does not come naturally". According to the Scientific American , on January 24, "officials at the Environmental Protection Agency and the U.S.
    Israel's president accuses Le Pen of new form of Holocaust denial

    Israel's president accuses Le Pen of new form of Holocaust denial

    The White House released the declaration Monday, Holocaust Remembrance Day, ahead of Trump's planned speech at the U.S. Drivers in Tel Aviv stop their vehicles and stand in silence as sirens wail to honor Holocaust victims.
  • Emails Reveal Bill O'Reilly's Final Attempts to Save His Job

    The former Fox News host will return to pontificating with a new episode of his podcast " No Spin News " on Monday at 7 p.m. O'Reilly denied wrongdoing, yet dozens of his show's advertisers fled within days even though the viewership increased.

    Supporters and opponents at Sen. Bernie Sanders rally in Omaha

    Senator Sanders says rebuilding infrastructure needs to be addressed and action needs to be taken to stop climate change. Sanders raised eyebrows earlier this week when he told The Wall Street Journal he isn't sure how progressive Ossoff is.
    Judge blocks Trump threat to withhold 'sanctuary city' funds

    Judge blocks Trump threat to withhold 'sanctuary city' funds

    Orrick said it could also be construed to apply to cities that refuse to hold jail inmates for immigration authorities. But the Justice Department sent letters last week advising communities to prove they are in compliance.
  • Warriors Sweep Trail Blazers in Blowout Victory

    We've entered the third season of the annual South Point-lined Play of the Day competition, effective July 1. In Game 3, Blazers center Jusuf Nurkic appeared after his nine games missing due to a broken leg.

    Limbaugh: Looks like Trump is 'caving' on border wall

    What counts as a wall? "If matters come up that are more central to our members and our mission we may decide to engage", he said. We're doing plans, we're doing specifications, we're doing a lot of work on the wall, and the wall is going to get built".

    President Trump says Iran violating 'spirit' of nuclear deal

    Congress mandated that the State Department must notify it every 90 days about Iran's compliance with its nuclear obligations. Tuesday's letter was the first such notification by the Trump administration.


Most liked

Luis Enrique reiterates wish for Messi to end career at Barcelona
The 27-year-old Wales global lasted just 35 minutes of Sunday's El Clasico defeat to Barcelona before limping off the Bernabeu pitch.

United Announces CEO Oscar Munoz Will Not Be Chairman Next Year
The US company has also revealed its chief executive, Oscar Munoz, will now not become chairman, as anticipated. United said Munoz initiated the change to his contract that granted him the chairmanship in 2018.

Ruling against sanctuary city order lauded in San Francisco
Santa Clara County Supervisor Cindy Chavez called it a victory for immigrant rights. The government has appealed those decisions.

'Better than hitting Tokyo': Japan minister quits after tsunami comment
He later retracted the comments, telling reporters he just meant the damage would have been greater had the quake hit Tokyo. If it hits places near the Tokyo area, it would have been an unimaginable disaster.

President Trump Jokes With Astronaut Peggy Whitson on Oval Office Call
Whitson said she's excited about the new legislation and said there is equipment being made now in preparation for the launch. She returned in 2008 as a commander, and on her most recent visit, she became the first woman to command the station twice.

Ivanka Trump defends father, brushes aside groans in Berlin
Talking later to a small group of reporters, Trump said she was unfazed by Meckel's direct questions in a public forum. The exchange prompted a follow-up question from the moderator about President Donald Trump's attitude to women.

International Monetary Fund retains India growth forecast at 7.2% for FY'18
But despite the slow growth, this year still represents an improvement from the last two dismal years. The US economy is projected to grow at 2.3 percent in President Donald Trump's first year in office.

Ramsey wants Arsenal to win FA Cup for Wenger
After the United match, City do not face a top six side in their remaining five league games. Had that been the case, City would have gone into the break of...

Protesters Killed as Venezuelan Outrage Grows over Failed Socialism
REEVES: So I asked Louisa Mayorca why so many people keep on coming back out onto the streets to demonstrate in this way. Foreign governments are also warning about the increasingly bellicose rhetoric and repressive stance of the government.

Seattle's Haniger leaves game with strained oblique
After Hernandez left the game, Heston allowed five runs in two innings, and Evan Marshall allowed seven runs in two innings. Norris allowed four earned runs in his start last week at Tampa Bay, ending a streak of 21 starts with three or fewer.

Healthy profits push stocks higher yet; Nasdaq crosses 6000
Meanwhile, sales of newly-constructed homes rose to the highest in almost a year in March as the housing recovery picked up steam. The Dow Jones Industrial Average enjoyed a triple-digit rise, with the bulk of the advance coming from four of its 30 components.

Days in Space: Astronaut Peggy Whitson's Groundbreaking Record
Commander Peggy Whitson , ex-KC5ZTD, this week broke the record for cumulative time spent in space by a U.S. astronaut. Other participants of the call were NASA astronauts Jack Fischer and Kate Rubins and First daughter, Ivanka Trump.

Trump Trumpets 'Historic' Pace of First 100 Days
All to provide corporations that are sitting on already record high amounts of cash, even bigger piles of wasted wealth. Trump is scheduled to unveil the broad outlines of a tax overhaul Wednesday.

Oil prices tumble on United States inventories data
Oil prices were down almost 4% through the afternoon on Wednesday and now hover just above the $50 a barrel mark. Brent for June settlement fell 45 cents to $54.44 a barrel on the London-based ICE Futures Europe exchange.

Bill O'Reilly Issues First Public Statement After Firing
O'Reilly's 8 p.m. time slot has been taken by Tucker Carlson, whose new show " Tucker Carlson Tonight" premiered last night . But I can tell you that I'm very confident the truth will come out. "There's a lot of stuff involved here".