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.

.

Trump says Canada has 'outsmarted' US
But it will be the first time Congress will have to raise the debt ceiling with a Republican in the White House. But in recent days, extra provisions requested by the White House have put a considerable spanner in the works.

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.

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