OPEC to Look at Extending Oil Production Cuts


The final statement called for a technical group and for the OPEC Secretariat to "review the oil market conditions and revert to the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) in April, 2017 regarding the extension of the voluntary production adjustments". Opec and 11 other major producers including Russian Federation agreed previous year to slash production, spurring a 20 percent increase in Brent crude prices during the last five weeks of 2016.

Analysts said the lack of a solid decision to extend the cuts could bring oil prices down.

Russia's Energy Minister Alexander Novak was also quoted saying there's "94 percent" compliance on the production cut among OPEC members and non-cartel nations, as well as discussions about continuing the cuts to boost crude prices.

After Sunday's meeting, Kuwait's Almarzooq, the compliance committee's chairman, said OPEC is assessing whether to prolong the cuts for another six months.

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Prices for front-month Brent crude futures LCOc1 , the Global benchmark for oil, were at $52.42 per barrel at 0040 GMT, unchanged from their last close.

In the United States, West Texas Intermediate (WTI) crude futures were up 48 cents at $48.21 a barrel.

ANZ said on Thursday that prices were supported by Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field.

On the same day, the Brent went up 51 percent to US$50.92 per barrel. West Texas Intermediate, the US benchmark for the price of oil, was up 0.8 percent to $49.89 per barrel.

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Crude prices trimmed earlier gain in Asia on Wednesday an output disruption in Libya and shrugged off a larger than expected build in US inventories as estimated by an industry group and awaited official government figures later in the day. One of the factors Mr. Al-Falih said OPEC would review in June 2017 is the level of global oil inventories and assess the need to extend cuts if inventories are still "above the five year average". Eastern Time. The report comes after American Petroleum Institute late Tuesday reported a rise of 1.9 million barrels in US crude supplies for the week ended March 24, but a draw of 580,000 barrels at the oil storage hub in Cushing, Okla., according to media reports. Russian Federation needs more time to assess the market, inventories and production in the USA and other non-OPEC countries, Novak said in an interview with Bloomberg television Sunday.

Investors were waiting for data from the American Petroleum Institute (API) at 4:30 p.m. EDT on Tuesday and the U.S. Energy Information Administration (EIA) at 10:30 a.m. EDT on Wednesday.

The discount of USA crude to Brent CL-LCO1=R has grown to around $2.90 per barrel, heading for its widest close since late 2015.

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