opec nonopec to look at extending oiloutput cut by six months
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Opec, non-Opec to look at extending oil-output cut by six months

Arab Today, arab today

Arab Today, arab today Opec, non-Opec to look at extending oil-output cut by six months

Oman Oil Minister Mohammad bin Hamad Al Rumhy shakes hand with a representive of Kuwait
London - Arab Today

Oil fell further toward $50 a barrel on Monday, pressured by uncertainty over whether an Opec-led production cut will be extended beyond June in an effort to counter a glut of crude.

A committee of ministers from Opecand outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place.

International benchmark Brent crude was down 26 cents at $50.54 by 1144 GMT (3.44 pm Dubai), after falling as low as $50.26. U.S. crude was down 37 cents at $47.60.

"These are troubling times for oil bulls," said Stephen Brennock of oil broker PVM. "Against a backdrop of rising U.S. crude output and underwhelming Opec-led efforts to normalize bulging global oil inventories, positives are in short supply."

A number of ministers from the Organization of the Petroleum Exporting Countries and other producers met in Kuwait to review the progress of their supply cut, which initially runs until the end of June.

Opec and 11 other producers including Russia agreed in December to reduce their combined output by almost 1.8 million barrels per day in the first half of this year.

While many in Opec have called for prolonging the curbs, Russia has been less definitive. Energy Minister Alexander Novak said on Sunday it was too early to say whether there would be an extension.

"We would see the relative lack of reaction in the price perhaps as a reflection of some disappointment that nothing more concrete was forthcoming," analysts at JBC Energy said in a report, referring to the conclusion of Sunday's talks.

There is "increasing scepticism" in the market as to whether a rollover of the cuts can be agreed, JBC added.

Oil also came under pressure from further evidence that higher prices as a result of the Opec-led supply cut are helping boost supplies in the United States

source : gulfnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec nonopec to look at extending oiloutput cut by six months opec nonopec to look at extending oiloutput cut by six months

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec nonopec to look at extending oiloutput cut by six months opec nonopec to look at extending oiloutput cut by six months

 



GMT 12:00 2017 Saturday ,04 March

Nadal races into Acapulco ATP final

GMT 09:36 2018 Saturday ,06 January

Divided UN Security Council to meet on Iran protests

GMT 04:47 2017 Sunday ,31 December

Passing on in 2017

GMT 21:51 2017 Tuesday ,31 January

Mwasalat calls bids for taxi management system

GMT 17:10 2017 Tuesday ,12 December

DCT launches Al Qattara Cinema

GMT 14:53 2017 Sunday ,26 March

Dialysis supplies dwindle for besieged Syrians

GMT 13:47 2017 Sunday ,30 April

Salman Khan in Dubai for ‘Tubelight’

GMT 02:22 2017 Saturday ,14 October

(July24th-August23rd

GMT 11:39 2017 Wednesday ,02 August

Victoria Beckham unveils AW17 collection

GMT 13:20 2017 Saturday ,23 September

Global crisis? Not on his Milan runway

GMT 14:47 2017 Tuesday ,21 February

Robin Hood rides into Croatia for new film

GMT 23:59 2017 Sunday ,26 February

The ultimate misery memoir

GMT 14:50 2017 Wednesday ,19 April

Japan warns of losing its efforts in Iraq

GMT 07:20 2017 Thursday ,27 April

Menna Shalaby reveals details of “Sunset Oasis”

GMT 16:58 2017 Saturday ,09 September

PM inaugurates 340 MW C-4 nuclear power plant at Chashma
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday