opec nonopec to look at extending oiloutput cut by six months
Last Updated : GMT 09:31:41
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 09:31:41
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

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles

GMT 10:54 2017 Friday ,29 December

Bahrain-Sudan economic cooperation highlighted

GMT 09:59 2017 Wednesday ,20 December

FC Balochistan foils terrorist activity

GMT 06:18 2017 Sunday ,26 November

Israel's Netanyahu condemns Egypt mosque attack

GMT 22:57 2017 Tuesday ,25 July

China's Xu claims men's 100m backstroke gold

GMT 15:21 2018 Wednesday ,12 December

Israeli forces arrest 16 Palestinians in West Bank

GMT 01:48 2012 Thursday ,19 January

Circle Chaise Lounge

GMT 23:49 2011 Wednesday ,16 November

How To Choose Fire Pit

GMT 07:44 2017 Wednesday ,20 December

Alaskan snow more than doubles due

GMT 13:15 2017 Sunday ,17 December

Nash shines as Rangers topple Kings

GMT 04:12 2017 Friday ,25 August

Angin kencang rusak 108 rumah-fasilitas umum

GMT 14:54 2017 Wednesday ,13 December

Aramco lifts spending plans to $414bn over next decade

GMT 04:57 2017 Saturday ,21 October

US existing home sales edge up in September

GMT 05:03 2017 Wednesday ,16 August

Heavy Rain and Floods hits Central America

GMT 09:29 2017 Wednesday ,11 January

Indonesian islands pay price for global smartphone rush

GMT 07:39 2017 Wednesday ,11 January

Dh600b to meet UAE’s future energy demands
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 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

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