Oil Rises Towards $65 On Saudi Commitment To Curb Output, Weak Dollar

Javier Stokes
February 16, 2018

OPEC and non-OPEC producers are restraining production to prop up prices under a deal that is to expire at the end of 2018.

OPEC is drafting an agreement that would institutionalize the producer group?s oil market cooperation with Russian Federation and other allies beyond their current output cut agreement, which expires at the end of the year.

Brent crude, the global benchmark, fell 78 cents to$63.58 at 1438 GMT, giving up an earlier gain that had extended Wednesday's rally. U.

The oil market has now rediscovered its optimism and confidence others have even remarked that it has finally found its compass, said Mohammad Sanusi Barkindo, OPEC Secretary General, at the 8th IEA-IEF-OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia. The expectations are a tendency to remain, and by the end of the year, Washington may overtake Moscow as a global leader in oil production. "I don't think the data was that supportive", he added, referring to the EIA's inventory report.

Serena Williams loses in return By
That had left her unable to practise for two months following the delivery. "I didn't manage my time well", she said. This is literally my first time traveling with the baby and everything.

The kingdom will keep its crude exports below 7 million barrels per day (bpd) in March, despite a maintenance shutdown of the 400,000 bpd SAMREF refinery, the Saudi energy ministry said, confirming a plan given earlier by industry sources.

"Khalid al-Falih gave his strongest hint yet that exiting the current supply agreement is unlikely to be on the agenda this year", said Tamas Varga of oil broker PVM.

The revival in drilling in the United States could thwart efforts by the Organisation of the Petroleum Exporting Countries (OPEC) to bring... The project's capacity will be over 18 million tons of LNG per year. S. production, encouraged by the higher prices delivered by the OPEC-led cuts, is undermining efforts to curb supplies.

Other reports by

Discuss This Article