OPEC, non-cartel nations may extend oil cut another 6 months

Posted March 31, 2017

Goldman Sachs on Sunday said an extension of the joint Opec and non-Opec oil production cut is not warranted unless supply and demand fundamentals deteriorate.

The current attempt to limit the supply of oil may have boosted prices, building up a case for such effort to be extended, but a pick-up in demand is what needed to support a bull case for oil, an analyst told CNBC Monday.

"The WTI crude bulls are emboldened by the double whammy of another large increase in refinery utilization rates and a big jump in crude oil export levels", said David Thompson, executive vice-president at Powerhouse, a commodities-focused broker in Washington. Five OPEC countries joined with non-member Oman to voice support for prolonging cuts past June, with Kuwait saying it should be for an additional six months. OPEC and 11 other key producers, including Russian Federation, agreed previous year to reduce production, spurring a 20 percent increase in Brent crude prices during the last five weeks of 2016.

Bilic: I prefer face-to-face talks with Hammers chiefs rather than through media
The Hammers secured an impressive seventh-place finish in the Premier League in 2015-16 - Bilic's debut season at the helm. We are able to climb up several spots if we win matches, we are able to go several spots down if we don't win matches.

Energy ministers from OPEC and other oil-producing countries pose for a group photo prior to the opening session of the15th International Energy Forum Ministerial meeting in Algiers, Algeria, Tuesday, Sept. 27, 2016.

Marzouk said earlier this month that OPEC compliance to the cuts had exceeded the 100 percent target but non-OPEC conformity remained moderate at between 50 percent to 60 percent.

WTI retreated to lows below $47.50 before finding some support with Brent pushing to 3-month lows just above the $50.00 p/b level into the USA open.

Chelsea set to rival Manchester United on and off the field
Everton are awkward opponents capable of adding to United's problems and this could be a costly draw for both sides. Man city meanwhile are unbeaten in their last seven games. "It's not going to be easy to get into the top four".

"This flexibility on the part of USA shale producers could well see crude prices fall further, particularly since oil markets have been geared to a move higher for the last few weeks", he said.

Oil prices were paring early gains on Wednesday after government data showed that USA inventories of oil expanded last week, marking the eighth consecutive week in which stockpiles have increased.

Oil inventories are high because of low USA demand and higher supply, and the market should rebalance in the second half of the year, Opec secretary-general Mohammad Barkindo said in Kuwait. But OPEC Secretary General Mohammad Sanusi Barkindo said he expected most of the glut to disappear in three months. Others had anticipated that the soonest the cartel might make such a decision would be at its 172 meeting in Vienna on May 25. OPEC and non-OPEC producers who signed up to the cuts are scheduled to hold a crucial meeting in late May to consider whether to extend the reductions. Marzouq said it would take longer for production at the two fields, located in a neutral zone between the two neighbors and shared equally, to resume because of technical issues.

Cong objects, BJP hails passage of GST bills
Above this, there will be additional cess and levies to be imposed on sin goods (such as tobacco products) and luxury items. But some analysts said that date was likely too optimistic as many companies were still not ready for the new tax system.