Finance

Non-OPEC Countries Improve Compliance With Vienna Oil Output Cut Deal - Minister

Non-OPEC Countries Improve Compliance With Vienna Oil Output Cut Deal - Minister

The takeaway for driver is that if oil prices are halved, gas prices at the pump will be slashed as well, CBS explained: "For consumers, gasoline pump prices could fall by upwards of 50 percent".

Crude arrivals from the USA are also surging.

Nigeria and Libya were also exempted from the planned output cut due to internal conflicts which have already decreased their crude production.

"There has been a strong level of commitment in the past three months", Falih said at the GCC Petroleum Media Forum in Abu Dhabi.

At 2:09pm BST, the Brent front month futures contract was up 0.11% or 6 cents to $53.05 per barrel, heading for its biggest weekly loss since March, while the West Texas Intermediate was broadly flat at $50.71 per barrel. Brent futures were at US$51.95 a barrel, down US$1.03, or 1.9 per cent. "They've just given up the ghost".

Attempting to prevent a further ballooning in supplies, some OPEC producers including de-facto leader Saudi Arabia are lobbying to extend the pledge to cut production beyond June. "Countries participating in the cuts have yet to reach a consensus on prolonging their agreement into the second half of the year, and an extension wouldn't necessarily be for an additional six months".

"Prices in the $40s are not as much an issue for USA producers that have hedged", he said.

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Earlier this week, the U.S. Energy Information Administration forecast that crude output at major U.S. shale plays will increase to 5.2 million barrels a day in May. And prices could very well become even cheaper in the near future.

Exxon Mobil Corp won't be allowed to bypass United States sanctions against Russian Federation to resume drilling for oil in a joint venture that seeks to tap billions of barrels of that country's crude.

He said producers would continue to assess market figures until next month, when ministers are expected to take a final decision at a meeting in Vienna, AFP reported.

World oil demand growth in 2016 was kept broadly unchanged at 1.38 million barrels per day (mb/d), averaging 95.05 mb/d.

He pointed to elevated crude stocks as the main reason for oversupply. Many analysts expect those stocks to start draining soon - a delayed effect as OPEC's cuts from the first quarter are likely only now reducing the number of new oil shipments arriving at onshore storage sites. The bank finds the drop in United States crude supplies encouraging and expects the declines to accelerate through the second quarter amid Opec cuts and demand growth, analysts including Damien Courvalin and Jeffrey Currie said in a report.

Mr Al Falih had previously been reluctant to commit to a deal extension because of worries that other producers would get a "free ride" from the kingdom's efforts, while his country suffers economically from the cuts it has made.


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