Sentences with phrase «output cuts»

They did say current output cuts were likely to be extended.

The oil market is having a stellar month, continuing a rally fueled by stronger demand and expectations of bigger output cuts.

Related: Russia Inclined To Extend Output Cut Deal With OPEC

Arguing that OPEC «has not failed at all» in its attempt to drive oil prices up, Oreshkin said that the price of oil is now much higher than it was this time last year, before the cartel and 11 non-OPEC producers led by Russia struck the initial output cut deal.

Asked what Iran would propose regarding extension of OPEC output cuts in Thursday's meeting of the body's members, Zangeneh said, «We will have no special proposals.»

Late last year, the Organization of the Petroleum Exporting Countries and other producing countries announced oil output cuts of 1.8 million barrels per day (bpd) for the first six months of this year.

Saudi Arabia also increased its output by just over 23,000 million barrels, but continues to provide the lion's share of output cuts.

The banks says the long - oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts by OPEC, Russia and several other producers eat into the world's crude stockpiles.

OPEC and non-OPEC oil giant Russia have agreed to extend oil output cuts until the end of 2018 following hours of discussions in Vienna, according to two reports.

Furthermore, the recent weakness in stocks is concerning, and OPEC's output cut compliance is a wild card at this point.

Others have taken the other side of the bet, and overnight Bjarne Schieldrop, chief commodities analyst at SEB, says that he thinks there is a «very low chance» of an OPEC oil - output cut tomorrow.

Yet, a lot of factors — including profit - taking, the fate of the OPEC output cut pact, and geopolitical events — will determine the trend in coming weeks and months.

Saudi Arabia designed the low - price strategy aimed at making oil production too costly for competitors in North America and Russia, and has refused to make more significant output cuts unless other producers agree to do the same.

OPEC on Wednesday raised its forecast for non-member oil supply this year to almost double the growth predicted four months ago as higher prices spur U.S. shale drilling, offsetting OPEC - led output cuts and a collapse Continue Reading

Speaking on Wednesday, the official said: «Given the remarks voiced by oil and energy minister of OPEC member states, it is apparent that there is an agreement between members of the organization to extend the body's output cut plan.»

Kuwait wants OPEC to extend output cuts beyond June, becoming the producer group's first member to call for more time to balance the global oil market as the rally that Continue Reading

With little to show after Saudi Arabia largely refused to take action on oil output cuts without the cooperation of Iran.

«There is a difference between efficiency savings and output cuts which are very different order and require proper and mature consideration across government about the impact they'll have about our military capabilities.»

Oil prices climbed to more than two - year highs on Monday after major producers said output cuts were draining the supply glut.

«Output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example,» said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Tokyo.

America's Roundup: Dollar declines from 2018 highs before jobs report, Wall Street ends lower, Oil up on OPEC output cuts, worries about Iran sanctions - May 4th, 2018

The agreement does not include U.S. shale oil producers, and there are concerns that rising oil prices, largely thanks to the oil output cut, has allowed U.S. producers to come back online.

West Texas oil also also advanced, rising for the third quarter in a row on a combination of output cuts and robust demand.

Buy WTI — Oil prices are set to pick up throughout 2017 as OPEC and non-OPEC members implement an output cut deal.

Elsewhere, oil prices were higher on Monday, on the back of hopes that leading exporters would agree to extend the output cut - as OPEC members gear up for a meeting in Vienna this Thursday.

The output cuts, expected to remain in place until at least the end of 2018, have helped to lift crude prices over the past 12 months.

The Organization of the Petroleum Exporting Countries also said oil inventories across the most industrialized countries rose in January for the first time in eight months, a sign the impact of its output cuts may be waning.

In the wake of OPEC's output cut, Novak also talked about Russia's cooperation in the process, calling the coordination between OPEC and Non-OPEC producers historic.

«For contractual and logistical reasons, we might initially see that the output cuts do not fall neatly into place,» the Paris - based organization said in the report Tuesday.

The slide worsened after OPEC delegates downplayed the chance that their group and other producing countries would deepen their output cuts when they meet on May 25.

Russia's Energy Minister, Alexander Novak, said in written comments his country is inclined to extend its output cuts.

Oil prices collapsed on Thursday to their lowest since late November as investor worries about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut.

Oil prices have risen steadily in the past three months after producers agreed in May to extend their output cuts.

The disappointment from the lack of decision regarding the output cut was tempered as few expected such decisive action.

Aluminum prices this week reached the highest in 17 months as Brazil adds to output cuts that Goldman Sachs Group Inc. said will mean global deficits through at least 2017.

Backwardation, contango's opposite, was one of OPEC's key goals with the output cuts — discouraging the storage of crude oil and driving oversupply down.

That spending spree could come back to bite the industry, because OPEC might decide not to extend its output cuts, which could cause crude prices to crumble.

«Iran's oil output would stand at 3.8 mb / d,» Zanganeh said in Vienna — as quoted by Trend news agency - where OPEC meets to discuss the details of the output cut extension.

Last week, just a day after the output cut deal was extended as - is until March 2018, Novak said in an interview with CNBC that deeper cuts to OPEC's oil production were not out of the question, but their implementation would depend on how things unfold with the current agreement.

The output cuts announced by OPEC and eleven non-OPEC producers have entered their probation period and it is far too soon to see what level of compliance has been achieved 19 January 2017