OPEC, non-cartel nations may extend oil cut another 6 months
01:50, Mar 31, 2017
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"Unless we have conformity with everybody, we can not go ahead with the extension of the deal", Kuwaiti Oil Minister Essam Al-Marzouq said, adding that he hoped a decision would come by the end of April. A joint ministerial committee led by members of the Organization of Petroleum Exporting Countries and participating non-member states said progress was moving toward full conformity.
Front-month Brent crude futures rose 41 cents to $51.74 a barrel by 0929 GMT (5:29 a.m. ET).
Global oversupply, and the ten percent March decline in oil prices have rattled major exporters despite analysts' optimistic forecasts suggesting Brent crude will rise 16 percent from current levels by the end of the year. "At the same time, the liquidation of positions by financial players in the market was also observed". Inventories in countries in the Organization for Economic Cooperation and Development are now 282 million barrels higher than their five-year average, OPEC Secretary-General Mohammad Barkindo said at the meeting. Olivier Jakob, of oil consultancy Petromatrix, said that with the revision of the ministerial committee's statement, it was becoming more hard to know who was responsible for what in OPEC. "It's better to be conservative and to be surprised on the upside than too optimistic and end up disappointed", said Piotr Matys, a UK-based emerging-market currency strategist at Rabobank, as quoted by Bloomberg.
"The market is exhausted of their verbal interventions", John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by telephone.
Luaibi noted, "Any decisions taken unanimously by members of OPEC". "It does make sense to extend the agreement for another six months - maybe at least", said his Omani counterpart, Mohammed Al Rumhy.
The agreement to cut 1.8 million barrels per day, which came into effect on January 1, 2017, was for six months and is extendable for an additional six months, depending on the status of supply and demand, including global inventories. Output is lower this month because more cuts have been implemented and due to planned maintenance, industry sources say. Russian Federation pledged to cut production by 300,000 barrels daily. "It's important to accomplish last year's deal first", Russia's Energy Minister Alexander Novak said before the meeting.
"When you look at the last two-and-a-half weeks we've moved into a sliding pattern vs. the sideways trend we have seen for much of the year", said Michael Train, director of global energy strategy at RBC Capital Markets.
"US oil stockpiles trended lower through most of past year because of the fall in U.S. supply, but this trend is reversing as United States of America oil production increases", said Vivek Dhar, mining and energy commodities analyst at the Commonwealth Bank following the release of the EIA report.
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