Kuwait's Oil Minister Essam al-Marzouq said on Tuesday he supported a supply cut extension until the end of March 2018, echoing suggestions from top producers Saudi Arabia and Russian Federation on Monday, according to media reports.
Saudi Arabia›s Energy Minister Khalid Al-Falih (L) and Russia's Energy Minister Alexander Novak attend a joint briefing in Beijing on Monday. Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close.
Opec, Russia and other producers originally agreed to cut output by 1.8-million barrels per day in the first half of 2017, with a possible six-month extension.
The two countries produce 20 million barrels of crude oil a day - about one-fifth of global consumption - and other oil-producing nations are expected to follow their lead over cuts.
Oil has gained support from the deal but inventories remain high and rising output from other producers, such as the USA, is keeping prices below the $60 that top exporter Saudi Arabia would like.
Russian Federation and Saudi Arabia, the largest of the 24 producers that agreed to cut output for six months starting in January, are reaffirming their commitment to the deal amid growing doubts about its effectiveness.
At the end of April, the "longs" got exhausted of waiting for the cartel's production cuts to tighten the oil market and they started closing their positions.
"We've come to conclusion that the agreement needs to be extended".
On Monday, Russian and Saudi energy ministers said in a joint statement that Moscow and Riyadh meant to propose a 9-month extension of the current Vienna agreement on oil output cuts on the existing conditions at the OPEC ministerial meeting in late May.
According to Novak, extending the agreement exactly for 9 months will help with a longer-term market forecast and give a greater certainty in terms of market recovery.
Oil prices hit a three-week high after the announcement, while shares of oil majors Exxon and Chevron were up 1 percent in premarket trading.
But, this would depend on how much low-priced U.S. shale producers would raise production.
Since Saudi Arabia chose to flood the market with oil in mid-2014, the Saudi Arabian International Reserves Fund has declined by over $200US Billion.
"That said, we are skeptical about Russia's willingness to actively participate in any extended cuts".
Oil prices continue growing. United States oil production has risen by 10% over the a year ago.
Researchers at Symantec and Kaspersky Lab have found similarities between WannaCry and previous attacks blamed on North Korea. The world is still awaiting a possible sixth nuclear test, which although postponed, will likely occur in the coming months.
The nationwide average for a 30-year fixed-rate refinance floated higher, but the average rate on a 15-year fixed remained steady. Adjustable rate mortgage loans accounted for 8.1% of all applications, down 0.1 percentage points compared with the prior week.
Rory McIlroy went to tap in from 2 feet and missed, and then had to make one twice that long for double bogey on the 10th hole. Garcia, who has made three 6's and a 7 in his 65 attempts at the island green, hit a "solid 52-degree" wedge.
He thrived under the added responsibility of being captain, as someone to look up to for a very young side. It was a sign of faith and sent a symbolic message to the players: All the players are important here.
James Bowden, 32, is believed to have shot a 46-year-old sheriff's deputy along with two other people in Yell County on Thursday. They had said the suspect had been located in a home in rural Arkansas and negotiators were trying to contact the suspect.
Sweden's centre Joakim Nordstrom added a fourth point in the third period as last year's beaten finalists Finland were routed. Later, in the other semi-final, Sweden's Alexander Edler gave his side the lead before Finland's Joonas Kemppainen equalised.
The smartphone runs on the latest Android 7.0 Nougat and support Hi-Res Audio, DTS virtual surround sound, and a 5-magnet speaker. The Asus ZenFone AR features a vapor cooling system which prevents the handset from overheating when using Tango and Daydream.
For the past four years Huka Entertainment has worked to create a one-of-a-kind experience in the most attractive place on earth. This year's four-day event was slated to feature Muse , A Tribe Called Quest and Chance the Rapper.
And the Dutchman added: "If we can do our business this summer, the team for next season will be really strong. The Reds have their Champions League qualification in their own hands after beating West Ham last Sunday.
She said the sanctions are proof of "the United States authority and leadership in the destabilization of Venezuela". Mnuchin said. "We find the rising tensions in Venezuela very alarming, and incidents like that involving Mr.
They said, 'You're never going to be tall enough to sign with Wilhelmina and IMG; you can do bathing suits, beauty, lingerie'". A brand new teaser clip has been released, showing First Lady Claire Underwood ( Robin Wright ) addressing the nation.
Lahm, Alonso Bid Farewell To The Game
Germany's World Cup-winning captain Lahm played his 517th and final game in the Bayern shirt, lifting the Bundesliga shield for a record-equalling eighth time.
AT&T workers are on strike over contract negotiations
AT&T workers are expected to picket outside their stores throughout the weekend, including on Michigan Avenue's Magnificent Mile. This weekend's strike comes almost two months after 17,000 AT&T workers in Nevada and California walked off the job.
Is Apple going to ditch the iPad mini?
But some observers say that for awhile, Apple has not given its iPad line the attention and drama the iPhone models get. The iPad mini was lauched in 2012, and was expected to fend off competition from Google Nexus and Amazon Kindle Fire.
Paul George left off all-NBA Team, loses out on $30M
This takes away a key advantage for the Indiana Pacers and Utah Jazz when it comes to trying to re-sign their stars. If he would of made an "All-NBA" team, the Pacers could offer 6-7 million more per season and an extra year.
Largest Indian bank's profit surges as loan provisions fall
Adding that slippages are slowing down, she said the lender refreshed the watch list this year as compared to last year's list. Loan growth was at 7.92 percent for the year ended March 2017, with home and auto loans growth continuing to be strong.
Biden isn't ruling out 2020 run for president
Obama for almost a decade, saying they often disagreed on tactics and even had their share of "shouting matches". The former Vice President also couldn't resist taking a jab at one of his previous colleagues, Hillary Clinton .
Rainy practices makes pole favorites hard to find at Indy
It's clearly fantastic for INDYCAR - that's easy for everyone to see - but it's also great for Fernando and great for Formula One. Rahal added that the foundation will carry on Donohue's memory. "We need to help secure the future for this program".
Special Envoy Lee meets with China's Xi Jinping
There is another danger present with regards to the new administration - namely the United States and China. He also said he hopes to address these issues together with the new South Korean government.
New images and TV spot for Wonder Woman
Wonder Woman being a film that critics and fans can all champion will be a nice change of pace. Critics are eating up their chemistry! Wonder Woman lands in the United Kingdom on 1 June.
Fed-up Walter Mazzarri relieved with Watford axing
His predecessor, Slavisa Jokanovic, left Watford soon after guiding the team back into the Premier League for the 2015-16 season. Now I would like to go to Spain, Portugal or any other destination that motivates me.