Markets

Venezuela supports extension of OPEC, non-OPEC production cut

Venezuela supports extension of OPEC, non-OPEC production cut

Futures were little changed in NY after adding 3.5% last week.

Woods also said that oil supplies would likely remain plentiful despite an extended cut.

In November previous year, OPEC and other major global producers, including Russian Federation, agreed to cut output by about 1.8 million barrels per day between January and June, but so far the move has had little impact on inventory levels.

"Russia and Saudi Arabia may be trying to coordinate a push to keep access to their most important market (China) in their favor and encourage Chinese importers to displace alternative cargoes", said Bell.

"We're going to be in a holding pattern until we see the inventory reports", Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida, said by telephone.

"We hope that during the next meeting of OPEC members and other states, during which the agreement will be discussed, we will be able to extend this historic initiative", the statement said. "It's taking longer than expected".

West Texas Intermediate for June delivery climbed as much as 86 cents to $48.70 a barrel before trading at $48.58 on the New York Mercantile Exchange at 1:54 p.m.in Hong Kong. Total volume traded was about 46% below the 100-day average.




Futures for Brent crude rose by 0.29% to $51.97 per barrel, whereas WTI went up by 0.33% to $49.01 per barrel.

IEA estimates that in the second quarter of 2017, global refining activity slows down seasonally, lower by 370,000 barrels per day from the first quarter of 2017, but is set to ramp up by 2.4 million barrels per day by July-August.

The Saudi-Russia announcement on Monday will probably extend a price rebound that began last week, though the rally is "modest" compared to the increase when OPEC cuts were first agreed to late previous year, Goldman Sachs analysts said in a report. U.S. light sweet crude WTI was up $1.48 at $49.32 a barrel.

While OPEC ministers will meet May 25 to decide whether to go forward with an extension of their cuts that started January 1, concerns remain about the pace of production growth.

Kuwait's oil minister Essam al-Marzouq said today that his country supported the Saudi/Russian initiative. Kazakhstan, however, said it could not join a prolonged reduction on the same terms.

The ministry added that Saudi and Russian officials will meet with representatives of other oil producing nations "with the aim of achieving complete consensus" on the extension.

US drilling activity last week rose to its highest in two years, while USA production has jumped more than 10 percent since its mid-2016 trough.


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