By extending cuts into 2018 and promising to boost output next year, OPEC could force the oil market into backwardation that would scare away private equity and other investors who have been funding American shale producers. The talks are closely followed elsewhere as they can affect everything from the share price of Exxon Mobil Corp. to the Brazilian real and Nigerian sovereign bonds. The meeting took place two days prior to the OPEC ministerial meeting that is scheduled from May 25, 2017.
Saudi Arabia and Russian Federation, the biggest of the 24 producers in the accord - and which don't get on in other areas either - agreed last week that it should be extended until March. It is far below cuts from OPEC at a time when demand is likely to keep growing strong, said Justin Jenkins, analyst at the firm.
Pradhan also said OPEC producers should work towards a "responsible price" for oil and Asia should be treated on a equal footing with Western consumers.
The last thing the Saudis need right now is a scab, but that's the role Iraq seems intent on playing in this high-stakes drama, and it seems likely things will get worse if and when OPEC & co. agree to extend cuts through March on Wednesday. The cuts were initially agreed to last six months until the end of June.
But OPEC members whose governments rely heavily on oil revenue need a higher price than that to stay out of red ink.
Some analysts have stated that the United States no longer needs a large supply since the flow in domestic production brought about by shale oil output over the past decade and the cut down in the country's import of crude oil.
Another delegate, however, said a one-year extension was unlikely to garner wide support.
President Donald Trump's proposal to sell half of the usa strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.
With the problem of shale output and the strategic petroleum reserve looming for next year, OPEC is in a hurry to hammer a deal now that reduces the glut. This gathering will then be followed by the joint meeting of the cartel ministers and other producers participating in the six-month production cuts. Non-OPEC nations Oman and Mexico also confirmed their support for prolonging the curbs through the first quarter of 2018.
Deutsche Bank said the market had priced in a nine-month extension. "I am not too sure".
By 1415 GMT, Brent crude was trading flat.
The plan calls for sales to rise gradually, which would tend to pressure prices for oil delivered further in the future, making the contracts cheaper than those at the front of the futures curve.
If OPEC maintains its April crude production of 31.8 MMbpd throughout the rest of the year, oil stockpiles will shrink, according to the IEA.
An electronic advertising board displays a Union flag and the words " Pray for Manchester ", close to the Manchester Arena . The Prime Minister has condemned the "appalling" incident and General Election campaigning has been suspended.
Then there's the US government, whose Windows hacking tools were leaked to the internet and got into the hands of cybercriminals. As companies and individuals take stock Monday morning, the focus is turning to protecting against further attacks.
The cyber security expert said that it was a less likely scenario for the attack to create chaos by spreading WannaCry . Those tools have evolved, but are what researchers call "variants" of the same tools used in the other attacks.
Scotland retained their London Sevens title with a 12-7 victory over England in the final at Twickenham . They were 21-0 down at half time, but stormed back to take the win and a place in the Semi Finals.
The current share price indicate that stock is -10.75% away from its one year high and is moving 16.85% ahead of its 52-week low. Zacks Investment Research cut Novavax from a "hold" rating to a "sell" rating in a research report on Saturday, January 21st.
Brexit Secretary David Davis said: "The EU wants to start negotiating just 11 days after the General Election on June 8". The British government wants a future trade relationship and the divorce proceedings to happen at the same time.
Financial Tribune reported two days ago some 200 computers in the country were infected by the so-called "ransomware" software. Clearly, their lack of responsibility caused their patients to suffer, and unfairly so.
He was criticised at home for describing France's colonial war in Algeria as a "crime against humanity" and "genuinely barbaric". He also met some of the 1,600 French soldiers stationed there, on the largest French military base outside of France.
Channel 2 TV said one American official told the Israelis the site is "not your territory" but part of the occupied West Bank. The Wall stands in the Old City in the east of Jerusalem, which Israel captured during the 1967 Middle East war.
The bride and groom emerged from the church following a service that lasted around 45 minutes - and were blessed by the weather. Pippa Middleton is the second of three children, a year younger than Kate and four years older than businessman James.
QUALCOMM's (QCOM) Buy Rating Reiterated at Mizuho
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NFL To (Finally) Loosen Celebration Penalties
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Nike Announces New Collection of Apple Watch Bands
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Penguins strike early, rout Senators 7-0 to take 3-2 lead
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New Microsoft Surface Pro Coming Our Way on Tuesday
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Gunman revealed in shooting of six-year-old
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Pence cites Trump's 'leadership' in commencement address
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Hack EVM, poll panel dares political parties
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