Saudi Arabia and Russia's energy minister said in a joint statement that the OPEC LED production reduction agreement will be extended from this year to March 2018. Saudi Arabia's energy minister,, and Russian energy minister Novak said Monday that the two countries agreed that the agreement on production cuts should be extended to March 2018. The statement said two ministers agreed that all measures will be taken to achieve the goal of stabilizing the market, to reduce commercial crude oil inventories to five year average, and to highlight the determination of oil producing countries to ensure market stability.
In addition to the production of the market support, what is driving crude oil upward?
The international crude oil market has gradually entered the balance of supply and demand, plans to cut oil prices rising to boost crude oil market last week, most heavy news is OPEC monthly, monthly meeting is May 25th before the OPEC on the oil city "final assessment". According to the latest monthly report, OPEC crude oil production in April, including Nigeria and Libya, was down 18 thousand barrels / day to 31 million 730 thousand barrels per day. Although Saudi production has picked up, the country's output is still bigger than promised. In recent days, Algeria and Iraq have expressed support for an extension of production cuts. Russian energy minister Novak said on Saturday (May 13th), OPEC and other major oil producing countries are negotiating to extend the production agreement, or production agreement extended to the second half of this year, or even longer than this time "; if the production agreement has been extended to the end of 2017 and early 2018, the global oil market is expected to return to the equilibrium of supply and demand. Oil markets are still volatile because of concerns about the recovery in US production and the effectiveness of OPEC cuts.
the West Texas Intermediate
I will sell at 49.35,stop 49.85 ,first target47.90, if fall drastically arrive 46.54
From 43.77 to 46.6,One to one to 49.3.