OPEC and some non-OPEC producers agreed in December to cut output by 1.8 million barrels per day for six months to help stabilize oil prices.
Oil prices surged 2 percent on Monday after Saudi and Russian energy ministers said they agreed producers should roll over a deal to take 1.8 million barrels a day off the market.
The bank said that "these combined volumes could largely offset the benefit of the extended cuts". They also impact U.S. oil and gas exploration and production companies like ConocoPhillips (COP), Contango Oil & Gas (MCF), Stone Energy (SGY), and Denbury Resources (DNR). "We discussed this topic and we support this kind of proposal".
Russian Energy Minister Alexander Novak said the proposed extension of output cuts aimed to bring global commercial oil inventories down to the five-year average and stabilize the market.USA bank Goldman Sachs said the deal would likely extend the oil price rebound "although the rally so far.has remained modest compared to the move that occurred last year when the OPEC cuts were first announced".
Still, global oil supply and demand almost realigned in the first quarter after a almost three-year oversupply, and the oil stuck in storage tanks around the world shrank by 1 million barrels a day in March, the IEA said. USA bank Goldman Sachs said the deal "will likely further extend the oil price rebound... although the rally so far... has remained modest compared to the move that occurred a year ago when the OPEC cuts were first announced".
Russian President Vladimir Putin said on Monday that extending oil output cuts for further nine months would ensure stable oil prices.
HONG KONG (AP) - A strong U.S.jobs report shored up markets on Friday, though energy shares remained under pressure after the price of oil touched its lowest level in nearly six months.
Brent crude, the global benchmark, had risen $1.50 to $52.34 a barrel by 1152 GMT and traded intraday at $52.52, the highest since April 24.
Since then Opec ministers have issued a flurry of supportive statements to assure the market that a deal is likely to come from the May 25 meeting.
USA cyber stocks jumped, but the largest advancing sector on Wall Street was energy as shares tracked oil prices higher.
"There has been a marked reduction to the inventories, but we're not where we want to be in reaching the five-year average", Falih told a briefing in Beijing alongside Novak. Saudi Arabian production in April average 9.97 million barrels per day, nearly 1 percent below its quota under the multilateral deal.
Current U.S. production is at 9.3 million bpd, up more than 10 percent since its mid-2016 trough.
MONDAY: A few lingering showers are possible south of United States 82 but we're taking the rain chance down to 10%. Overnight expect partly cloudy skies with lows in the 40s for Missoula and Kalispell and 30s for Butte and Bozeman.
For 2018, oil demand is expected to increase by 300,000 bpd, down from a previously forecast rise of 340,000 bpd. Currently, OPEC is planning to extend the tenure of this oil curb to the year-end or to next year.
Prince died last April from an accidental overdose of fentanyl, a highly addictive opioid similar to morphine. Attorneys for rejected claimants had urged Eide to wait for appeals to be resolved before naming the heirs.
After sweeping Utah and the Los Angeles Clippers, San Antonio took a 2-0 lead over Oklahoma City in the Western Conference finals. Gibson scored 31 points in the Cavaliers' series-clinching win over the Pistons that night, including 19 in the fourth quarter.
Production won't begin until this fall, and Sony Pictures will most likely reveal most of the cast-list at that time. Fans have longed for a solo Venom film and Sony seems to be listening, making it a top priority with a 2018 release.
Manning, a transgender woman and US soldier, was convicted of espionage in 2013 and sentenced to 35 years in an all-male prison. On Friday, the group released what it said were new details of Central Intelligence Agency cyberespionage tools.
A second official, senior German lawmaker Burkhard Lischka, called Trump's disclosures "highly worrying". Trump described his talks with the Russians as "an openly scheduled" meeting at the White House.
A 22-year old security researcher in the United Kingdom discovered a "kill-switch" to initially stop the spread of the attack. NHS organisations across the country are on alert for a possible recurrence of Friday's cyberattack as staff return to work.
This isn't a third-world country, and this kind of thing can not go unresponded to diplomatically, and maybe in other ways". Now, CNN reports that some of the culprits behind the assaults were actually Turkish security officials.
According to police, Lam was believed to be driving a tan 2000 Toyota Corolla with the California license plate of 5SEY238. Rodriguez said the boy's mother went to police Thursday to report that her son had not been returned by his father.
They gave double priority to offense and slacked on defense - a strategy good enough for a Western Semifinals appearance. Yet two of the final three games in this series are at TD Garden, where the Wizards haven't won since April 16, 2014.
And poor Kelly Olynyk was left out to dry against LeBron, who chose to toy with Olynyk before taking him to the basket. And then there's the fatigue factor, which it looked like the Celtics were suffering from at the start of Game 1 .
To give contract for student loan servicing to one company
Secretary of Education Betsy DeVos is a radical Christian extremist who wants to use American schools to "advance God's kingdom". Federally funded after-school programs that keep 1.6 million American kids safe and provide wholesome activities would vanish.
US President Trump launches NAFTA renegotiation
Lighthizer told reporters that he hopes negotiations will be completed by the end of 2017, according to Reuters . President Donald Trump has officially alerted Congress that he will begin NAFTA renegotiation talks.