collected by :Molly Tony
The agreement is set to last six months through June, but several OPEC members are signaling an extension may be necessary.
The 11 OPEC members — excluding Nigeria and Libya — participating in the agreement exceeded their pledges, implementing 106 percent of the required cuts, the delegates said.
OPEC and its allies improved their collective compliance with a supply-cuts agreement last month as deeper reductions from members of the group offset weaker implementation from other producers.
“Oil prices will not react unless we see a meaningful decline in U.S. oil inventories,” said Anas Alhajji, an independent analyst and former chief economist at NGP Energy Capital Management.
Saudi Arabia’s oil minister, Khalid Al-Falih said Thursday that OPEC would extend the cuts after they expire in June if oil stockpiles remain above the five-year average.
as informed in
OPEC Has To Extend Cuts – Shell Will Benefit Strongly From The Action – Royal Dutch Shell plc (NYSE:RDS.A)
Once again the market has misinterpreted how strong shale producers have become, and how much they’ve improved efficiencies while boosting productivity.
That said, they’ve taken costs out of their offshore operations as well, and are able to compete much better at lower oil prices.
When Shell says it can break even at $20 per barrel with its shale assets, you know the oil market has forever changed.
Many shale producers have clearly stated the goal is bring costs down to a level they can make money at almost any price.
And when taking into account the many pure play shale producers that are not that far off from those numbers as well, it makes no sense to throw out those numbers.
as informed in OPEC officials on Sunday urged member nations to cut their oil production in line with an agreement last year, warning that the petroleum market would remain depressed if they didn’t.
Members of the Organization of the Petroleum Exporting Countries, the 13-nation oil cartel that controls a third of global production, need to take compliance with a cut of 1.2 million barrels a day “very seriously,” said Kuwaiti Oil Minister Issam A….