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04 June 2017, 06:26 | Vickie Mathis
It's set to be a bright start here in London
Khalid Al-Falih said he expected a "healthy return" for USA shale and remained defiant that a boom in US shale won't derail OPEC's effort to tackle the demand and supply imbalance.
"Both Brent and WTI traded around one-month highs ahead of the OPEC meeting, but were tempered when Saudi Arabia'soil minister played down further reductions in any new OPEC output deal".
Well then - it looks as though OPEC, Russia and other major oil producers have agreed this week that they are going to hold their collective brush power for another nine months.
Concerns remain that OPEC-led production cuts will support a further rise in output from the USA, where producers can operate at much lower costs.
USA crude prices were down 0.84 per cent at US$50.93 a barrel even as Organization of the Petroleum Exporting Countries delegates said that the producer group had made a decision to extend cuts to March. Crude oil prices fell quite sharply in the aftermath of this announcement however, with many investors clearly having hoped for more aggressive cuts.
Brent crude futures were at $51.09 per barrel at 0348 GMT, down 37 cents, or 0.7 percent, from their last close.
In any case, given the seasonal increases in demand in the second half of the year, the company believes that a nine-month extension should be more than enough to bring stocks down to their five-year average.
However, an exemption would automatically undermine OPEC's effort to push up prices by extending the cut agreement, OilPrice indicated.
OPEC accounts for a third of global oil production and includes numerous world's largest oil exporters such as Saudi Arabia and Qatar.
Year to date, USO has added more than $125 million in new assets, but there are some signs traders are growing exhausted of the fund from the long side as USO lost almost $15 million in assets since the start of the current quarter. Beyond bloated inventories, one of the main reasons markets have not tightened more has been USA oil production, which has soared more than 10 percent since mid-2016 to 9.3 million bpd. Falih informed that OPEC members Nigeria and Libya would still be excluded from cuts.
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