OPEC sees light at 'the end of the tunnel'

Iraq's Oil Minister Jabbar Al-Luaibi said nearly all countries participating in the cut had agreed to extend it, though there was no consensus yet on how long the extension should be.

"We have full commitment from the Russian side, including President [Vladimir] Putin himself", Falih told reporters on the sidelines of summits between US President Donald Trump and Muslim leaders from around the world.

In early December, oil producers outside OPEC, led by Russian Federation, agreed to reduce output by 558,000 barrels per day (bpd).

Longer supply curbs are probably not needed to drain excess inventories built up during years of high oil prices with a rebalance to be reached within 18 months even if OPEC and its partners are 90 percent compliant with their pledge.

"We will do whatever is necessary", he said, expressing an openness to "creative" solutions.

Then in December, non-OPEC producers led by Russian Federation agreed to reduce their own output by 558,000bpd.

"They already are", said Amrita Sen, the senior oil market analyst at Energy Aspects consultants.

But as far as Helima Croft, commodities strategist at RBC Capital Markets, is concerned, getting Iraq to follow through on its agreement to extend its cuts under OPEC "is going to be interesting".

Saudi Arabia and non-OPEC member Russian Federation, the world's top two oil producers, have agreed on the need to prolong the current deal on cuts, which expires in June, until March 2018.

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"I don't accept that Saudi Arabia or any other countries should pick up the slack from others", he said.

Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore said the White House proposal was a surprise, but added that over a 10 year period the sales would only amount to around 95,000 bpd.

The minister also emphasised the OPEC should move towards responsible pricing which is prudent for India's socio-economic developmental and will let the government provide provide energy to the common and marginalised people. According to Goldman Sachs the number of rigs have increased by 128% in the United States since mid-last year leading to an increase in us oil production of close to 900,000 barrels per day or about 10%.

Demand may also slow.

Meanwhile, U.S. producers learned during the oil crash how to become leaner and operate within cash flow at lower oil prices.

Iraq's Oil Minister Jabar Ali al-Luaibi met with his Saudi counterpart Khalid al-Falih in Baghdad on Monday to discuss an extension in cuts for crude oil output.

U.S. shale drillers aren't the only ones threatening to offset OPEC's oil production cuts.

Goldman Sachs says that the USA rig count for new oil production had jumped by 404 since May previous year, a rise of 128 per cent.


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