Market views on supply and demand have divereged in recent weeks, with some anayst suggesting new demand will dry up a glut of crude on the global market, while stepped up refinery activity at the Northern Hemisphere summer approaches willa id that effort.
Growing U.S. production is playing into concerns that a global production cut deal by the Organization of the Petroleum Exporting Countries and non-OPEC members is having less of an impact.
Saudi Arabia is ready to extend the cuts if supplies stay above the five-year average, Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid al-Falih said on Thursday on Bloomberg Television.
The markets took some comfort yesterday, when Falih said that the production cuts can be extended, if necessary, according to Bloomberg News.
Veterana depravada violó 15 veces a pibe en un auto
Al tomar conocimiento de la situación, la madre del menor fue quien denunció y sin tener escapatoria, la acusada confesó. Por el relato de la denunciante, todo comenzó cuando la mujer le hizo llegar al menor fotos sin ropa .
Oil prices edged up on Friday as a drawdown in US crude inventory eased concerns about a global supply glut. U.S. West Texas Intermediate (WTI) crude futures rebounded from losses, but were down 43 cents to $48.35 a barrel.
"Currently, oil exports to Europe stands at 500 thousand barrels per day and we are planning to raise it to 800 thousand barrels per day by the next two months", IRNA quoted Ali Kardor as saying.
Minister Al-Falilh, speaking at an energy conference in Houston, said Saudi Arabia can not be the swing producer any longer.
Compared with a year ago, total non-OPEC supply was 285,000 bpd lower, of which the United States accounts for roughly half, the agency said.
4-year-old boy accidentally hangs himself in Minnesota store
Pena apparently got the hooded sweatshirt he was wearing caught on a hanger attached to the wall, said Police Cmdr. An online fundraising effort started by relatives to cover funeral expenses identified the boy as Ryu S.
EIA noted that gasoline supplies fell by 3.1 million barrels, and distillate stockpiles dropped 4.2 million barrels last week, too.
Reacting to the oil glut, financial oil traders cut their net long U.S. crude futures and options positions in the week to March 14, the third consecutive reduction, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The group reached an agreement last fall to trim 1.2 million barrels a day from production.
"The recovery path of US tight oil is key to rebalancing the oil market over 2017, so is the compliance of the 11 non-OPEC countries that agreed to curb output", the IEA said. However, later in the week, the markets stabilized and rallied after the report of a surprise inventory draw, friendly comments from the International Energy Agency and a weaker U.S. Dollar. One OPEC source said shale production was expected to grow by about 300,000 bpd this year - a level the market could accommodate.
Meanwhile, oil producers in the US will be nervously waiting and watching.
UK Prime Minister Theresa May will trigger Brexit proceedings next Wednesday
The Government lost its case at the Supreme Court in January, meaning that triggering Article 50 had to receive approval from Parliament.