Oil prices rise in Asia in expectation of Aramco supply cut TOKYO: Oil futures rose in Asian trading on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as OPEC battles against rising US output that is threatening to derail its attempts to end a sustained global glut in crude.
"Based on consultations that I've had with participating members, I am confident the agreement will be extended into the second half of the year and possibly beyond", said Falih during an industry event in Kuala Lumpur.
Crude prices surged back above $47 to settle higher, as investors' jitters concerning rising levels of USA oil output eased, after the EIA revealed a bullish inventories report.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $47.46 per barrel, up 13 cents, or 0.3 percent from the last settlement.
In a monthly report, the Organization of the Petroleum Exporting Countries revised up its estimate of oil supply growth from producers outside the group this year to 950,000 barrels per day (bpd), up from a previous forecast of 580,000 bpd.
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"U.S. crude oil production is now solidly above 9.3 million barrels per day with more to come, and refined product, especially for gasoline, is oddly weak", said John Kilduff, partner at hedge fund Again Capital in NY.
The US dollar, meanwhile, gained 1 per cent against a basket of currencies so far this week as it rose to its highest since April 21, pressuring greenback-denominated oil.
Brent was 60 cents higher at $50.82 a barrel by 1255 GMT after hitting an early high of $51.09.
Saudi Aramco's decision to reduce oil supplies to Asia has seen prices rally again after recent declines.
BMI said that "continued output growth. particularly in the US" would cap price upside gains from the supply cuts, adding that it expected average 2017 prices of $57 per barrel for Brent and of $53.75 a barrel for WTI.
Since a low point in May 2016, USA producers have added 387 oil rigs, or about 123 per cent, Goldman Sachs said.
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It seems likely that the current deal amongst Opec nations and some other key oil producing nations will be extended. An agreement to cut production was reached in September last year, but the deal was due to run out later this year.
The Opec deal reached in November helped lift prices but also breathed new life into U.S. producers, who have boosted drilling in shale regions and raised United States output to levels not seen since mid-2015.
Oil price gains since November were slashed off after OPEC and other oil producers, including Russian Federation granted to cut output, valuing 1.8 million bpd.
A third source said an extension of up to one year could be an option.
Meanwhile, the benefits of OPEC's agreement to cut output have proved elusive.
The delegates had initially hinted that the current output cuts were likely to be extended, forcing both crude oil contracts to slide to their lowest since November 30, the day OPEC agreed to cut supply.
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