OPEC likely to extend output cuts, but price relief elusive
May 25, 2017, 01:36
Oil prices were higher in European trading on Wednesday, trying for their sixth straight session of gains on the likelihood that OPEC will extend production cuts for another nine months when it meets on Thursday.
OPEC will discuss prolonging an original deal reached in December in which OPEC, as well as 11 non-member oil producing countries, including Russian Federation, had agreed to cut output by approximately 1.8 million barrels per day (bpd) in the first half of 2017.
The plan was released just a day after Trump left Saudi Arabia, Opec's de facto leader, following his first overseas state visit.
A powerful consortium of oil producers that includes Saudi Arabia and Russian Federation will try to goose lackluster oil prices this week with promises to extend previous output cuts for several months and perhaps into next year.
"I would go along with the majority", Zanganeh said. However, this most extreme bearish scenario is also probably the least likely outcome. In fact the reserve has been cut in the past two and a bit years by a handful of sales, the most recent being earlier this year when a total of 16 million barrels were sold under authorisations from former President Obama.
Surprises on Thursday are still possible. Non-OPEC nations Oman and Mexico also confirmed their support for prolonging the curbs through the first quarter of 2018.
OPEC has a self-imposed goal of bringing stocks down from a record high of 3 billion barrels to their five-year average of 2.7 billion.
"Gasoline demand is picking up in the United States, which also resulted in larger-than-expected crude drawdown despite higher oil production and imports", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
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Trump said as much in one televised interview, but the White House has offered changing justifications for the firing. The Russian government is accused by USA intelligence of trying to tilt the 2016 election in Trump's favor.
Mr Rosenstein said, although he was personally fond of Mr Comey, "I thought it was appropriate to seek a new leader". But he added: "I haven't lost my confidence in the president to be our president, I just haven't". "I believe it.
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