Saudi Arabia is calling for an extension of the current agreement on global oil supply cuts.
Pradhan also discussed the effects of the production cut of 1.8 million barrels per day by OPEC and non-OPEC countries on the global oil scenario.
Despite this, James Woods, investment analyst at Australia's Rivkin Securities, said "the potential for deepening cuts remains limited".
Pradhan acknowledged that OPEC's production cuts are an attempt to stem the crude price slide, but said he was anxious that it could result in under-investment in the energy sector and push prices up in the long run.
We think we have everybody on board, Al-Falih said in an interview with Bloomberg television in Riyadh. However, in a press conference held shortly after 12 p.m. ET, Luaibi said he agreed it was necessary to carry over the deal for another nine months.
And that means total United States crude production is likely to hit a record high this year, a scenario that may not only see the USA take market share away from other crude producers but also keep a lid on prices.
Saudi Arabia and Russian Federation, the biggest of the 24 producers in the accord - and which don't get on in other areas either - agreed last week that it should be extended until March.Читайте также: United 2 Crystal Palace 0
The latest COT data recorded a small decline in the number of long, non-commercial crude positions on NYMEX, the fourth successive decline, although overall positioning was little changed on the week.
Price of the Brent crude oil at the London ICE (InterContinental Exchange Futures) rose $0.42 to trade at $54.03.
Late past year, the Organization of the Petroleum Exporting Countries and non-OPEC members reached a deal to cut production by 1.8 million barrels a day for six months, staring from January 2017.
OPEC and other producers, including Russian Federation, meet in Vienna on May 25.
The IEA, a Paris-based energy watchdog for consumer countries, warned this month that even with better oil demand and continued supply restraint, absorbing the enormous glut of oil will be slow going this year.
He said he saw the oil Industry at a "delicate crossroad" and higher crude prices would, according to him, give a further push to renewables.
Papa, who helped create the shale industry more than a decade ago, estimated that average USA output would be 450,000 barrels a day higher this year, the delegates said.
Last November, major oil producers agreed to cut output as a response to the global supply glut that had been pushing down prices for nearly two years.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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