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Kuwait backs call to extend oil output cuts

On Monday, Russian and Saudi energy ministers said in a joint statement that Moscow and Riyadh meant to propose a 9-month extension of the current Vienna agreement on oil output cuts on the existing conditions at the OPEC ministerial meeting in late May.

Signs of a resurgence of oil production in Libya and Nigeria, both OPEC members, has the potential to dampen the cartel's efforts to curb the global oversupply of oil, the International Energy Agency said Tuesday. Prices on the market will change sharply, should the agreement be reached. "These combined volumes could largely offset the benefit of the extended cuts", Goldman Sachs said, keeping its average Brent price forecast for the third quarter at $57 per barrel. Saudi Arabian production in April average 9.97 million barrels per day, nearly 1 percent below its quota under the multilateral deal.

OPEC officials will meet next week in Vienna to talk about extending oil production cuts that have stabilized oil prices but haven't rebalanced the global oil market yet.

Kuwait today backed a call by top oil producers Saudi Arabia and Russian Federation to extend a deal on crude production cuts for nine more months. Oil has surrendered about half its gains since the producers' accord to cut output late previous year.

Shadow Brokers Planning To Cause Extra Damage With More Zero-Day Bugs
Cisco, Juniper, Intel, Microsoft , Symantec, Google, Apple, FireEye, any other bullshit security companies didn't buy lost warez. The Shadow Brokers' first dump of exploits in August sparked a robust discussion within the Obama administration.

"This agreement aims to rebalance the global supply and demand by restoring the level of world oil reserve to the rate of the past five years", the report cited the minister as saying. If OPEC keeps its output at the April level, the authority estimates an inventory draw of 700,000 bpd by the end of the second quarter.

Iraq's crude oil production hit an all-time high of 4.66 MMbpd in December 2016.

It has been suggested that U.S. output, which is not included in the deal, might scupper the agreement, however, the current weak oil price makes exploitation of United States shale oil deposits marginal, so the USA also has a vested interest in seeing the oil price rise from a producer's perspective, but this is tempered as the USA is the largest market for oil.

"Growth was weaker than expected in the first quarter, however, with notable downward revisions seen in the U.S. - where demand is essentially flat - and in Germany, Turkey and India", the report said.

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