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Azerbaijan Reduces Oil Output in February - Energy Ministry

07 March, 2017, 00:28 | Author: Paula Vaughn
  • Oil drilling rig in Prudhoe Bay Alaska. Pixabay  Public domain

Crude oil prices fell in Asian trading on Monday, damaged by the impact of a consistent growth in USA rig counts over the last seven months.

Chief executives from five hard-hit worldwide oil producers - BP, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell and Total - will be listening closely to the ministers' comments to see if those production curbs will be extended past their June expiration.

Investors are also looking at the impact from Trump's policies (whatever they are). The number rose 609, the highest since October 2015 and the seventh straight week rig numbers have risen. (9.032 million barrels last Friday week and just 45,000 barrels a shay under the figure for the same week in 2016).

According to letter sent from Joint Monitoring Committee to the Energy Ministry, Azerbaijan fulfilled the obligation by 214%: "Azerbaijan is one of the countries playing leading role in this process and without contribution of such countries, OPEC and non-OPEC countries will fulfil the obligation less than 86%".

BHP Billiton has boosted investment in its shale operations since last fall, forecasting the sector to become the single largest generator of cash flow for its petroleum business within five years. Saudi oil minister Khalid A. Al-Falih speaks Tuesday.

Analysts are waiting for both men to give some idea if the production cap will last past the June end data in last November's agreement.

Sunderland vs. Manchester City 2017 live stream
Guardiola added: "People can believe these games are easy to play, but we didn't fall into that trap". We are there behind, of course, Chelsea because they are nearly unstoppable".

And U.S. producers have responded quickly to higher prices.

In response to a question on whether the market was re-balancing in the face of large US supply, Barkindo said "it depends who you talk to and it depends on what inventories you are looking at".

Crude oil prices were also supported by news of increasing supply disruptions in the Middle East, ANZ said in a note on Monday.

"The market's expectations that Russian Federation will cut its oil output has not yet happened". The agreement was signed for the first half of 2017, with the possibility of extension.

A weaker dollar bolsters commodity prices, including oil.

There was additional pressure from rising dollar.

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