Russian, OPEC ministers to meet this week on oil output cuts

Both contracts have lost almost 1 percent so far this week. Slightly more (43 percent) see prices closer to $50, while 35 percent see them closer to $60. The announcement ended a strategy of high supply that had aimed to cripple the USA energy industry, but also led to decade-low prices and drained the budgets of crude-oil producing nations.

Meanwhile, OneNewsNow did ask if this is all the more reason to go after more North American oil and say Farewell, OPEC.

Brent crude rose as high as $55.26 in late morning trading, up 1.4 per cent, while West Texas Intermediate crude rose one per cent to $52.19.

Meantime, expectations are that gasoline prices will also rise in 2017, though by a smaller margin than diesel and crude oil.

Rallying oil prices on the heels of OPEC's production cut decision began to lift gas prices this past week, raising Houston's regional retail price average for the first time in several weeks. Also global oil inventories are expected to build next year at a rate that is expected to be just more than half of this year.

Indonesian output rose by 10,000 bpd. Analysts point out that was the highest pre-sanctions production figure for the country.

Democrats looking to reclaim Midwestern supporters
The result was Americans lost three million manufacturing jobs from 2000 to 2004, 5.8 million more by 2010. Senate Democrats nearly certainly can not stop Donald Trump's Cabinet from being confirmed.

The market remained leary that cuts by non-OPEC members, in tandem with the OPEC cuts, would be sufficient.

"We remain skeptical that non-OPEC producers will line up to pledge their own reductions when OPEC's announcement last week already largely took responsibility for rebalancing the market", said Tim Evans, energy futures specialist with Citigroup in NY.

And then there is what appears to be the Angola fudge (Angola is broke). But Opec does not appear to have added Angola's 200,000 bpd production to its starting point for the overall deal. At last week's meeting, Indonesia suspended its membership again.

Libya and Nigeria, both of which are exempt from the supply cut due to the impact on their output from conflict, boosted production in November. "Approximately, 0.3-0.4 mbpd of production could return from these areas", the report said.

"Focus at the moment is on the key producers and Opec and growing doubts non-Opecproducers will be able to come up with 600,000 barrels of cuts", said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.

Related news:

Hot News

isis-killer-beheading-video-story-top Pep Guardiola doubts Manchester United's Premier League chances
Dec 10, 2016 - 05:25
It's flawless for us to play this game in our last game. "He has gone on loan to express that and we are happy he is doing well". Meanwhile, UEFA have started disciplinary proceedings against Celtic for the behaviour of their fans during the City game.

isis-killer-beheading-video-story-top Trump's choice for top China diplomat has long ties to Xi
Dec 09, 2016 - 14:25
But, that he made his pick based on Branstad's knowledge of China and the relationships the governor had cultivated there. During his campaign this year, Trump also accused China of trying to "rape our country" with unfair trade policies.

Ghana opposition leader set to win presidential election: private radio
Dec 09, 2016 - 14:20
Papa Kwesi Nduom has congratulated Nana Akuffo-Addo of the New Patriotic Party for his impending victory at the polls. Ghana is one of Africa's most stable democracies and voters have rejected the government of the day twice since 2000.

Lions using productive paranoia to surge atop the NFC North
Dec 09, 2016 - 14:03
Detroit's defense was strong as well, intercepting Drew Brees three times , despite not getting to him much with the pass rush. The Lions played with a goal , in a higher gear, with a strong mindset, and put forth a total team effort for 60 minutes.

Chiefs hold off Raiders 21-13 to take control of AFC West
Dec 09, 2016 - 13:54
Hill responded by taking the punt and zipping through the Raiders punt coverage, running the kick back 78 yards. Thank the Chiefs defense for keeping intruders from making off with gifts Thursday in frigid Arrowhead Stadium.

Nintendo Switch might have a GameCube Virtual Console
Dec 08, 2016 - 05:29
As part of its latest issue, Nintendo Dream includes answers to a number of questions it sent Nintendo regarding the Switch . However, However, FromSoft's and Bandai Namco's logos appeared on Nintendo's early list of confirmed third-party publishers.

Police identify 4 in unruly Penn State victory mob
Dec 08, 2016 - 05:28
How the committee handled that dilemma would in effect be a referendum on the value of a conference championship in the CFP era. On top of the playoff are the perennial bowl games that as of late have become nothing more than glorified exhibition games.

isis-killer-beheading-video-story-top Royals to trade Wade Davis to Cubs
Dec 08, 2016 - 05:26
Soler would fit well in the American League with his tape-shot homers at the DH position and his decent right field ability. At the same time, processing that he went to two different World Series with the Royals, that is a special place for him.

isis-killer-beheading-video-story-top John O'Korn Essentially Guarantees Victory Over Ohio State
Dec 07, 2016 - 01:14
Penn State, ranked No. 8 last week , moved up a spot to No.7 this week after a 39-0 victory over the Rutgers Scarlet Knights. As a result, the Wolverines may have a tough time scoring against OSU's fourth-ranked defense in the country.

isis-killer-beheading-video-story-top Brown scores 3 TDs for Steelers in 28-7 win over Colts
Dec 06, 2016 - 07:17
Those words had barely left Collinsworth's mouth when the tap showed Brown deftly tapping and dragging his two feet for a good TD. It was also the first three-touchdown performance of Brown's career during an otherwise forgettable year by his lofty standards.

Redskins lose another heart-breaker to the Cardinals 31-23
Dec 06, 2016 - 06:40
Near the end of the second quarter and early into the third, the defense managed to keep the offense within striking distance. When Washington needed a stop against Arizona, they let the Cardinals put the game out of reach with a touchdown pass.

isis-killer-beheading-video-story-top Only 26 Percent Of Americans Support Full Repeal Of Obamacare, Poll Finds
Dec 06, 2016 - 06:27
As well, Price's proposal includes expanding the "high-risk pools", to help people to afford the higher premiums they might need. But requiring people below the poverty level to pay premiums, deductibles or cost-sharing could be hard , Friedsam said.

isis-killer-beheading-video-story-top Hideo Kojima's 'Death Stranding' Looks Beautifully Weird In New Trailer, Artwork
Dec 06, 2016 - 06:16
If you noticed that the gentleman shown above looks a lot like Guillermo del Toro , that's because it's definitely him. The game's director was literally "locked in a separate room on a different floor " than his development team.

Bruins win first trip to Rupp
Dec 05, 2016 - 05:09
His quick release and dead-eye mid-range jumper is a ideal weapon to match with a point guard like Ball. This is the best win in college basketball to this point - I don't think there's any doubt about that.

isis-killer-beheading-video-story-top Wisconsin, Penn St. try to focus on title game _ not playoff
Dec 04, 2016 - 04:57
A couple games ago we turned one over in special teams. "We're going to have to up our level from tonight", Rose said. Combined, the teams are (1-3) against Ohio State and MI . "A lot of great teams and it's been fun this year".