Russia, Iraq say too soon to talk of extending oil output curbs

Russia, Iraq say too soon to talk of extending oil output curbs

US oil producers are likely to add more rigs in the coming months considering a potential growth in capital investments. "We don't see a peak in oil demand any time soon".

Demand concerns and expectations for increased U.S. oil supplies also dented oil prices.

The downside drag on oil prices of higher U.S. crude production being cancelled out by the upside risk of Opec and non-Opec production cuts has meant that oil benchmarks have barely budged from the current mid-$50 prices, and have shown little appetite for a climb to $60.

Meanwhile, figures from Russia's energy ministry released last week showed February oil output was unchanged from January at 11.11 million barrels per day (bpd), casting doubt on its moves to rein in output as part of a pact with oil producers a year ago.

After hitting a record high last week, hedge funds reduced wagers that U.S. "And unless investments globally rebound sharply, a new period of price volatility looms on the horizon".

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In the meantime, a new executive order on immigration from the Trump administration is expected as early as Thursday or Friday. Vargas hid in her house for hours until ICE agents came in with a warrant, wielding guns. "That's wrong.

"We have seen two years in a row of huge declines in upstream investment".

"US rig counts have almost doubled from their lows in May 2016, which has contributed to a rebound in crude production stateside to over 9 million barrels per day (bpd)". The 10 members of the group that pledged to make cuts in Vienna in November implemented 104 percent of those reductions, largely because Saudi Arabia went beyond its target. For its part, production from Russian Federation is forecast to remain stable over the next five years.

Azerbaijan completely fulfils its obligations to reduce oil production by 35,000 barrels per day, the ministry said, adding the country was producing 793,900 barrels of oil per day in January 2017.

Non-OPEC supply is expected to grow by 3.3 million bpd to 60.9 million bpd by 2022, led by the United States, accelerating sharply in 2018 and 2019 before slowing thereafter, the IEA said. "I'm anxious they've overdone it, since we haven't seen much happen with measures that would support the market - i.e. inventories". "We are witnessing the start of a second wave of USA shale oil growth", he said.

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