13 May, 2017
Mr Bake said prices were still languishing near $50 a barrel as a warm winter had weakened demand for heating fuels in the first quarter while global inventories of oil had not drawn significantly.
OPEC members and other producers including Russian Federation pledged to reduce their output by nearly 1.8 million barrels per day (bpd) in the first half of the year, but the impact of the initiative has been slow to show up in global inventory data.
OPEC and the other participating producers will meet on May 25 in Vienna to decide whether to extend the cuts and, potentially, agree a deeper reduction.
"Owing to the rapid recovery in US oil production, OPEC obviously only has limited influence on prices via supply curbs", it said.
OPEC said on Thursday that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States.
"Global markets continued to support the value of multiple-region destination grades, such as Arab Light, Basrah Light, Iran Heavy and Kuwait Export", OPEC said in the report.
John Wall Confident Wizards Can Win Series, Isaiah Thomas Talks Refs Postgame
He has averaged 6.3 points and 2.6 rebounds off the bench for Wizards this playoffs while completing 40 percent of his 3-pointers. The Wizards got into the paint with nearly no resistance and despite starting Amir Johnson, there was zero presence on the glass.
LUPICA: Victory meant more to the GOP than the health of millions
Former President Barack Obama speaks after being presented with the 2017 Profile in Courage award during ceremonies at the John F. What seemed to matter the most, and to the guy out front, was that they had finally put some legislative points on the board.
Why Nigerien President Issoufou's visit to Buhari was postponed - Adesina
Earlier this week, a group of prominent Nigerians has called on Mr Buhari to take medical leave as concerns about his health grow. We always said Mr President will stick to his doctors' advice so that he can recover much more quickly.
OPEC de-facto leader, Saudi Arabia, is increasingly unable to control the global oil supply because of rising energy production in the U.S., Russian Federation and Iran.
OPEC issued its monthly reports this week, clearly indicating a drop in OPEC production but still holding concerns of an uncertain future.
Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, said the market is not just looking at U.S. production figures and U.S. inventory data. USA light crude CLc1 was up 1 cent at $47.84. Apache Corp. and Anadarko Petroleum Corp., two of the most active hedgers a year ago, hadn't added significant new contracts as of the end of the quarter, for example. The most prominent is that extending cuts lifts the oil price high enough for shale to hedge again, as it did earlier this year.
"Risks are emerging to 2018 balances", said Martijn Rats, oil analyst at Morgan Stanley in London. The fiscal outlook for the country looks so dire when compared to 2013's surplus of $48 billion, that the International Monetary Fund warned it could go through its fiscal reserves within five years.
According to the report, this was the biggest among oil producers as Nigeria makes move to over-take Angola and retain its position as biggest oil producer in Africa. By cutting costs and boosting efficiencies, USA shale has made itself capable of profitably producing $50 per barrel oil.