Malaysia pledges to cut oil production by 20000 barrels per day

Malaysia pledges to cut oil production by 20000 barrels per day

Oil producers worldwide, including 11 non-OPEC members, joined together in December 2016 to agree on 1.8 million barrels per day of production cuts that would successfully stabilize the oil price in 2017.

"It is also worth noting that Saudi Arabia is in the process of listing Aramco (the national oil company), and will therefore require a stable oil price to support their US$2tn valuation of the company, and so it is in the country's interest to continue with production cuts". The initial agreement would have expired next month.

"The outcome of the OPEC meeting which was scheduled on 25th May 2017 chose to cut 1.8 million barrels per day through March 2018".

Hamid stated that only decisive action from OPEC will boost prices from current levels, which is constantly facing the challenges of increasing United States shale output.

Fired FBI Director James Comey acted on intelligence he knew was fake
It is not clear why Comey was not honest about the fake nature of the information in classified sessions with lawmakers. The Washington Post reported Wednesday that this Russian intelligence was unreliable.

The start of US summer driving season, marked by the Memorial Day holiday on Monday, should be supportive with the number of Americans on the road this weekend forecast to hit a 12-year high this year, fueled by a growing economy and relatively low gasoline prices. Investors will also get a look at durable goods order data for April, the University of Michigan's consumer confidence snapshot and the Baker Hughes oil rig count. Kazakhstan, Mexico and Azerbaijan are among the larger non-member contributors and the deal, Bahree said, underscores the strength of the relationship between OPEC and other producers.

OPEC was under pressure from oil producers to reduce crude oil stockpiles from their current level at 3bn barrels to their long-term average of 2.7bn barrels.

OPEC ministers were forced by Texas shale oil producers on Thursday to extend a supply cut into 2018, a regulator from the USA state said.

He said there has been a "recalibration of costs" since June 2014, when crude prices began plummet.

Federal Bureau of Investigation probes Kushner-Russia meetings; more documents sought
Flynn had been forced to resign one day before the meeting took place, according to Comey's memo. It is unclear why Comey was not more forthcoming in a classified setting.

Crude oil prices fell 5% after the announcement, which disappointed a market hoping for deeper production cuts.

But it also spurred growth in the US shale industry, which is not participating in the output deal, thus slowing the market's rebalancing.

According to OPEC President and Saudi Energy Minister Khalid al-Falih the output cuts will be extended further when the signatories to the deal meet next in November.

Most investors had already factored in this outcome as Saudi Arabia and Russian Federation earlier in May that a nine month extension was needed, but some had bet on the producers agreeing to bigger reductions in supplies.

Flash Flood Watch extended through Wednesday night
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