Oil producers have consensus to extend cuts, 2 OPEC members say

Oil producers have consensus to extend cuts, 2 OPEC members say

"U.S. tight crude output is expected to rise rapidly and increase by 600,000 bpd in 2017", OPEC said, using another term for shale.

The higher prices were a result of top exporter and de facto OPEC leader Saudi Arabia saying on Monday it would "do whatever it takes" to rebalance a market that has been dogged by oversupply for over two years, resulting in crude prices below $50 per barrel.

The energy component was already trading higher on Wednesday after data released by the American Petroleum Institute late Tuesday showed USA inventories fell by 5.79 million barrels.

Oil prices have erased the gains achieved since November, when OPEC and other producers, including Russian Federation, agreed to cut output by about 1.8 million barrels per day (bpd).

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Oil prices rose on Wednesday after a larger than expected fall in USA crude inventories and on attempts by Opec to rebalance an oversupplied market by cutting output. Iraq and Algeria said Thursday, May 11, 2017, that they support the extension of oil production cuts by OPEC and non-OPEC producers through the end of the year to try to boost prices.

Brent crude climbed 3% after latest USA oil inventories eased investor worries about the glut of oil swilling around world markets.

Gasoline and distillate stocks also fell, supporting a market that has sold off in recent weeks due to persistently high US inventories.

Global benchmark Brent crude was up $1.81 at $50.54 a barrel by 1:51 p.m.

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Production rose, however, and gasoline demand over the last four weeks was 2.5 percent lower than at the same time period a year ago.

"Chief among (the) oil market's worries is that the renewed rise in USA oil production is reducing the speed at which the supply surplus is being eroded", Fawad Razaqzada, market analyst at Forex.com, said in a note.

Brent and US crude futures contracts closed on Tuesday at their second lowest levels since November 29, the day before OPEC announced it would cut output in the first half of 2017.

An extension of the deal would push supply down even further in the second half of the year, the IEA's Neil Atkinson said at the Platts Crude Oil Summit in London on Wednesday.

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The Organisation of Petroleum Exporting Countries (OPEC) has called on USA shale oil drillers to cut output for the prosperity of global economy.

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