Global Oil Supplies Inch Down In April: IEA

On Monday, Russian and Saudi energy ministers said in a joint statement that Moscow and Riyadh meant to propose a 9-month extension of the current Vienna agreement on oil output cuts on the existing conditions at the OPEC ministerial meeting in late May.

Then in December, non-OPEC producers led by Russian Federation agreed to cut their own output to 558,000 barrels per day.

OPEC and non-OPEC participants will meet on May 25 to review its production agreements, and signs suggest the deal is likely to be extended.

The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to cut output by 1.8 million barrels per day in the first half of 2017, with a possible six-month extension, in a bid to shore up prices.

"This agreement aims to rebalance the global supply and demand by restoring the level of world oil reserve to the rate of the past five years", the report cited the minister as saying.

They also impact United States oil and gas exploration and production companies like ConocoPhillips (COP), Contango Oil & Gas (MCF), Stone Energy (SGY), and Denbury Resources (DNR).

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And on Tuesday, Kuwait said it "gives its full backing and support to. extend the oil output cuts deal between OPEC and other producers until March 2018".

The deliberations come as two Opec members exempt from the cuts boost output.

Extending the cuts at already agreed-upon volumes is needed to reach the goal of trimming global stockpiles to the five-year average, Kuwait's Oil Minister Issam Almarzooq said in an emailed statement on Tuesday.

The agency trimmed its estimate for first-half global demand growth by 115,000 barrels a day, citing weaker consumption in "previously solid countries" like India and the US, yet kept the full-year growth forecast steady.

Global oil inventories increased by 100,000 barrels a day in the first quarter - just 8% of their gain a year ago - and are set to drop by 700,000 a day in the second, the agency said. This is despite relative weakness in a number of previously solid countries - India, the US, Germany and Turkey - which curtailed the H1, 2017 global demand growth estimate by 115,000 b/d.

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