However, the current agreement allows for such a possibility, he noted.
So far, OPEC compliance with its production cut goals appears to have been good, with cold weather and natural declines adding to reductions from non-OPEC producers, resulting in Russian Federation being ahead of schedule. "The technical possibility of the deal extension is envisaged by the agreements", Novak said.
"Lack of weather-generated demand for heating oil will be offset in coming weeks by agricultural demand, but with refineries coming back into service, the market looks capable of meeting any increased demand", reports Reuters.
Merkel offers Egypt help in stemming migration to Europe
Merkel's meetings with the religious leaders followed bilateral talks with the Egyptian President Abdel Fattah al-Sisi. Germany has made strengthening economic development in Africa a priority for its presidency of the G20 group this year.
The US saw an addition of 1.5 million barrels of commercial crude oil for the week to February 24, which has increased the stockpiles to 520.2 million barrels, according to the Energy Information Administration (EIA).
The Organization of the Petroleum Exporting Countries (OPEC) is reportedly only 70 percent of the way in its oil production cutbacks towards reaching the level it thinks will eliminate the global glut and boost prices, and presumably narrowing this gap will be even more hard to achieve with news Thursday that Iran is pumping in excess of its goal and production from normally compliant-friendly Angola failed to meet its reduction target last month. Stocks also continued to build in China and volumes of oil stored at sea increased.
However, some data other than the production numbers suggest that the Kingdom might be bypassing the OPEC deal by other means. To support this trend, Saudi Arabia has offered to reduce oil production even more if rival Iran caps its own output this year. Since then, United States crude oil production has risen ~7.2%.
EPA Won't Require Methane Data From Oil, Gas Companies
Some oil companies are already teaming up with tech developers to better manage the methane emissions at their fields. Environmentalists, meanwhile, are anxious that the oil and gas industry has Pruitt's EPA in its pocket.
National Iranian Oil Company's Managing Director Ali Kardor said Iran's crude oil production is expected to hit 4 million b/d by mid-April and could rise to 4.7 million b/d within five years under an aggressive new drilling program.
He forecast an average Brent (LCOc1) oil price for 2017 of $55-60 per barrel and said the price of Russia's flagship Urals blend would likely be $2-$3 per barrel below that.
Lorde 'Green Lights' her first single in two years
Singer Lorde has announced the name of her forthcoming second studio album, saying that the music was inspired by David Bowie. Well, that time is now and the singer has released some car-themed teasers ahead of her new single's release.