OPEC, for some quiet moments..

[admin]

Crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance, according to OPEC’s Secretary-General Mohammad Barkindo. An overhang of an estimated 285 MMbbl of oil in storage has been a drag on crude prices even as OPEC and some non-members producers curbed output. Six members of the Organization of Petroleum Exporting Countries and Oman back extending production cuts beyond June, with Saudi Arabia and Kuwait saying oil stockpiles need to fall to the five-year average.

OPEC's Barkindo sees progress in oil cuts as stockpiles shrink

Oil headed for its biggest weekly increase this year amid speculation OPEC will extend its deal to curb output and ease a global glut. Futures are up 4.7% in New York this week, climbing back above $50/bbl after Kuwait Oil Minister Issam Almarzooq reiterated support for prolonging a six-month deal to trim supply past June. Still, prices are down 6.5% this quarter, their biggest three-month loss since late 2015, as U.S. crude stockpiles continue to pile up.

Oil set for biggest weekly gain in 2017 as OPEC eyes extension

Four years ago, Canada’s government tried to keep state-owned companies out of Alberta’s oil sands. Now, they may be around for a while. ConocoPhillips, Marathon Oil Corp. and Royal Dutch Shell Plc decided this month to sell most of their oil sands to Cenovus Energy Inc. and Canadian Natural Resources Ltd. That leaves firms such as China’s Cnooc Ltd. among the last foreigners holding major stakes in the bitumen-soaked soil of northern Alberta.

State oil companies stay in oil sands as Conoco, Shell exit

China has a knack for putting stars in commodity executives’ eyes, and then knocking them out. With oil once again under pressure—global benchmark Brent is down 10% since the beginning of March—investors are firmly focused on buoyant U.S. supply as the main risk factor for further declines. But as with a few years ago, it is weaker demand from China that could deliver a punch to staggering oil markets.

China Tanked Oil Once, It Can Do It Again - WSJ