Oil glut

The group of oil-producing countries agreed on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to "The Hill".

Oil price stability is needed for predictability in the global oil market, and volatility in oil prices must end immediately, Turkey's energy and natural resources minister said on April 11. 

OPEC and its allies agreed early on April 10 to lower their collective crude oil production by 10 million barrels per day (bpd) until the end of the second quarter of 2020.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations started their 9th (Extraordinary) OPEC and non-OPEC ministerial meeting via webinar on April 9 at 1445GMT.

The price of oil fell during the Asian session after the reported surprise growth in US stocks. Impacts also came from expecting Organization of the Petroleum Exporting Countries and other manufacturers to decide if they will increase their production at the June meeting, Reuters reported.

Saudi Energy Minister Khaled al-Faleh has said that oil producing nations could start discussing in June when to raise output, though OPEC is expected to maintain curbs until it clears a global glut.

Oil prices continued to fall on Thursday after substantial losses the previous day, dragged down by a surge in US inventories.

The major benchmarks were down over a dollar with Brent crude trading at $51.87 per barrel. US West Texas Intermediate was at $49.05 during afternoon trading, falling below $50 per barrel for the first time since December.

OPEC countries are largely complying with a landmark deal to reduce the global oil glut, the IEA said on Feb. 10, as it predicted that oil demand was likely to be more vigorous than anticipated this year.     

In its latest monthly report, the International Energy Agency estimated "a record initial compliance rate of 90 percent" to the landmark deal that came into effect in January.

The oil market surplus may run into a third year in 2017 without an output cut from OPEC, while escalating production from exporters around the globe could lead to relentless supply growth, the International Energy Agency said on Nov. 10.

Cutting oil production is the best way to stabilize the market, Russian Energy Minister Alexander Novak has said in Istanbul at the World Energy Congress. 
Speaking at the congress on Oct. 12, Novak said the oil price issue was different than previous crises and was lasting longer than previously.

OPEC members and key oil producers from outside the cartel will meet on April 17 in Doha in a bid to stabilize falling crude prices, Qatari energy minister Mohammed al-Sada said on March 16.