Hi to all,
Here’s what I have for price changes for this week:
*Heating and stove oils both show no changes.
*Diesel fuel shows a drop of a half penny, and...
*Gasoline shows a drop of 1.5 cents a litre.
OPEC and non-OPEC producers extend production cuts
Meetings of OPEC and non-OPEC members on Thursday past were deemed to be successful by the group as both sides saw an extension of a cuts agreement extended until the end of 2018 from March of 2018.
Non-OPEC members were also in agreement as the cuts both groups Implimented were seen to be a successful measure in chewing into a world over-supply of oil.
Non-OPEC members agreed to add 600,000 barrels a day in cuts to add to OPEC’s 1.2 million barrels a day brought in November of 2016.
Markets wait and see
While OPEC and non-OPEC members were successful in reaching an agreement on cuts, market traders were left to wonder at how much U.S domestic output will respond to fill the gaps in output left by the cuts.
While U.S domestic output is seeing constant growth, so far it has been sporadic as financial issues around any possible collapse has some showing some caution as they get drill-bits into the ground.
Other cite the simple problem of getting people back into the oil workforce after the market collapse of 2014 drove many to other sectors of a booming U.S economy.
Oil prices have remained close to $63 US for Brent for the last few days since the meetings.
That’s it for this week!