Oil heads for third weekly gain as Opec says market is improving | GulfNews.com

Oil heads for third weekly gain as Opec says market is improving | GulfNews.com:

"Oil was heading for a third weekly gain as Opec ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut. Front-month oil futures were little changed in New York, leaving them 1.3 per cent higher this week. It’s critical for the Organisation of Petroleum Exporting Countries to maintain focus and fully implement their agreed curbs, Secretary General Mohammad Barkindo said Friday. The oil market is well on its way to rebalancing and the pace of the drop in inventories in developed economies has accelerated, Kuwait’s Oil Minister Issam Al Marzooq said. Oil has advanced this month on forecasts for rising crude demand and as US Gulf Coast plants recover from Hurricane Harvey, which halted almost a quarter of the nation’s refining capacity. Nine months into the Opec-led supply agreement, implementation of the pledged production cuts remains high. Nigeria, which is currently exempt from making cuts, reiterated that it would accept a cap once output stabilises around 1.8 million barrels a day."



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