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Praxis Market Update
Nikos Siakavaras, Praxis Energy Agents S.A.
15 May 2017 12:46 GMT





Praxis Energy Agents S.A. logo. Oil jumped by over 3% Monday as Saudi Arabia and Russia agreed on the need to rein in output for another nine months. U.S. crude was up $1.54, or 3.22% at $49.38 at 08:15 ET. Brent crude added $1.57, or 3.09%, to $52.41. Saudi energy minister Khalid alFalih and his Russian counterpart Alexander Novak issued a statement saying the output cut deal should be extended to March of next year. OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half. Russia and Saudi Arabia said an extension of the deal was needed to reduce stockpiles and balance prices. A formal decision on the extension is expected at a meeting on May 25. Baker Hughes Friday reported a rise of nine in the U.S. rig count to 712, the highest since April 2015. Greater U.S. shale activity has eroded the impact of output cuts by major producers.

Singapore: Avails are fair. Earliest supply from 21st-22nd of May onwards, and according to barge schedule.

Fujairah: Avails are fair. Earliest supply from 21st-22nd of May onwards, and according to barge schedule.

Istanbul: Avails are fair. Earliest delivery dates from 17th of May onwards, and according to barge schedule.


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Company: Praxis Energy Agents S.A.

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