MTECHTIPS;-Crude Oil Prices – Weekly Outlook: April 23 – 27

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MTECHTIPS;-Crude Oil Prices – Weekly Outlook: April 23 – 27

MTECHTIPS- Oil traders will continue to weigh ongoing efforts by major global crude producers to reduce a supply glut against a steady increase in U.S. production levels in the week ahead. Members of the joint OPEC and non-OPEC ministerial monitoring committee held a meeting in Saudi Arabia Friday, at which they confirmed that compliance with a deal to cut output is at its highest ever, further stoking expectations for market re balancing later this year. OPEC and 10 producers outside the cartel, including Russia, have been holding back oil output by around 1.8 million barrels a day since the start of last year to slash global inventories to the five year-average. The arrangement is set to expire at the end of 2018. OPEC will meet in June to decide whether to extend the production-cut agreement. Saudi Arabia, OPEC’s de-facto leader, has indicated the participants could continue to hold back output into next year, despite evidence the glut in global supplies have shrunk to levels just above the oil cartel’s target. But their efforts have been somewhat stifled by rising non-OPEC output, led by U.S. shale producers

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