Newsletter20

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Bolivarian Government of Venezuela

Ministry of People’s Power for Foreign Affairs,Office of the Deputy Minister for Africa

Embassy of the Bolivarian Republic of Venezuela in Kenya Concurrent to Rwanda,Uganda, Tanzania and Somalia

Permanent Mission of Venezuela to the United Nations Environment programme (UNEP) and the United Nations Human Settlements Programme (UN Habitat).

Vol. 3: Issue 20, 16th May, 2017

WEEKLY NEWSLETTER Oil prices rise as Saudi and Russia agree to prolong output curbs

Major oil producers are preparing to extend output cuts until March 2018 in a bid to reduce a global supply glut. agreed [to cut] until end of the first quarter 2018 is sending the market a strong signal of their determination in tackling the supply glut... I anticipate prices to consolidate above $50 in the coming weeks." The energy ministers of OPEC kingpin Saudi Arabia and its biggest non-OPEC partner Russia met Monday and agreed to do "whatever it takes to achieve the desired goal of stabilizing the market," Russia's energy ministry said in a statement. OPEC and some non-OPEC producers agreed in December to cut output by 1.8 million barrels per day for six months to help stabilize oil prices. That deal is due to expire at the end of June.

But there's one thing standing in the way of higher prices: U.S. oil production. The number of rigs in operation there has doubled over the past year. In its monthly report last week, OPEC said that global markets are still suffering from oversupply and it appealed to other producers, including the U.S., to stop pumping so much.

The Saudi and Russian ministers said they would lobby other producers to achieve "full consensus" on prolonging the policy of supply restraint at a meeting next week, the ministry added. World oil prices jumped on Monday, with U.S. crude futures trading 3% firmer at more than $49 a barrel. The supply cut has helped prices recover from a low of $26 a barrel early last year.

www.money.cnn.com

1. Oil prices rise as Saudi and Russia agree to prolong output 2. China's huge project to reshape world trade Venezuela joins the Asian Infrastructure Investment Bank. 3. Matrix trends of imperialist intervention against Venezuela 5. 72nd Anniversary of the historic Soviet Red Army military victory over Nazi fascism

OPEC tried to put this US shale oil driller out of business. It 'backfired' "The production cut did one sure thing to the oil price which is to put a floor under how low it could go, so in that way OPEC and Russia have been successful," said Ali Hamoudi, CEO at Adaa Financial Services in Dubai. "The fact that they

Inside This Issue

President Maduro had earlier in 2016 led talks to cut costs on oil production.

6. Promoting the unknown about Africa


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