Iraq's Crude Oil Production Is near a 9-Month Low

"Based on the consultations I have had with participating members I am rather confident the agreement will be extended into the second half of the year and possibly beyond", Saudi Oil minister Khalid al-Falih said at the Asia Oil and Gas Conference in Kuala Lumpur.

Oil rode its longest rising streak in more than a month as a proposal by the world's two biggest crude producers to extend output curbs into 2018 boosted confidence that other nations will follow suit.

Reports said Saudi Arabia and Russia have agreed to extend the current OPEC-Russia oil-production-reduction accord by nine months.

The energy ministers of OPEC kingpin Saudi Arabia and its biggest non-OPEC partner Russian Federation 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.

Brent crude futures, the worldwide benchmark for oil prices, were at $50.86 per barrel at 0125 GMT, little changed from their last close at $50.84.

OPEC members agreed in November to cut 1.2 million barrels a day of oil production. You can continue accessing it for as little as $1 a day with a special early bird Polymerupdate discounted price.

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The extension will initially be on the same volume terms as before, although the ministers said they hoped other producers would join in the efforts.

The fall in production from Iraq could support crude oil (ERY) (ERX) (PXI) (UCO) prices.

The largest of the 24 producers that agreed to a deal to cut supply for six months starting in January are reaffirming their commitment to the agreement amid growing doubts over its effectiveness so far.

Kuwait today backed a call by top oil producers Saudi Arabia and Russian Federation to extend a deal on crude production cuts for nine more months. It will need to be confirmed at a meeting of OPEC ministers on May 25th in Vienna.

Crude oil inventories in the United States are expected to fall for a sixth straight week, by 2.3 million barrels, according to a Reuters poll of seven analysts ahead of weekly inventory reports from the American Petroleum Institute and the US Energy Information Administration. US output has risen more than 10% since the middle of past year, and data released on Friday by oil services firm Baker Hughes showed that the number of active rigs across the country rose for the 17th week in a row.

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