Oil slips below $64 as USA output, higher inventories weigh

Russia gets $41.5 billion boost from OPEC deal

In an interview with S&P Global Platts published earlier this week, Novak said that Russian Federation wanted to build a long-term relationship with Saudi Arabia and the broad OPEC alliance once their agreement expires.

The International Energy Agency (IEA) expects the United States to overtake Russian Federation and Saudi Arabia in oil production and at the end of the year and to become world's leader in oil production.

Brent crude, the global benchmark, fell 78 cents to$63.58 at 1438 GMT, giving up an earlier gain that had extended Wednesday's rally. U. The countries, which lead global oil production, have strengthened their relationship through the OPEC and non-OPEC alliance to drain oil inventories and lift oil prices. But crude has since slid and hit a 2018 low of $61.76 this week, pressured by rising United States output and forecasts oversupply may persist.

Crude inventories rose by 1.8 million barrels in the week to February 9, the U. There is a list of 23 projects that may be developed, said Novak, adding that the LNG agreement could be signed later this year.

Saudi Arabia will restrain its oil exports in March despite lower domestic need for crude as OPEC's leader is pushing to eliminate fully the global oil glut and combat worries about a new cycle of oil price weakness.

The revival in drilling in the USA could thwart efforts by the Organisation of the Petroleum Exporting Countries (OPEC) to bring... This would shift the expiration date of the agreement from March to the end of 2018. According to year-on-year data, the surplus stocks of the OECD countries fell fivefold from 264 million barrels to 52 million barrels in December, which is the largest decline since the last six years.

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