Oil

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC).

The today OPEC meeting is to focus on the extension of the November 2016 agreement on cutting oil supply.

OPEC members would decide during the meeting on May 25 to extend the 1.2 mb/d oil cut for six or nine months.

Several countries. notably Russia and Saudi Arabia. saw the Algerian proposal as a good suggestion and found it interesting.

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018.

The SPR sales would not start until October 2018 and would amount to just 95.000 bpd. or 1 percent of current U.S. output.

Kazakhstan International Oil &. Gas Exhibition (KIOGE)

OPEC members are preparing to hold meeting on May 25 to discuss the market and oil cut deal in Vienna.

Traders are now awaiting the release this week of minutes from the Federal Reserve'.s latest policy meeting.

India. the world'.s third biggest oil consumer. imports 86 percent of its oil needs from OPEC nations.