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

Russia gets $41.5 billion boost from OPEC deal

Surging shale production could push US oil output to more than 10 million barrels a day - surpassing a record set in 1970.

OPEC and the non-OPEC producers' part of the production cuts deal will have a plan for long-term cooperation drafted by the end of 2018, as they seek to institutionalize their current collaboration into a supergroup of oil producers led by Saudi Arabia and Russian Federation, the UAE's Energy Minister Suhail Al Mazrouei told The National in an interview published on Thursday. US crude was up 58 cents at $61.18.

Brent crude, the global benchmark, rose 32 cents to$64.68 as of 0943 GMT, extending the previous session's gain of $1.64.

Last month, Khalid al-Falih, the energy minister of OPEC's de facto leader and largest producer Saudi Arabia, said that "There is a readiness to continue cooperation beyond 2018.The mechanism hasn't been determined yet, but there is a consensus to continue".

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"What we have now is a bit of a re-adjustment from the price rise we had yesterday, which was a bit overdone", said Olivier Jakob, analyst at Petromatrix.

"Taking into account the current political and economic relationship and projects that we're considering, I think our relationship will be of long-term nature", he added.

The kingdom will keep its crude exports below 7 million barrels per day (bpd) in March, despite a maintenance shutdown of the 400,000 bpd SAMREF refinery, the Saudi energy ministry said, confirming a plan given earlier by industry sources.

The revival in drilling in the U.S. could thwart efforts by the Organisation of the Petroleum Exporting Countries (OPEC) to bring... The pact began a year ago and has been extended until the end of 2018. Its capacity will be 18 million tonnes of LNG per year (three trains each with the capacity of 6 million tonnes per year).



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