The news comes on the heels of a statement from Riyadh that Oil Minister Khalid al-Falih had discussed the possibility of another extension of the 1.8-million bpd production agreement between OPEC and 11 other producers beyond the March 2018 deadline.
Opec and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was weighing on prices.
"I think that we are going to have an average oil price of as much as $40 to $43 next year and we are preparing for that", Sechin said. U.S. West Texas Intermediate (WTI) crude CLc1 declined 30 cents at $47.77 a barrel.
Crude oil prices were mixed in Asia on Monday as investors focused on prospects of another extension for an OPEC-led oil cut into the middle of next year and as Hurricane Irma struck Florida with less force than feared.
Hurricane Harvey disrupted refinery production in Texas last month and more recently Hurricane Irma left more than seven million homes without electricity in Florida. Brent, the global benchmark, rose 45 cents, or 0.84%, to $54.29 a barrel.
At the same time, prices have stubbornly stayed around US$50 a barrel after the initial spike, in large part thanks to growing output from the two exempted OPEC members, Nigeria and Libya.
Hurricane Harvey disrupted refinery production in Texas last month-one reason US crude futures have been lower than the global benchmark. The deal, reached in late 2016, initially called for a six month period, which later was extended with another nine months until the end of March 2018.
The firm said "given the only modest impact Harvey had on oil production, the combined demand loss generated by these two hurricanes will be a bearish shock for global oil balances in September".
Crude prices are down 8.6% in the past year.
USA crude stockpiles likely rose by 4.82 million barrels last week, according to a Bloomberg survey ahead of Energy Information Administration data released Wednesday.
Moreover, OPEC may also place "stricter requirements" on Iran's oil production, said Commerzbank analysts in a recent report.
On September 8, energy services company Baker Hughes (BHI) released its weekly U.S. crude oil rig count report.
This time around, the Horned Frogs quarterback happily took a back seat to his teammates on the other side of the ball. Topping the rushing list for the Frogs was Darius Anderson, who racked up 106 yards rushing with a touchdown.
Rick Scott said nearly a quarter of the state's 20 million population - fourth largest nationwide - had been ordered to evacuate. Donald Trump has called on the USA citizens to evacuate from the areas that might be affected by the devastating Hurricane Irma.
SUNY Geneseo, at No. 11, up three spots from previous year , was the highest ranked Western New York school in the North region. The website boasts "nearly 50 different types of numerical rankings and lists to help students narrow their college search".
I thought I would be writing about how Ronald Darby would be making interceptions against our opponents in the regular season. That leaves Josh McCown at quarterback and a cast of inexperienced and uninspiring wide receivers for him to worth with.
I was looking to stand and trade punches with him but when I felt that I could control his weight, I chose to go with that. Johnson was looking to set the UFC record for consecutive title defenses, as he is now tied with Anderson Silva.
But the availability of Ezekiel Elliott , along with the momentum it brings the Cowboys may be just too much to overcome. The second game was a 10-7 victory, which was won on a 61 yard touchdown pass to Odell Beckham Jr.in the third quarter.
They allowed the second fewest total yards (4883), allowed just 210 passing yards a game and recorded 48 sacks (most in NFL ). Our models rank Jones as the 49th-best receiver in Week 1 with 3.6 receptions, 47.2 yards and 0.2 touchdowns.
The interception led to a Pappanastos 22-yard field goal, pushing the Tide lead to 34-3 with 7:08 left in the game. Hentges said it was his first touchdown since his senior year at Helias High School in Jefferson City, Missouri.
A NVIDIA GeForce MX150 is also included but it will certainly not deliver earth-shattering graphics performance "out of the box". The Core i7 processor and 16GB RAM variant will feature a pricing of 6999 Chinese Yuan ($1074 or Rs. 68,630 approx).
In other news, insider Lance Batchelor purchased 146 shares of the firm's stock in a transaction on Wednesday, July 12th. The Schaper Benz & Wise Investment Counsel Inc holds 235,227 shares with $12.08M value, down from 241,727 last quarter.
West Ham United vs Huddersfield Town
Five minutes later, Bilic's substitution was vindicated when Ayew pounced inside the six-yard box following a goal-mouth scramble. It was the Hammers' first win of the EPL campaign and also ended the Terriers' unbeaten start to the season.
Tutu condemns Aung San Suu Kyi's silence
The United Nations High Commissioner for Refugees estimates that more than 270,000 people have been driven into Bangladesh. The outcome of this massive forced displacement of people is also that there is already a major humanitarian crisis.
Aaron Donald ends holdout, rejoins Rams
There's no reason that Donald shouldn't be paid well, and the Rams hope to resolve that issue rather quickly with the Rams . Donald , who has recorded 28 sacks in his first three seasons, is one of the best interior defensive linemen in football.
Mexican Quake Death Toll Rises to 58
Manuel Velasco said roofs across the country had collapsed, and homes, schools, and hospitals were affected by the quake. Mr Pena Nieto said a million people had initially been left without power, but 800,000 had now had it restored.
Gap shifts focus to Old Navy, Athleta, shutting 200 stores
Gap added that the strategy also includes the closure of about 200 underperforming Gap and Banana Republic specialty locations. Gap declined to specify how many of each brands' stores will close or where the soon-to-be shuttered stores are located.