{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Oil prices jump as biggest producers plan to extend output cuts' data-url='/boclips/videos/6878e3df860c8396ee54d49d' data-video-url='/boclips/videos/6878e3df860c8396ee54d49d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nOil prices jump as biggest producers plan to extend output cuts\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eOil prices jumped over three percent on Monday after Saudi Arabia and Russia agreed to extend output cuts. The world’s two largest producers said they will continue to pump less through until March next year – an additional nine months...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eOil prices jumped over three percent on Monday after Saudi Arabia and Russia agreed to extend output cuts.\u003cbr/\u003e\u003cbr/\u003e The world’s two largest producers said they will continue to pump less through until March next year – an additional nine months on their original deal. \u003cbr/\u003e\u003cbr/\u003e Since the start of the year there has been an agreement in place by 24 members of OPEC and non-OPEC countries to reduce output until June. That is designed to address the glut in supplies that has been pulling down prices.\u003cbr/\u003e\u003cbr/\u003e Whatever it takes\u003cbr/\u003e\u003cbr/\u003e Saudi energy minister Khalid al-Falih told reporters: “We’ve come to the conclusion that the agreement needs to be extended, we will not reach the desired inventory level by end of June.”\u003cbr/\u003e\u003cbr/\u003e  Fade or no fade? Wonder what this would look like without the noise… #opec #crudeoil pic.twitter.com/rQBzpHlO3T— ArbMaker (@ArbMaker) 15 May 2017\u003cbr/\u003e\u003cbr/\u003e The Russian energy minister Alexander Novak added: “We believe that the extension at least until the first of April next year, is reasonable in order to continue our joint efforts to stabilise the market.”\u003cbr/\u003e\u003cbr/\u003e Both ministers said they have agreed “to do whatever it takes” to further cut the huge amount of oil in storage around the world. They also expressed optimism that other producers will follow their lead. OPEC’s next official meeting is on May 25.\u003cbr/\u003e\u003cbr/\u003e The problem is US shale oil producers who are not part of the agreement and who could keep pumping at high levels.  \u003cbr/\u003e\u003cbr/\u003e US drilling activity last week rose to its highest in two years, while US production has jumped more than 10 percent since its mid-2016 trough.\u003cbr/\u003e\u003cbr/\u003e  U.S. #OilProduction Is Tipped To Hit Record Levels And That’ll Add To #OPEC’s Quandary #\u003ca href='https://t.co/lr7GQ5t33o' target='_blank' rel='nofollow'\u003eOilandGasCPAshttp\u003c/a\u003e pic.twitter.com/bHz2ujuL2a— GPPOil_Gas (@GPPOil_Gas) 15 May 2017\u003cbr/\u003e\u003cbr/\u003e Shock and awe\u003cbr/\u003e\u003cbr/\u003e “I think OPEC and Russia recognise that in order to get the market back on their side they will need ‘shock and awe’ tactics where they need to go above and beyond a simple extension of the deal,” said Virendra Chauhan, Singapore-based analyst at Energy Aspects.\u003cbr/\u003e\u003cbr/\u003e “The market will also be looking at export cuts and not just production cuts, which is what is required to rebalance the market.”\u003cbr/\u003e\u003cbr/\u003e Sceptical about Russia\u003cbr/\u003e\u003cbr/\u003e Oil traders were surprised by the strong wording of the announcement, although it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance.\u003cbr/\u003e\u003cbr/\u003e “Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons,” said Carsten Fritsch, an analyst at Commerzbank.\u003cbr/\u003e\u003cbr/\u003e “That said, we are sceptical about Russia’s willingness to actively participate in any extended cuts.”\u003cbr/\u003e\u003cbr/\u003e  MUST READ: Everyone is worried about rising #shale supply, but don’t forget about (weaker) #oil \u003ca href='https://t.co/bnJwcnzjTk' target='_blank' rel='nofollow'\u003edemand\u003c/a\u003e #OOTT #OPEC pic.twitter.com/uLo0MU4k9g— Javier Blas (@JavierBlas2) 7 May 2017\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=91039696\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e1:07\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003e9th - Higher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;grade_ids%5B%5D=255\u0026amp;grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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