Monday, 20 November, 2017

Oman to attend OPEC meeting on November 30, supports oil cuts extension

Brent daily chart Brent daily chart
Conrad Doyle | 15 November, 2017, 03:44

Traders said that a rise in output from Russia's biggest oil producer, Rosneft, also weighed on crude. "Otherwise, it'll trigger a selloff".

OPEC Secretary-General Mohammad Barkindo, speaking at the same event, said participants in the deal were committed to achieving market stability.

Despite expectations for uptick in USA output, traders remained confident that Opec's output curbs would continue to support upside momentum in crude prices ahead of the upcoming Nov, 30 Opec meeting, at which it's widely expected that Opec will extend its global accord on production cuts beyond March.

The Organisation of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. According to data, the USA bought just 525,000 barrels a day of Saudi crude in October, the lowest since May 1987 and down from 1.5 million barrels a day a decade ago. As that's about 670,000 a day more than Opec produced in the third quarter, global inventories would diminish further in 2018 if the group and its allies continue to keep supplies restrained.

Fitch Ratings said in its 2018 oil outlook that it assumed 2018 "average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained".

Russia, Saudi Arabia and Iraq have already signaled they would be open to extending the curbs.

The West Texas Intermediate for December delivery was up 0.02 US dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.36 dollar to close at 63.16 dollars a barrel on the London ICE Futures Exchange.

"Prices. are starting to look like a pause or pullback is needed", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The UAE's Mazrouei affirmed that view, saying that coordinated cuts by Opec and suppliers outside the group have helped trim crude inventories from record storage levels. US West Texas Intermediate crude eased 6 cents to $56.68, CNBC reported.

"There is definitely a willingness and a wish to expand OPEC", Al Mazrouei said, when asked if non-OPEC oil producers that are cutting production in coordination with the 14-member cartel could join OPEC eventually.

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