Monday, 15 October, 2018

Oil prices slip ahead of OPEC meeting

Reuters Reuters
Laurie Berry | 22 September, 2017, 07:44

The Organization of the Petroleum Exporting Countries (OPEC) and other producers are set to meet in Vienna at 0800 GMT (1 PM PST) on Friday to discuss a possible extension of an oil supply cut deal to prop up prices.

OPEC members, together with other top producers such as Russian Federation, agreed to reduce the oversupply in the market by cutting 1.2 million barrels per day of oil production. Numerous experts anticipate that they will broaden the arrangement that as of now endures till March, however many also said costs at current levels could urge a few nations to help production.

Oil prices rose on Wednesday after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in US inventories. The goal of the agreement is to reduce global oil reserves to the average level of the last five years.

Even if the deal is extended, "compliance looks to be a bit of an issue" if prices rise much from current levels, said John Kilduff, partner at Again Capital LLC in NY.

In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production.

On the New York Mercantile Exchange crude futures for November delivery rose 0.12% to $50.61 a barrel, while on London's Intercontinental Exchange, edged down 0.14% to $56.40 a barrel.

Four countries expel North Korean diplomats
The EU is looking into slashing the amount of money that can be wired to North Korea, Japan's Yomiuri Shimbun reported Tuesday. The sanctions were enacted after North Korea launched its sixth and most powerful nuclear test earlier this month.

Global benchmark Brent crude futures, the benchmark for oil prices outside the US, rose 0.36% to $55.34 a barrel.

OPEC's output cuts have boosted prices enough to encourage higher production elsewhere.

Marzouq said compliance with the cuts was "very good, better than last month". "But that could change in a hurry if OPEC disappoints (again) or if the USA oil production machine roars back to new multi-year highs in the coming weeks".

Brent futures have traded in a sustained backwardation, where the back months are cheaper than the front month contract, for the first time since oil prices started slumping in July 2014.

U.S. production has reached 9.51 million bpd, up from 8.78 million bpd after Hurricane Harvey hit the U.S. Gulf.

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