Oil prices climb after Saudi Arabia announces production cut
Oil prices climb after Saudi Arabia announces production cut
Saudi Arabia to cut December oil exports by 500000 bpd
12 November, 2018, 21:43
"In the short term, this is a positive for oil, but we must question the impact over the longer term unless it's the sign of more to come from OPEC", said Markets.com Market Analyst Neil Wilson.
Saudi Arabia expressed the need for oil producers to cut 1 million barrels a day from October levels and announced fewer shipments from next month, as OPEC and its allies began laying the groundwork to reduce oil supply in 2019, reversing an nearly year-long expansion.
The UAE's energy minister, Suhail al-Mazrouei, said balancing the market would "require changes in the strategy" of producers.
His comments appeared to be a response to U.S. Special Representative for Iran Brian Hook, who said last week that Iranian vessels would lose access to worldwide insurance markets under the U.S. sanctions and so would be a risk to ports and canals which allowed them access.
Opec's de-facto leader Saudi Arabia meanwhile said it would draw back its exports for the month of December to the tune of 500,000 bpd as it anticipates lower winter demand. Saudi Arabia will cut production as well as exports, he said.
Note that although the Iranian sanctions have taken effect, the American Government has now given waivers to eight of the country's customers, thereby going against its earlier insistence on cutting off all of Iran's oil from the global oil market.
Opec's JMMC is next set to meet on December 5 in the Austrian capital of Vienna, a day ahead of its annual meeting.
The Saudi announcement boosted Brent oil price from some $69/bbl to above $71/bbl Monday - as investors deemed a 0.5-percent cut to the total global supply as easing the concerns of overproduction.
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During a meeting in Baghdad, Iraq and Saudi Arabia's oil ministers also discussed an electricity grid connection between the two countries to meet Iraq's power needs, he said.
Falih said they would then decide whether to adjust production and by how much.
Since then, OPEC production has risen 820,000 bpd since May, according to the latest S&P Global Platts OPEC survey.
Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.
It was "premature to talk about a specific action", he told reporters, asked about the possibility of an output cut to support sliding prices.
Decision comes amid fears of oversupply.
The military official also played down Washington's rhetoric and said the U.S. has time and again hurled such threats against Iran only to find that "they have never had nor will they have" any effect in the future.
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