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giftedviz.com December 14, 2018


Oil prices ease in cautious trading ahead of OPEC meeting

06 December 2018, 03:47 | Austin Hogan

Oil prices skid amid global stock market slump, swelling US supply

Iran Asking OPEC to Use March April Oil Output Levels as Baseline for New Cuts – Source

Russia's second-largest oil producer, Lukoil PJSC, is ready to comply with any request from the Kremlin but hopes output cuts won't be necessary, said Chief Executive Officer Vagit Alekperov.

On Thursday, Brent futures fell more than 2% as traders began to doubt Opec would deliver a significant cut.

Trump has repeatedly accused the oil cartel of keeping prices artificially high. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

By how much oil production will be reduced is unclear, but de facto leader of OPEC Saudi Arabia, the world's largest oil producing country, reportedly wants to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

The reason the United States is pressuring OPEC in general to maintain high levels of production is the United States generally would like a lower price of oil.

"We have seen a great deal of stability and consistency, both operationally and, more importantly, in terms of security and bringing the sector back to normal", Falih said after meeting Ibe Kachikwu, minister of state for petroleum resources.

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OPEC meets in Vienna on Thursday to weigh production and on Friday will hold talks with allies such as Russian Federation.

"The oil cut will be between 1.0 and 1.3 million bpd". If Russia does agree a cut, it would take three to four months to fully implement it, he said.

Ardabili says any meaningful cuts in production must be made by the countries which have pumped above their quotas in breach of a 2007 deal between OPEC and non-OPEC oil producers.

Trump, who has made the US economy one of his top issues, has frequently complained about OPEC this year, as higher crude oil prices have in turn raised fuel prices for consumers and businesses. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. Trump wrote in a tweet on Wednesday.

That has put OPEC kingpin Saudi Arabia in a delicate position - Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi. Trump said on Twitter.

This story has been published from a wire agency feed without modifications to the text.



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