Markets

Russia Isn't Interested In Joining New OPEC-led Oil Output Cuts

Russia Isn't Interested In Joining New OPEC-led Oil Output Cuts

Another analyst says that even as Saudi Arabia is the most influential of all oil producers, that they can't maintain their rate of current production for long.

Meanwhile, Brent crude for January delivery grew 0.65 dollar to close at 66.12 dollars a barrel on the London ICE Futures Exchange.

Oil prices look set to break their record losing streak, with both major benchmarks trading higher on Wednesday. Also, it followed reports that Saudi Arabia was discussing cuts with Russian Federation.

OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million barrels per day (bpd) for 2019, three sources familiar with the issue said, to avert an oversupply that would weaken prices.

But while this argument at face value is persuasive, it's worth noting that less than a month ago most highly respected oil analysts were in a panic over the prospect of a global supply shortage due not only to the US sanctions in Iran but plummeting output from Venezuela and other countries and figures showing strong, not weak, demand in 2019 and beyond.

But with unexpectedly broad exemptions granted by Washington that allow Asia's main oil consumers to continue buying crude from Iran, the overall supply drop has not materialized.

Oil futures rose for the second consecutive session on Thursday after this week's steep losses as US fuel stockpiles declined and a possible cut in OPEC output helped support prices.

What's the best way to help boost oil prices in Canada?

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Midterms serve as practice run for Trump's 2020 re-election campaign
Some 35 Senate seats were in play, as were nearly 40 governorships and the balance of power in virtually every state legislature. The new Democrat star was narrowly beaten by Ted Cruz in the Senate contest in the traditional Republican stronghold of Texas.


Earlier in the month the EIA reported that USA production reached a record 11.6 million bpd and should hit 12.0 million bpd in early 2019.

OPEC and its allies are considering cutting oil output by more than the 1 million barrels a day Saudi Arabia proposed earlier this week as the group is increasingly anxious about the potential for oversupply, people familiar with the matter said.

Oil prices were hit on Monday after U.S.

Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market.

The International Energy Agency (IEA) and OPEC this week warned of a sizeable surplus at least in the first half of 2019, and possibly beyond, given the pace of growth in non-OPEC production and slower demand in heavy consumers such as China and India.

Despite Saudi Arabia's pledge to cut production, the decline in prices has accelerated this week. The producer group said growth in supplies from non-OPEC countries would outpace growth in demand, "leading to widening excess supply in the market".

Since October, the oil price has fallen to below $70 a barrel, its lowest in eight months.


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