GulfBase Live Support
Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing.
The November Brent crude futures contract was up 79 cents at $57.65 a barrel by 1134 GMT, its highest since January 3. US crude for November delivery was up 41 cents at $51.07 a barrel, close to recent four-month highs.
The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by about 15 per cent in the past three months.
Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday’s meeting in Vienna of the Joint Ministerial Monitoring Committee, said output curbs were helping cut global crude inventories to their five-year average, OPEC’s stated target.
Russia’s energy minister said no decision on extending output curbs beyond the end of March was expected before January, although other ministers suggested such a decision could be taken before the end of this year.
Iran expects to maintain overall crude and condensate exports at around 2.6 million bpd for the rest of 2017, a senior official in the nation’s state oil company said, while the UAE’s energy minister said its compliance to supply cuts was 100 per cent.
Nigeria is pumping below its agreed output cap, its oil minister said. “On the basis of the current IEA estimates, the oil market is more or less balanced in the second half of the year,” said Commerzbank in a note. “For stocks to be reduced any further, however, the oil market would have to show a deficit, so the optimism appears exaggerated.”
The Gulf Today
Oil prices fell more than 1 per cent on Tuesday, with benchmark Brent crude slipping below $70 per barrel and US crude under $60, after US President Donald Trump put pressure on Organisation of the P
Reducing oil production to maintain market balance could be necessary in the not too distant future, a Kuwaiti official warned on Sunday. OPEC ministerial talks held here revealed commitment to reduc
Opec member countries, primarily the UAE and Saudi Arabia, are ready to meet global oil market needs in case of any politically-motivated fall in supply, said Suhail bin Mohammed Faraj Faris Al Mazro
Oil extended a run of declines after falling into a bear market, heading for its longest losing streak on record. Futures in New York fell for a 10th day, extending a dramatic plunge that’s dragged
The Organisation of Petroleum Exporting Countries (Opec) is enduring one of the most head-spinning years in its history, swerving from cutting oil production to boosting it as quickly as possible. It