26/09/2017 05:50 AST

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

Ticker Price Volume
QNBK 137.00 383,958
SABIC 107.24 3,487,035
WALAA 33.83 185,831
EEC 15.63 1,130,282
FAB 11.35 5,131,655
PETRORABIGH 20.06 3,821,330
SECO 20.92 1,126,396
(In US Dollar) Change Change(%)
Brent 69.15 -0.72 -1.03
WTI 63.73 -0.57 -0.89
OPEC Basket 67.78 0.61 0.91
Brent oil falls by $1 but demand underpins price near $70

17/01/2018

Brent crude oil shed some of its recent gains by falling just over $1 a barrel on Tuesday but healthy demand underpinned prices near $70 (Dh257), a level not seen since 2014’s market slump.

Gulf News

Brent could average at $64 in 2018: report

16/01/2018

The expected drop in OECD inventories suggests that oil prices will likely be higher in 2018 than originally seen and Brent crude oil price is projected to reach $64 per barrel (/bbl) this year, said

Trade Arabia

Oman appeals for coordination in sustaining oil rally

15/01/2018

The Sultanate has urged international producers to work in coordination to help sustain resurgent global oil prices that have soared to $70 per barrel for the first time since the calamitous slump of

Oman Daily Observer

Oil hits $70 for first time in 3 years despite bearish pressures

14/01/2018

Oil’s rise to $70 a barrel for the first time in three years had clear triggers as supplies tighten and demand climbs, yet it still surprised many traders because there were so many reasons for price

Trade Arabia

U.S Crude Oil At 3 Year Highs

11/01/2018

U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for

Investing.com