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 175.00 523,282
APPC 53.10 247,824
SABIC 122.40 2,547,798
ALMARAI 47.85 497,005
BUPA 100.60 44,019
SAICO 12.10 183,602
DARALARKAN 9.44 18,192,290
(In US Dollar) Change Change(%)
Brent 78.7 -0.7 -0.88
WTI 70.8 -0.32 -0.45
OPEC Basket 77.13 0.07 0.09
Oman crude oil averages $72.64/b in August

18/09/2018

The average price for Oman Crude Oil Future Contracts at the Dubai Mercantile Exchange (DME) witnessed a price drop by 0.7 per cent in August, compared with corresponding figures for July, according

Oman Daily Observer

Upside risk for Brent to rise above $85 due to Iran sanctions

17/09/2018

Brent, the international benchmark for crude oil, could to rise above $85 (Dh312) per barrel in the coming months due to a combination of US sanctions on Iran and a potential Opec supply crunch, anal

Gulf News

Qatar begins regular LNG shipments to Bangladesh

11/09/2018

Qatar has begun regular shipments of liquefied natural gas (LNG) to Bangladesh. An LNG cargo loaded over the weekend from Qatar’s RasGas production facility and will be the first of about three 140,0

The Peninsula

Saudi Arabia raises Oct crude prices to Europe, cuts Asia

06/09/2018

Saudi Aramco has raised the European price for its Arab Light crude grade for October, the state oil producer said on Wednesday, as Russian Urals prices rally and European refiners seek to replace Ir

Arab News

Brent nears $80 as Gulf of Mexico rigs evacuated

05/09/2018

Brent crude prices jumped to near $80 per barrel on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane. US light crude rose $1.31 a barrel from Friday’s c

Gulf News