Oman to attend OPEC meeting on November 30, supports oil cuts extension

15 November, 2017, 02:03 | Author: Lora Ball
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The organisation and non-member nations, including Russian Federation, had then made a decision to reduce global output of oil by 1.8 million barrels a day. "So we will continue to maintain the same level of production for the next year", H E Rumhi said. For traders, "it's logical to do the extension", he said.

"Prices. are starting to look like a pause or pullback is needed", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.

Additionally, traders said it was unclear whether a strong quake that hit Iran and Iraq on Sunday had affected the region's oil production.

Bahrain said Iran was behind an explosion in its main oil pipeline.

"The excess of OECD oil inventories over their five-year average levels has fallen by more than 50 percent in 2017, with inventories now at around 160 million barrels".

Opec Secretary-General Mohammad Barkindo (pic) has assured that the worldwide oil market is re-balancing at a quickening pace and production cuts are the 'only viable option.' - Reuters pic NEW YORK, Nov 14 - The Saudi- and Russia-led supply limits that have lifted crude to a 2 1/2-year high must be prolonged for an extended period or prices will collapse, said Ed Morse, global head of commodities research at Citigroup Inc. Before slashing its production as part of the agreement, Oman was producing almost a million barrels per day.

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"If current trends continue, inventories are likely to return to the five-year average at some stage in 2018", it said, adding that strong demand had also helped reduce the glut.

Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate.

Hedge funds increased their holdings of Brent crude futures and options in the latest week, pushing their bet on a sustained rally in the oil price to the highest on record. Managers now hold net long positions equivalent to almost 544 million barrels of oil.

Bahrain's oil minister, Sheikh Mohammed bin Khalifa al-Khalifa, said on Tuesday he sees no reason why the supply cut agreement between oil producing countries should not be extended on November 30.

USA drillers added nine oil rigs in the week to November 10, the biggest jump since June, bringing the total count up to 738, Baker Hughes energy services firm said on Friday.

The rig count fell in August, September and October, but last week's rise was the second in three weeks, indicating that the USA oil industry was comfortable operating at current prices.

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