Russia starts accepting need for oil cuts, negotiates with Saudis

01 December, 2018, 06:27 | Author: Dave Hampton
  • Oil has remained in an oversold territory this month and seesawed near the US$50 threshold this week- a key budgetary marker for shale drillers

However, one of the most important determinants of oil prices is OPEC. This time around the activity has been muted as officials say they are waiting for clarity from Buenos Aires.

The market outlook is strikingly similar to 2014, with production from US shale surging while consumption growth slows as the global economy falters.

At 1300 GMT, January WTI crude oil is trading $50.97, up $0.68 or +1.35% and January Brent crude oil is at $59.42, up $0.66 or +1.12%.

The U.S., which is been pumping shale oil at a record rate, has been leaning on Iraq to resume production at northern fields around the city of Kirkuk and to resolve its oil-revenue disputes with the Kurdish administration. Putin also said that he was comfortable with an oil price of 60 USA dollars, which is "balanced and fair". "It will be interesting to see if Saudi-Russia can keep the floor in place". The comment seemed less definitive than the Saudis' call for the Organization of Petroleum Exporting Countries and its allies to remove about 1 million barrels a day from the market.

Why do oil prices fluctuate?

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The price traded as high as $52.21 and it is now correcting lower. It needs crude above $73 on average next year to balance its budget, according to the International Monetary Fund.

Attention later in the session will focus on the new round of US inventory data to see if it reinforces expectations of an emerging supply glut.

There may be limits to the pressure that Trump can put on MBS, who remains his most important ally in the Persian Gulf.

Saudi Arabia can not afford another slump in oil prices.

EIA monthly output data may limit short-term oil gains if it is emphasized that OPEC+ output reduction efforts will deal with a powerful counterweight in bloated American production.

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The price of oil has fallen by just over a fifth since the end of October and by almost a third over the past two months, in declines not seen since 2008.

The consortium controls almost 40 percent of the world's total oil supply.

Russian Federation is the second biggest oil exporter in the world, making its economy vastly dependent on the global oil market. Russian Federation wants predictability and "smooth price dynamics" in crude markets, Deputy Foreign Minister Sergei Ryabkov said in Buenos Aires on Thursday.

Moscow confirmed that Russian President Vladimir Putin will meet Saudi Crown Prince Mohammed bin Salman in Argentina during the G20 summit, with journalist Jamal Khashoggi's death a key focus. However, the Saudi Arabian minister was less confident than previously, and he did not specify an actual cut in oil production.

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