Economy

Oil Stable After OPEC Suggests Extraordinary Measures

Oil Stable After OPEC Suggests Extraordinary Measures

Brent crude futures, the global benchmark for oil prices, were up 6 cents, or 0.1 percent, at $55.85 a barrel. The production cuts have led to a decline in crude inventories and a better balance in the oil market, he said.

U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 7 cents, or 0.1 percent, to $50.99 a barrel.

"Backwardation will be kept in place by the maturity mismatch of a much greater incentive for private and sovereign producers to hedge future production, tight physical product markets and high margins supporting refinery. spot buying", Goldman said.

Over the weekend, OPEC Secretary-General said that consultations were already under way to discuss extending the agreement, and even hinted that additional oil-producing countries may join the deal.

Opec said it pumped 32.75 million bpd in September, up about 89,000 bpd from August.

OPEC and other producers are looking to create an extension to their deal to cut production ahead of the official November meeting of the cartel.

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Barclays had raised its price outlook for the fourth quarter of 2018 and the first quarter of 2017. “At the moment, there is no talk of an extraordinary meeting” beyond the session scheduled for next month in Vienna, he said. For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously. Remember, higher crude oil prices have a bullish impact on oil exploration and production companies (RYE) (VDE) like Devon Energy (DVN), Whiting Petroleum (WLL), and Newfield Exploration (NFX).

Longer term, Barclays said it expected "a return to build mode next year", while PVM's Stephen Brennock said the International Monetary Fund viewed the economic recovery as being "on thin ice".

The OPEC agreement with Russian Federation and 10 other producers to take off 1.8 million bpd from the global oil market was originally supposed to last for six months, but in May this year the partners made a decision to extend it until the end of March 2018.

Speaking at the Reuters Global Commodities Summit, Vitol CEO Ian Taylor said USA output would climb another 500,000 to 600,000 bpd next year before flattening.

US crude inventories probably fell for a third straight week, while refined product stockpiles also likely declined, a Reuters poll showed.


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