"The odds of a cut next month seem fairly high and that it will likely be in the 1 million barrels per day range", it says.
Output from the world's top oil producers Russian Federation, the United States and Saudi Arabia has risen by 1.05 million bpd in the last three months, based on official output figures.
Bart Melek, head of global commodity strategy at TD Securities, observed, "That gave people pause that there may be strong lobbying about to occur from the White House trying to persuade OPEC [the Organization of the Petroleum Exporting Countries] not to act on it's proposal".
Oil producing countries should cut output by one million barrels per day to re-balance the market, Saudi Arabia's energy minister said Monday, following a drop in crude prices.
The dollar (.DXY) also put pressure on oil, hovering near 16-month highs, making crude more expensive for importers using other currencies. The U.S.at first insisted it would seek to curtail all of the country's exports, only to grant waivers to eight of its customers just as Washington reimposed sanctions this month.
Saudi Arabia's energy minister said earlier Monday that OPEC and its allies should reverse about half the increase in oil output they made earlier this year. "So far I don't see any necessity for this". "While Saudi Arabia is cutting back output in December, the group may wait to see how Iranian supply and other variables play out before it is able to agree on collective action to prop up prices". Oil futures had gained as much as 2.4 percent in London and 1.8 percent in NY after the Saudi announcement. The U.S. standard, West Texas intermediate crude, was $60.19, down 21 percent in the same period.
Also talking to CNBC, Russia's Oil Minister Alexander Novak indicated a difference of opinion between Russia and the Saudis, saying it was too soon to cut production, highlighting a lot of volatility in the oil market.
For consumers, the 20 percent oil price fall since early October was a relief.
Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions toldReuters on Sunday.
Saudi Arabia, Russia and the USA - the world's top three exporters - have more than compensated for lost Iranian barrels since the start of the month.
United States oil prices initially jumped around 1% on Monday, defying a selloff in the stock market.
Kristian Rouz - The shale oil boom in North Dakota's Bakken oil field continues to set new records, rendering United States crude prices lower, which, in the face of increasing USA energy exports, is poised to weigh on global oil prices as well.
Worldwide benchmark Brent crude oil futures were at $69.39 per barrel, down 73 cents, or 1 percent, from their last close.
These swing producers can influence prices by artificially capping oil supply, but doing so is a risky game. The cut represents a reduction in global oil supply of about 0.5 percent.
Saudi Arabia had said the kingdom would cut its production by 500,000 barrels per day.
The Russian and US presidents met briefly at a lunch Sunday in Paris, where Saudi Arabian issues were discussed, according to White House press secretary Sarah Sanders.
Barrett all topping 20 points for the second game in a row, the Blue Devils dispatched pesky Army 94-72 at Cameron Indoor Stadium. Funk beat Jones off the dribble to reach the lane before passing the ball out to an open Blackwell, who made a 3-pointer.
Hansen added: "It's hard to play when it's hosing it down". "Once you've acknowledged it's there you can deal with it", he said. They took that dominance to the maul, where they completely undid the All Blacks effort.
Azteca also hosted a regular season game on October 2, 2005, when the Arizona Cardinals defeated the San Francisco 49ers 31-14. Monday's game would have been the fourth regular-season National Football League contest played at Estadio Azteca.
In Night Mode at max brightness, however, the Pixel's draw drops 63 percent to 92mA, while the iPhone stays the same. Files Go has been rebranded Files by Google , and the updated version of the app is starting to roll out now.
Just 11 minutes later, the pilot indicated a hydraulic problem and requested permission to return to the airport. Bowen said two elderly passengers were taken to the hospital as a precaution and the plane was safely evacuated.
Downing Street sources say there has been no breakthrough yet but believe a Brexit deal could still be struck this week . Brussels has insisted on a "backstop" arrangement as insurance to protect the border while a deal is negotiated.
According to a report from Tom Pelissero of the NFL Network , the Saints fear that Bryant tore his Achilles today during practice. Bryant acknowledged a setback in a tweet Friday afternoon, writing, "This is the ultimate test".
As expected, the Los Angeles Lakers have signed veteran center Tyson Chandler , the team announced in a new release. Powered by their veteran backcourt, the Timberwolves got 31 points from Derrick Rose and 24 from Jimmy Butler .
Turkey is seeking the extradition of 18 suspects who have been detained in Saudi Arabia, so they can be put on trial in Turkey. Khashoggi went missing on October 2 after entering the consulate to obtain documents for marriage procedures.
Asked what it was about Aguero he was not a fan of, Mourinho responded: "I keep (that) for me". "Lukaku is training with the team this morning (Friday)".
White House video of Acosta encounter appears doctored
As for Acosta, CNN sent him to Paris to cover Trump's visit to France to make the 100th anniversary of the end of World War I. Trump later called Acosta a "very unprofessional man" and does not think "he's a smart person, but he's got a loud voice".
Meg Ryan Is Engaged to John Mellencamp
At the time, some believed they were planning a wedding, though a representative for Ryan soon denied the rumors. Mellencamp revealed he tried to make amends with the Kate & Leopold actress, saying, "I've done that.
Trump, Macron Agree on Defense Spending
Macron told Europe 1 radio that the "main victim" of the United States withdrawal from the INF accord was Europe and its security. He said: "It's unfair to have the European security today being assured just by the United States".
North Korea 'really angry' at U.S. as tensions rise
Radio Free Asia reported in late October North Korea is making worldwide roaming available to a select group of Chinese visitors. Ambassador to the United Nations Nikki Haley has also accused Russian Federation of cheating on U.N. sanctions on North Korea.
Scott orders investigation of election offices
Many could be heard chanting, "Lock her up!" and "Bye bye, Brenda!" referencing Broward's supervisor of elections, Dr. Similar action has been taken in other states with signature match laws, most notably Georgia .