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Venezuela Hoping to Raise Oil Output

14 November, 2018, 06:31 | Author: Sara Gill
  • Oil Price Enters Bear Market Even as U.S. Crude Output Hits Record-High

"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 told Reuters 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.

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