Oil Prices Rally As Russia May Be Joining The Cuts

Цена на нефть обновила минимум с октября 2017 года

Brent oil prices firmed on November 30 on expectations that OPEC and Russian Federation will agree some form of production cut next week, while United States crude was weaker due to swelling inventories. As Delia Morris, Houston-based commodity pricing analyst, told Rigzone earlier this week, global oil markets are anxiously awaiting the outcome of the December 6 Organization of the Petroleum Exporting Countries (OPEC) meeting and whether the cartel will agree to curb output.

Saudi Arabia will not act alone to steady oil markets, Energy Minister Khalid Al-Falih told reporters in Abuja yesterday ahead of what will be a key week for the global oil market. Yemi Osinbajo, prior to the briefing.

Kachikwu stated that the two countries shared their refining experiences in order to appreciate how his guest's country accomplished its present feat in refinery.

But Naimi warned repeatedly that the burden of OPEC and non-OPEC production cuts would fall most heavily on Saudi Arabia and the main beneficiaries would be US shale producers, and time has proved him correct.

Privately, some OPEC delegates are discussing the idea of engineering a production cut without explicitly calling it that, perhaps by saying that output will fall because customers are asking for fewer bbl.

In his comments, Al-Falih commended the Nigerian government for its effort and said that Nigeria remained a force to reckon with in the African region.

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This kept more Iranian crude in the market instead of driving exports from Riyadh's arch-rival down to zero and bringing down the price per barrel to $51.18.

OPEC and its partners, including Russian Federation, are scheduled to meet in Vienna next week to decide on production targets. That's an area that should be resistance based not only upon a large, round, psychologically significant figure, but the fact that it was a major negative candle that formed last Friday at that level is also a sign that there will be a lot of selling pressure there.

"Even if Russian Federation and Saudi Arabia reach an agreement at the G-20 to decrease output", other countries might respond by increasing their output, Kocaman said.

Saudi Arabia benefits by drilling the cheapest oil in the world because of low capital spending and absence of gross tax on oil.

By August 2018, Saudi Arabia's production was up by 630,000 barrels per day compared with June 2014 and Russia's output had climbed by 525,000 bpd. "He's been visiting the countries that need convincing" of the need to cut, Jakob said.

He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.

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