Saudi Arabia's energy minister said oil-producing nations should cut output by one million barrels per day to re-balance the market. Major oil producers said Sunday, Nov. 12, 2018, that crude supply next year would outstrip demand, calling for new strategies that might include cutting production.
But he said the option of reducing production is possible, only if the market needs it.
Yet there is only so much Saudi Arabia and/or Russian Federation can do alone or together: US production was among the chief reasons for the latest oil price slump, with production hitting 11.6 million bpd in the week to November 2, up by 400,000 bpd from a week earlier and nearly 2 million bpd from a year earlier, according to the latest weekly petroleum status report by the Energy Information Administration.
Due to a glut two years ago that saw crude oil prices plunge to under US$30 a barrel from US$100, the major oil producers started cutting down output.
"In the short term, this is a positive for oil, but we must question the impact over the longer term unless it's the sign of more to come from OPEC", said Markets.com Market Analyst Neil Wilson.
US West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 percent. You see, we're a small producer of oil, 600 barrels a day - nothing compared to countries like Saudi, which is entirely dependent upon oil revenue.
A decision is expected only when the OPEC and non-OPEC ministers meet in Vienna on 5 December to assess the global energy market.
The US also hit a record-high of 11.6m bpd in November, CNBC reported.
Producers need to cut about 1 million barrels a day from October production levels, Saudi Energy Minister Khalid Al-Falih said in Abu Dhabi. "The committee reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements", it said in a statement.
US President Donald Trump, however, did not like the rhetoric coming from his political ally in Saudi Arabia.
Khalid al-Falih's comments sparked a recovery in the price of global benchmark Brent crude, which rose to $70.83 a barrel and is on course for its biggest increase in a month.
Another potential problem: Thatte notes that money managers' oil positioning, which has historically moved with oil prices, are at a 15-month low.
PRICE Futures Group's Phil Flynn and NovaPoint Capital's Joseph Sroka on the outlook for oil prices. Trump said on Twitter.
Trump risks testing Saudi patience - or even provoking the kingdom's ire - at a particularly vulnerable moment, with the USA decision to reimpose sanctions on Iran threatening to increase prices. It's a concern shared by Barkindo, who said Monday that the market balance is under threat from surplus supply and dwindling demand.
The latest violence has cast a cloud over indirect talks between the sides after months of bloodshed along the Israel-Gaza border. Israeli troops have killed more that 220 Palestinians during the confrontations, which have included border breaches.
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