Oil suffers worst month in a decade on oversupply fears
01 December, 2018, 11:56 | Author: Corey Lynch
Worldwide benchmark Brent crude LCOc1 gained 6 cents, or 0.1 percent, to $58.82 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel.
Front-month Brent futures fell 75 cents, or 1.3 per cent, to $58.76 a barrel by 1:18 p.m. EST, ahead of expiry.
"This time around, given the large oversupply we have in the market, we think anything between 1.3 and 1.5 million barrels could come off the market when they meet in Vienna", Khoman told CNBC's "Capital Connection" on Wednesday.
After reaching a four-year high in early October, crude has collapsed more than 30 per cent, marking the worst crash since 2015.
US West Texas Intermediate (WTI) crude futures were at 51.41, down 4 cents.
"Markets will be watching how OPEC will grapple with multiple threats to their efforts to keep prices buoyant", says Peter Kiernan, lead energy analyst at forecasting and advisory services provider Economist Intelligence Unit.
"A credible message from OPEC's December 6 meeting is critical for price support", Jefferies said. The three are Russian Federation, the United States, and Saudi Arabia and as their clout over oil markets increases with rising production rates, OPEC's is set to decline, at least temporarily.
Three countries now account for close to 40 percent of global crude oil production and only one of these countries is a member of the Organization of Petroleum Exporting Countries. True, Saudi Arabia and Russian Federation have been playing on the same team for the last two years to a large extent because the game strategy has been mutually beneficial.
The report from TRT World said that much of the country's economy depends greatly on the global oil market.
Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets.
U.S. crude production is at a record high of 11.7-million barrels a day.
This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale.
The comment seemed less definitive than the Saudis' call for the Organization of Petroleum Exporting Countries and its allies to remove about 1 million barrels a day from the market. Russian Federation wants more predictability and "smooth price dynamics" in world crude markets, Deputy Foreign Minister Sergei Ryabkov said in Buenos Aires. The market sentiment has shifted from a 70 per cent expectation of a small production cut earlier this week to about a 56 per cent chance on Friday, CME Group said.
US energy firms this week added oil rigs for a third week in four and increased the rig count for the fifth month in a row, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
Failing that, the USA would have to increase its shale oil production by as much as 10 million bpd in the seven years to 2025, which is a bold target, to say the least.
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