Falih: Saudi Arabia to cut December oil output by 500000 bpd
Falih: Saudi Arabia to cut December oil output by 500000 bpd
‘Saudi Arabia discussing proposal to cut oil output by up to 1 mn bpd by OPEC and allies’
12 November, 2018, 13:18
There are signs that renewed United States sanctions on Iranian oil exports may have a softer-than-expected impact.
The meeting, which will also be attended by the oil ministers of Kuwait, Venezuela and host nation the UAE, is not due to make decisions but will most likely send signals.
Opec secretary-general Mohammed Barkindo said at the meeting that conformity on the earlier output increases, which had been in place since May, was at 104 per cent for the month of October.
Declines extended after the U.S. said on Monday it would allow eight countries to continue buying sanctioned Iranian crude, the Wall Street Journal reported.
"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the USA, more than compensating for lost Iranian barrels", Forex.com analyst Fawad Razaqzada told AFP before the meeting.
"Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.
Saudi Arabia's energy minister called Monday (Nov 12) for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December.
OPEC and its allies will meet in Vienna on December 6-7 to decide on output policy for 2019.
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Cailin Birch, analyst at the Economist Intelligence Unit, said a slowing oil demand is beginning to appear in China, the world's largest importer of crude oil.
Ahead of the meeting, he acknowledged that so far there was no new deal to cut production among OPEC and non-OPEC producers, who struck an agreement in late 2016 to cut output by 1.8 million bpd to tackle an oversupply crisis.
"This relief gives Iraq time to start taking steps towards energy independence", a video published on the US Embassy in Iraq's official Facebook page said.
Opec and its allies outside the exporters' group, led by Russian Federation, met in the UAE capital to recalibrate their strategy of expanding production following a bearish turn of the markets last week.
Asked by reporters in Abu Dhabi if the market is in balance, Saudi Energy Minister Khalid Al-Falih said: "We will find out".
Russian Federation stated on Sunday that it did not believe that the oil market would face a probability of an oversupply next year.
Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.
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