Monday, 21 October, 2019

OPEC chief says deeper oil cut an option amid weaker 2020 outlook

World’s Top Oil Traders See 2020 Prices Stuck in the $50s Reuters: Oil prices fall as hopes for U.S.-China trade progress wilt
Russell Knight | 12 October, 2019, 17:56

All options are on the table, including a deeper cut from OPEC and its allies in December, OPEC Secretary General Mohammad Barkindo said on Thursday, as the OPEC+ coalition tries to rebalance the market amid floundering economies.

Asked about whether OPEC and allies could decide at their meeting in early December to deepen the cuts in the production cut pact now expiring in March 2020, Barkindo said "All options are open".

The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020.

"Crude oil has, just like other riskier assets, received a boost from news that China is open to accept a partial trade deal", Saxo Bank commodity strategist Ole Hansen said.

Brent crude was up 97 cents at $59.21 a barrel.

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Meanwhile, there are also jitters about petroleum prices on the world stage. Concern about weaker economies and demand due to uncertainties such as Brexit and the U.S.

The OPEC oil cartel saw its crude production fall in September, mostly due to production falling in Saudi Arabia following attacks on its oil infrastructure, according to its monthly oil report released on Thursday.

Also revised lower was demand for petrol and diesel in the United States. USA production was also down for the last month for which there is data: 11.8 million bpd for July, which is 0.3 million bpd down from June production.

Saudi Arabia has stressed that it restored output quickly, but told OPEC that its production in September fell by 660,000 bpd from August to 9.13 million bpd. For the United States, full-year 2019 production is expected to average 12.3 million bpd, which is 1.3 million bpd over 2018.

Saudi Aramco's oil processing facilities at Abqaiq and Khurais were attacked by missiles and drones on September 14, shutting down 5.7 million barrels per day (bpd) of its production, or more than 5% of global supplies.

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