OPEC+ Cuts Production 1.2 mbpd To Rebalance Oil Market

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  • #19210
    TradersCom
    Keymaster

    The OPEC+ meeting in Vienna came at a…

    [article]1243[/article]

    #19212
    Helmholtz Watson
    Participant

    Russia Oil Minister Novak:
    CURRENT OIL PRICE SUITS RUSSIA, LESS VOLATILITY NEEDED (WTI trading near $54) via @staunovo BBG

    #19215
    Truman
    Participant

    U.S. WTI crude oil futures CL_F settle $52.61/bbl. $1.12. +2.18%. After OPEC Down over $1.50 from Highs as $DJIA $ES_F Collapse

    #19227
    ThePitBoss
    Participant

    Barclays Note on OPEC

    “The changes to supply expectations make a material difference to our balances, taking out 0.5 mb/d of supply and bringing the supply/demand balance to almost zero in 1H18 compared with our early November estimates,”

    “We maintain our $72/b Brent price target next year and continue to believe that prices will increase from current levels as long as macro conditions are stable and as certain OPEC producers conform with their pledges,”

    #19261
    ThePitBoss
    Participant

    Saudi Cutting Exports of Crude to US to Show Determined To Cut

    “Saudi crude shipments to the U.S. next month could even test the 30-year low set in late 2017 of 582,000 barrels a day, down about 40 percent from the most recent three-month average,” Bloomberg says.

    #19509
    TradersCom
    Keymaster

    [color=green][size=5]Right on cue with Oil at highest in weeks Saudi energy minister Falih is out on wires talking through stops:
    [/size][/color]
    we are confident OPEC+ cut deal are certain enough to bring market into balance unless something unexpected happened
    market conditions look better now than few weeks ago
    I would not rule out: for further OPEC+ action at some time
    we have to give it time, oil demand is soft in Q1
    Saudi Arabia will lead to bring the market into balance

    Also:
    we continue to discuss the nuclear 123 agreement with the US
    we want the US to be part and parcel of the kingdom nuclear plants
    US is key provider for nuclear technology

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