Oil prices rise as Saudi announces supply cut

12 November, 2018, 13:13 | Author: Regina Silva
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"The Kingdom's crude exports for December will be 500,000 bpd lower than November", Saudi Energy Minister Khalid Al-Falih told reporters at the meeting in Abu Dhabi.

The 14 members of the Organisation of Petroleum Exporting Countries, which include Saudi Arabia, alone pump over a third of global crude supply.

But Falih said ahead of the meeting of OPEC and non-OPEC key producers that there was not yet consensus on a broader output cut.

When asked about the possibility of an output cut, he insisted it was "premature to talk about a specific action".

"We'll make sure we'll steer the global oil markets ... to make sure we don't jerk the oil markets into swinging either side", said Mr Al Falih. "I think those reports are going to be even weaker because they will have to adjust for the increase in USA production", Jakob said.

Meeting in Abu Dhabi to examine how to curb a sharp slide in oil prices, the producers said they "reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements".

U.S. West Texas Intermediate (WTI) crude oil futures were at 60.73 dollars per barrel, up by 54 cents, or 0.9 per cent from their last settlement.

"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down towards the 100-percent level or risk another 2014-style slide in prices", he said.

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He said the market sentiment has shifted from one of fearing shortages to one anxious about oversupply.

A record influx of USA crude at 11.6 million bpd, outpacing Saudi Arabia's output of 10.7 million bpd and Russia's 11.4 million bpd, has sent prices tumbling down.

Suheil al-Mazrouei, energy minister of the host country UAE, hinted that producers are preparing to cut output.

The imposition of sanctions against Iran and those who do business with Iran has had a very limited impact on oil prices, due in large part to strong output from the US and Russian Federation.

But they climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production in response to fears of oversupply.

"The recent drop in oil prices reflects a combination of factors".

But the producer nations eased the output cuts in June after signs of a tighter market and higher prices, allowing hundreds of thousands of extra barrels to hit the market.

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