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etvfutures.com November 22, 2017


Oman oil minister - confident of agreement this month to extend output cuts

14 November 2017, 06:02 | Cesar Cruz

Weekly January WTI Crude Oil

WTI Crude Oil

"Overall, there are a few reasons for confidence - compliance from OPEC - and it seems likely they'll extend the cut", Jasper Lawler - a market strategist at London Capital Group - said, referring to the output deal due to expire in March.

Opec Secretary-General Mohammad Barkindo (pic) has assured that the worldwide oil market is re-balancing at a quickening pace and production cuts are the 'only viable option.' - Reuters pic NEW YORK, Nov 14 - The Saudi- and Russia-led supply limits that have lifted crude to a 2 1/2-year high must be prolonged for an extended period or prices will collapse, said Ed Morse, global head of commodities research at Citigroup Inc.

Oil prices settled mixed on Monday as geopolitical tension in Middle East offsets rising USA output.

Speaking at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said: "My prediction is OPEC will continue to do what it takes to rebalance the market", CNBC reported.

He added that while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided. The largest Arab oil producer outside of Opec expects crude to stay above US$60 a barrel and sees stable prices next year, Al Rumhy said in an interview.

Investors already are assuming Opec and its allied producers will agree at the end of this month to extend the limits well beyond their March expiration, Morse said at a gathering of energy economists in Houston on Monday.

The U.A.E. favors maintaining the cuts, which are set to expire at the end of the first quarter, Minister of Energy Suhail Al Mazrouei said.

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The Paris-based IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

So far this year, Brent has averaged $54.5 a barrel.

The rig count is also much higher than a year ago when only 452 rigs were active, indicating that the US oil industry is comfortable operating at current prices.

Brent crude futures LCOc1 were down 71 cents at $62.45 a barrel by 1510 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 fell 64 cents to $56.12.

Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.

Bahrain said over the weekend that an explosion which caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role in the incident.



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