Russia’s oil production in November to stay at October’s level - energy minister

Bear oil market has Saudis weighing output cut

Brent crude, the global benchmark, rose 1.2 percent to $70.99 a barrel at 10:55 a.m. Singapore time.

After jumping over 1% in early trade, front-month Brent and WTI Crude futures are now trading at $70.70 and $60.63 a barrel, up 0.75% from Friday's closing level.

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut.

But the highs and lows of the market need to end for both oil consumers and producers to profit, said al-Rumhy, the Omani official.

This was announced by the Minister of energy of Saudi Arabia Khalid al-falih following the meeting of the Ministerial monitoring Committee of OPEC+.

According to Amrita Sen, the Chief oil analyst at London-based Energy Aspects Ltd., considering the fact that the sanctions imposed on Iran were much less stringent than expected, the Kingdom of Saudi Arabia is acting responsibly by taking the step to reduce the oil production that it had earlier massively increased in order to offset the expected drop in Iranian oil supplies.

Falih said Saudi Arabia, the world's largest oil supplier, will cut its production by 500,000 bpd as of next month to help stabilize the market.

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Ministers from OPEC and allied producers met in Abu Dhabi on Sunday to discuss scenarios including the possibility of cutting output.

Come 2019, experts believe that the increase in the production of American crude (shale) could add to the pressure of the OPEC countries in their production of crude.

"If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further", the bank said in a note.

Crude prices hit four-year highs of more than $80 a barrel in late September and early October over fears of the impact of United States sanctions on Iranian oil exports, sparking warnings of prices hitting $100.

Prices have been hurt by rising USA oil inventories and fear that trade wars could contribute to slower economic growth, which would reduce demand for energy. "Oil prices should be much lower based on supply!"

The above statement was quoted by 66 per cent of respondents to a Gulf Intelligence GIQ Oil Markets Survey of 100 energy industry professionals. Novak showed no sign he was ready to act immediately and Vagit Alekperov, the CEO of Russia's second-largest oil producer Lukoil PJSC, said there's no need to cut output now. On Friday, Brent followed and entered a bear market after falling below $70, and now its structure is back to contango, where future oil prices are higher than current ones, which makes traders store crude for future sales.

This put the Middle Eastern country at odds with Russian Federation, which said it was no clear whether the market would be oversupplied next year, with market analysts predicting the country's oil producing companies likely to BOOST proaction by 300,000 barrels per day.

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