US Energy Secretary Perry To Saudis: We Want Stable Supply And Prices

Secretary Rick Perry during a visit to Budapest

Oil prices on Tuesday clawed back some of their losses from the previous day as Libya's National Oil Company (NOC) declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. But amid mounting global uncertainty on everything from trade and monetary policy to politics, that forecast is far from consensus.

U.S. Secretary of Energy Rick Perry reiterated the "need for stable supply and market values" during talks with Saudi Energy Minister Khalid Al-Falih in Saudi Arabia, the U.S. Department of Energy said on Monday, in a first U.S. -Saudi meeting after Friday's OPEC+ deal to cut oil production again.

Undermining the supply cuts is soaring output in the United States, where crude production C-OUT-T-EIA has hit a record 11.7 million bpd. Brent crude is down almost 30 percent from its October highs of more than $86.

The market will get a peak at US oil inventories this afternoon when the American Petroleum Institute (API), an industry group, releases a report at 4:30 p.m. EST.

Brent for February delivery climbed 23 cents to settle at $60.20 a barrel on London's ICE Futures Europe exchange.

It's likely the combination of the two that prompted selling - not least concerns over growth stemming from the U.S.

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In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it now produces.

Saudi Arabia will be the country to witness the most significant drop in oil production among OPEC member countries. Futures settled 2.8 percent lower at $59.97 on Monday.

On the Heels of Its OPEC Exit, Will Qatar Increase Its Oil Output? "We expected there will be a slowdown in demand for oil and accordingly made a decision to cut production", Mazrouei said.

In the previous week ending November 30, WTI increased 1.01 percent, while Brent crude lost 0.15 percent.

Other analysts noted the reduction by the Organization of the Petroleum Exporting Countries and allies, like Russian Federation, may not be deep enough to restore balance to the market especially after the us government confirmed its forecast that the United States would end this year as the new top producing nation. WTI was at $51.55, up roughly half a percent.

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