Markets

OPEC likely to extend supply cuts

OPEC likely to extend supply cuts

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

Last week, Brent rose to $64.65, its highest since June 2015, and WTI hit $57.92, its highest since July 2015. What's more, there's a slim chance that the cartel will decide that the effect that tensions in the Middle East are having on oil prices will be sufficient to keep prices high without a deal extension.

On Monday, the United States government stated that United States shale production for December is set to rise for a 12 consecutive month, rising 80,000 barrels per day. Indeed, the IEA also suggests that demand for oil will remain supported by lower prices, going forward. For traders, "it's logical to do the extension", he said. This year, all eyes are on the Middle East, the Saudi political purge, and the heating-up of tensions between the kingdom and Iran.

Additionally, traders said it was unclear whether a strong quake that hit Iran and Iraq on Sunday had affected the region's oil production.

Bahrain said Iran was behind an explosion in its main oil pipeline.

Crude oil prices were mixed in Asia on Tuesday with weekly industry estimates of USA inventories ahead as well as monthly supply and demand figures from the Paris-based International Energy Agency.

Fire mishap, Manam set burnt to ashes
Annapurna Studios , promoted by actor Akkineni Nagarjuna, was set up in 1975 by late Telugu actor Nageswara Rao Akkineni. The Annapurna studios fire accident was happened on Monday, 13 November evening.

"A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed; already a net exporter of gas, the U.S. becomes a net exporter of oil in the late 2020s", the IEA said in its 2017 world energy report.

However, it also pointed out that Saudi output had risen above 10 million barrels per day.

Brent crude oil prices dipped below $63 a barrel today as the International Energy Agency (IEA) revised its oil demand forecast down due to mild early winter temperatures and rising production from some countries. "If current trends continue, inventories are likely to return to the five-year average at some stage in 2018", consultancy Timera Energy said on Monday, adding that strong demand had also helped reduce the glut.

Brent crude futures reached $62.94 per barrel. That maintained the highest level since mid-April. Managers now hold net long positions equivalent to almost 544 million barrels of oil.

Oman's oil minister, Mohammed bin Hamad al-Rumhi, said on Monday that he is confident there will be an agreement among global oil producers later this month to extend output cuts.

Baker Hughes revealed on Friday that the number of oil rigs operating in the USA rose by 9 to 738, the highest in nearly a month.


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