OPEC panel to discuss export monitoring, oil pact extension

22 September, 2017, 13:13 | Author: Leticia Walters
  • Oil Range Bound Ahead of OPEC Meeting

Ministers from OPEC and its allies look set to keep everyone waiting longer for confirmation of further action to rebalance the oil market, sending conflicting signals on whether they'll discuss extending or deepening supply cuts in Vienna on Friday. Many analysts now expect them to extend the deal, possibly to the end of next year.

Oil prices rose on Wednesday after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in USA inventories.

Both are exempt from the deal to curb output and their resulting boost to production has weighed on prices. "The main focus of the meeting will be the monitoring of compliance to the cuts, which has reached new highs of 110 per cent in August, as well as Libya and Nigeria's production levels", the bank said.

Algeria's Energy Minister Mustapha Guitouni said on Wednesday OPEC would discuss extending the deal with non-OPEC producers.

In recent months, front month Brent futures have risen sharply more than forward prices.

While Iraq's Oil Minister Jabbar Al-Luaibi said on Tuesday that some nations were talking about a further 1 percent cut, his Russian counterpart Alexander Novak told RIA Novosti on Wednesday that there's no formal proposal to do so. "It is very good, better than last month", the minister told reporters after arriving in Vienna.

Ri was speaking to reporters in NY when he was asked what North Korean leader Kim Jong Un had meant when he threatened in an earlier statement the "highest level of hard-line countermeasure in history" against the United States.

"Bottom line, the market remains range bound right now as fundamentals become less bearish and the technical outlook continues to improve", said Tyler Richey, co-editor of the Sevens Report.

Opec's efforts have been offset by the shale boom in the United States which has pushed production to record highs.

West Texas Intermediate for November delivery was at $50.62 a barrel on the New York Mercantile Exchange, up 7 cents, at 1:10 p.m.in Hong Kong.

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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

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