News Oil 

OPEC reportedly favors 9-month extension to output cut deal in bid to boost oil prices

“OPEC members are reportedly forming a consensus around extending their production cutting deal with other crude exporters by nine months, a move that would help to put a floor under oil prices” writes Tom Dichristopher for cnbc.com. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year.OPEC may put off the decision at its Nov. 30 meeting if demand for crude oil and petroleum products remains strong, a source told Reuters. Source: cnbc.com…

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OPEC deal needs to last at least 2 years: Total CEO

“Several OPEC nations, including cartel kingpin Saudi Arabia, have already discussed the possibility of letting the deal run through 2018” writes Markets Reporter for marketwatch.com. OPEC’s efforts to boost prices and balance the oil market are working, but they will need to run for at least another year, according to Total CEO Patrick Pouyanné. Source: marketwatch.com Share This:

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Oil prices fall on higher US crude inventories

“Both benchmarks have risen more than 20 percent from their lows in June as world oil markets tightened” reports foxbusiness.com. Brent crude oil was down 60 cents at $56.34 a barrel by 1055 GMT. U.S. light crude was 75 cents lower at $50.55.Higher U.S. production is allowing U.S. companies to export increasing volumes to world markets, feeding inventories and helping to undermine OPEC’s efforts to tighten the market.Many analysts expect Brent to stay between $50 and $60 a barrel as long as global markets stay balanced. Source: foxbusiness.com Share This:

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OPEC urges US to cut shale production

“OPEC General Secretary, Mohammed Barkindo, called on U.S. shale oil producers to help support plans to curb global oil supply on Tuesday, warning that unprecedented measures may be necessary next year in order to rebalance the oil market” writes Sam Meredith for cnbc.com. “We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle,” Barkindo said.North American shale drillers have helped production soar by nearly 10 percent…

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Oil Rises to $56 on Saudi Export Cut

“REUTERS/Christian Hartmann LONDON (Reuters) – Oil rose to above $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply” writes Min Read for reuters.com. Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact.A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017 .OPEC has managed record-high adherence to its supply cutting deal…

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OPEC Secretary General urges U.S. shale oil producers to help cap global supply

“NEW DELHI (Reuters) – OPEC’s Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term” reports businessinsider.com. “We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle,” said Barkindo. Source: businessinsider.com Share This:

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OPEC, others may take some extraordinary measures in 2018 to rebalance oil market: Barkindo

“NEW DELHI (Reuters) – The Organization of the Petroleum Exporting Countries and major producing nations may take “some extraordinary measures” next year to rebalance the oil market, OPEC Secretary General Mohammad Sanusi Barkindo said on Sunday” reports businessinsider.com. Additional oil producing nations may join the Nov. 30 meeting of OPEC, Barkindo told reporters at the India Energy Forum organised by CERAWeek in New Delhi. Barkindo also said he was not worried about the rise in U.S. shale oil and gas output. Source: businessinsider.com Share This:

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Oil drops, aims for first weekly decline in over a month

“As of Thursday, nearly 15% of Gulf oil production and more than 6% of natural-gas production was shut in as the region prepares for Nate, according to the Bureau of Safety and Environmental Enforcement” writes Christopher Alessi for marketwatch.com. Meanwhile, oil prices posted gains Thursday as Saudi King Salman and Russian President Vladimir Putin in Moscow discussed extending Russia’s participation in an agreement to cut global crude production.December Brent crude LCOZ7, -2.77% the global oil benchmark, fell $1.28, or 2.3%, to $55.72 a barrel on London’s ICE Futures exchange.Monthly market…

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Oil rises as talk of new OPEC deal trumps record US exports

“U.S. crude oil exports jumped to 1.98 million bpd last week, surpassing the 1.5 million bpd record set the previous week, the Energy Information Administration said” reports foxbusiness.com. “EV uptake and increased fleet fuel-efficiency could cut oil demand by around 3.5 million bpd in 2025,” the bank said.”Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates.Beyond short-term market drivers, analysts at Barclays said future oil demand could be undermined by improving…

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