Oil prices rise by 1% after Saudi announces December supply cut
13 November, 2018, 01:12 | Author: Mary Valdez
Khalid Al-Falih told reporters that Saudi Aramco's customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand.
The imposition of sanctions against Iran and those who do business with Iran has had a very limited impact on oil prices, due in large part to strong output from the USA and Russian Federation.
But Russia appears to need more convincing that it should be cutting production again.
But they climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production in response to fears of oversupply.
The JMMC, a technical committee, is expected to make important recommendations on production cuts to a key ministerial meeting in Vienna next month for the OPEC and non-OPEC producers.
Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the Organisation of Petroleum Exporting Countries (OPEC) and its allies started laying the groundwork to cut supply in 2019, reversing an nearly year-long expansion. It's a concern shared by OPEC Secretary-General Mohammad Barkindo, who said Monday that the market balance is under threat from surplus supply and dwindling demand.
US West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 percent.
The proposed reduction is from October production levels, Falih said.
The country faces uncertain prospects in its attempts to persuade other producers to agree to a coordinated output cut.
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A cut of that magnitude would reverse a decision in June by OPEC and Russian Federation to pump over a million barrels per day more to make up for the expected loss of Iranian exports.
Global oil producers - including OPEC and Russian Federation - pump out roughly 100 million barrels of oil per day, so a 1% cut in production might not seem like a big deal.
While Riyadh has made a decision to lower production, the rest of the attendees did not come to a consensus on the matter, according to Falih.
Output from the world's top oil producers Russian Federation, the United States and Saudi Arabia has risen by 1.05 million bpd in the last three months, based on official output figures.
When asked about the possibility of an output cut, he insisted it was "premature to talk about a specific action".
But producers eased output cuts in June after signs of a tighter market and higher prices, selling hundreds of thousands of extra barrels. So, we know that supply is going to be reduced and in the medium term we can expect higher oil prices.
In his speech at the start of the meeting, Falih said the recent sharp drop in prices had "surprised us".
This may be the beginning of a stabilisation in the oil market after crude prices crashed by about 20% since early October.
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Oil producers see oversupply, eye cutting output
When asked about the possibility of an output cut, he insisted it was "premature to talk about a specific action". Suheil al-Mazrouei, energy minister of the host country UAE, hinted that producers are preparing to cut output.
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