Putin says Russian Federation 'satisfied' with oil at $60
01 December, 2018, 06:26 | Author: Teresa Adams
This led to added concerns about a global supply glut just before the meeting between two of the world's biggest oil producers, Russian Federation and Saudi Arabia.
A seemingly relentless rise in USA crude supply, together with Saudi Arabia's insistence that it will not cut output on its own to stabilise the market, earlier sent Brent crude to another 2018 low below $58 a barrel.
Saudi Arabia, OPEC's largest producer, is confident the group and its allies can reach a resolution to stabilize the oil market at their meeting next week, the kingdom's Energy Minister Khalid Al-Falih said on Wednesday. "The key question is how quickly and by how much", one source who was familiar with the talks at Russian oil firms told Reuters.
Cost of January futures for Brent crude on London's ICE Futures exchange is $57,57 per barrel, or $1,19 (2.03 per cent) below level of closing of the previous session, reports the online edition of the Chronicle.info with reference to the Correspondent.
"We are in contact with OPEC and we are ready to continue our joint efforts if needed", Putin said.
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Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets.
Russia's latest budget had been built on the assumption of oil at $40, he said.
Meanwhile, the U.S. Energy Information Administration (EIA) reported yet another increase in domestic crude inventories Wednesday.
USA crude production C-OUT-T-EIA is at a record high of 11.7 million barrels per day (bpd).
Oil prices on both sides of the Atlantic reversed the Asian gains and fell sharply in the European trading this Thursday, with the United States oil (WTI) tracking the losses in its European peer, Brent.
The price of a barrel of Brent crude for January delivery also ended the day higher, rising 75 cents to settle at $59.51. USA crude dropped 29 cents, or 0.6 per cent, to $51.16 a barrel.
The supply and demand fundamentals remain bearish, but the early price action suggests the technical picture may be improving.
The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal. It lacks the financial reserves of 2014, the last time it decided against cutting output to support prices and instead chose to fight a price war against US shale producers.
Anticipation of the meeting may also be driving prices higher, said Kilduff of Again Capital, adding that traders are wary of being short ahead of the meeting.
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