Crude jumps as Iraq signals deeper cuts ahead of Opec+ meet

02 Décembre, 2019, 17:08 | Auteur: Auguste Feret
  • Crude jumps as Iraq signals deeper cuts ahead of Opec+ meet

Iraq said OPEC and its allies will consider further output curbs at their meeting this week, forcing traders to weigh the country's status as the cartel's second-largest producer against its poor record of actually implementing cuts.

Futures surged as much as 1.9% in NY after plunging 5.1% on Friday amid indications OPEC+ won't make steeper supply reductions.

Iraqi's oil minister said on Sunday that OPEC and its allies will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd.

Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. Prices fell on concerns that talks to end the trade war between the United States and China, the world's two biggest oil users, would be disrupted by U.S. support for protesters in Hong Kong.

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"Barring any dramatic developments, the emphasis will be likely be on further tightening the market through better compliance enforcement", RBC Capital Markets analysts led by Helima Croft wrote in a note dated December 1. West Texas Intermediate (WTI) futures rose $86 or 1.6 percent, to $56.03 a barrel, having risen by more than $1 earlier. Prices closed at $55.17 on Friday. There was no settlement Thursday due to the holiday in the U.S. and all transactions were booked on Friday.

Brent crude futures rose 66 cents, or 1.1%, to $61.15 a barrel by 0727 GMT. The January contract expired Friday after dropping 2.3 per cent.

Oil rose in November partly on expectations of the United States and China reaching an initial deal trade deal by the end of the year that would help restore global economic growth and future crude demand. Even if the group doesn't need to go beyond its existing output curbs, data suggests it will at least need to prolong the supply deal past its current end-March expiry. That's the first reading above 50 since April, indicating an expansion in output.

-With assistance from James Thornhill. All comments are subject to editorial review.

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