Oil Holds Gain as OPEC Crude Production Slips Before Meeting

03 Décembre, 2019, 19:56 | Auteur: Auguste Feret
  • Oil Rebounds as Iraq Signals Deeper Cuts Ahead of OPEC+ Meeting

Monday's rebound in oil prices have gathered steam following the above headlines, as WTI jumps above the 56 handle while Brent regain 61.50.

Oil prices were slightly higher on rising expectations of deeper production cuts as OPEC and its allies are meeting this week, despite skepticism among some analysts about the agreement limited gains.

OPEC and its allies are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter told Reuters.

Barring additional oil production cuts by OPEC in 2020, Rystad Energy forecasts a substantial build of global crude stocks and a corresponding drop in oil prices.

Factors behind this included a large increase in the production of heritage projects non-OPEC and the outlook is uncertain for the growth in demand, he added.

The investment bank said it expects Brent to trade around $60 a barrel in 2020 in the absence of geopolitical shocks.

A showdown is taking place in Vienna as OPEC countries plus Russian Federation will gather in the Austrian capital on 5-6 December to discuss oil output levels in 2020.

Saudi Arabia: Assurances over Aramco's Liquidity Ratio, Loan Underwriting
Even with such a small percentage of listing, Saudi Aramco has managed to grab more than 44 billion dollars of investment. The veteran oil official wants to ensure oil prices stay high enough for Aramco's IPO, sources said.

U.S. may face French fry shortage due to poor potato crop
Department of Agriculture predicts that potato production will drop a little over 6 percent this year, the lowest drop since 2010. Cold weather from September to November affected potato yields in Alberta, Idaho, Manitoba, North Dakota, and Minnesota.

K-pop star Cha In Ha found dead at age of 27
The actor is now on screens alongside Oh Yeon-seo and Ahn Jae-hyun in drama Love With Flaws that is being aired on South Korea. According to Koreaboo , Surprise U member and Fantagio actor Cha In Ha was reportedly found dead this afternoon (December 3rd).

Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging USA economic data.

A senior advisor to President Donald Trump said a US-China trade deal was still possible before the end of the year, adding that the first phase was being put to paper, although the talks have dragged on for weeks.

While it is anticipated that OPEC will probably continue to find the production cuts that are now going on as being useful, it's likely that the market will see a continuation of those production cuts.

A 1 million bpd surplus of oil can be expected to cause an oil price decline of around 5 per cent per month, implying a potential drop of 30 per cent over six months, Rystad estimates.

However, RBC Capital Markets said there's no widespread enthusiasm for a deeper reduction among OPEC members at this time, though if prices were to move appreciably lower in the immediate run-up to the meeting, a cut in the 1.6 -1.8 million bpd range could come under serious consideration.

United States crude inventories are expected to have declined last week, which may support prices, with analysts in a preliminary Reuters poll suggesting a contraction of 1.8 million barrels.

Iraq, OPEC's second-biggest oil producer behind Saudi Arabia, exported crude at an average rate of 3.5 million bpd in November, the oil ministry said on Sunday.


  • Nabilla amoureuse de Thomas Vergara: une adorable photo de couple dévoilée !

    Nabilla amoureuse de Thomas Vergara: une adorable photo de couple dévoilée !

    De retour à Dubaï depuis quelques semaines Nabilla continue à snapper son quotidien à ses abonnés. Mais il semblerait que la réalité ne soit pas si rose qu'il n'y paraisse.
    Greta Thunberg arrives in Europe by sailpower

    Greta Thunberg arrives in Europe by sailpower

    Levels of greenhouse gases including carbon dioxide hit record levels a year ago , the World Meteorological Organisation has said. Some 20 activists cut off traffic in central Madrid and staged a brief theatrical performance to protest climate change.

    IPad Pro et MacBook Pro profiteraient d’un écran mini-LED en 2020, mais qu’est-ce que c’est ?

    L'analyste Ming-Chi Kuo confirme ses propres prédictions dans une note publiée aujourd'hui. La taille de chaque LED serait donc revue à la baisse pour atteindre moins de 200 microns .
  • 55 measles deaths in Samoa, Government to shut down

    55 measles deaths in Samoa, Government to shut down

    Since the crisis began in mid-October, there have been 3,728 measles cases, accounting for nearly two percent of the population. None of the victims were vaccinated, according to Prime Minster Tuilaepa Lupesoliai Sailele Malielegaoi, CNN reported.

    " "Donald Trump fustige Macron et grogne contre les " mauvais payeurs " — OTAN

    Sa première intervention avant le début de la réunion a donné le ton, comme l'an dernier quand il avait critiqué Angela Merkel . Pour sa part le secrétaire général de l'Otan a réaffirmé que la Turquie demeurait " un très bon allié ".
    United States  threatens tariffs on French goods over digital tax

    United States threatens tariffs on French goods over digital tax

    The tax discriminates against US companies, especially Google, Facebook, Apple and Amazon , according to the US Trade Representative.
  • Boe frappe d'entrée, Fourcade 5e mais rassuré — Biathlon

    Boe frappe d'entrée, Fourcade 5e mais rassuré — Biathlon

    De son côté, Johannes Boe a pris la tête du classement avec un temps de 24'18, soit 19 secondes devant son frère. Solide sur les skis, Martin Fourcade a tenu le rythme, ce qui s'annonce prometteur pour la suite.
    Washington's Chris Petersen announces he's stepping down

    Washington's Chris Petersen announces he's stepping down

    He then went to the Detroit Lions , where in his second season the team hired a young defensive backs coach named Jimmy Lake . Petersen isn't getting out while the getting was good - he's just getting out, and that is something I just didn't expect.

    Classement Pisa : Les élèves Français dans la moyenne

    En France, seuls 45 % des élèves disent coopérer entre eux dans leur établissement, contre 62 % en moyenne dans l'OCDE . La France serait ainsi l'un des pays où un élève issu d'un milieu défavorisé a le moins de chance de réussir.
  • Trafic quasi-nul au niveau régional jeudi 5 décembre

    Trafic quasi-nul au niveau régional jeudi 5 décembre

    En région parisienne , 90% des trains Transilien (RER, trains de banlieue) seront supprimés. ♦ Intercités: 1 train sur 10. Concernant les TGV , un train sur six circulera vers l'est et le nord du pays, et pour le service à bas coûts Ouigo.
    Robert Pattinson unsure if Batman is a superhero

    Robert Pattinson unsure if Batman is a superhero

    In an earlier interview to The New York Times, Pattinson had said, "Batman's not a hero, though". He's not the golden boy, unlike nearly every other comic-book character'.
    Nouvelle mise à jour pour Super Mario Maker 2

    Nouvelle mise à jour pour Super Mario Maker 2

    Celle-ci transforme Mario en Link et lui permet d'utiliser de nouvelles actions (Charge Éclair, bombes, tirer à l'arc...). Prévue pour le 5 décembre prochain, elle contiendra de nouveaux éléments ainsi qu'une légendaire épée, la Master Sword .


We’re living in hottest decade on record, says UN
Christian Aid's global climate lead Kat Kramer said the WMO report showed the need for concrete progress in Madrid . The assessment warns concentrations of greenhouse gases in the atmosphere have reached new record levels in 2019.

JAMES BOND 25: NO TIME TO DIE Character Posters
The rest of the group are pictured in various styles of formal evening wear and work uniforms. Burns with Cary Joji Fukunaga and Emmy victor Phoebe Waller-Bridge ( Fleabag, Killing Eve ).

Andrew 'Greedy' Smith, Mental As Anything frontman, dies aged 63
Smith is survived by his son Harvey, fiancee Fiona Docker and brother Stuart. Mental As Anything were inducted into the ARIA Hall of Fame in 2009.

Tiger Woods beats some of golf's bests at Hero Shot competition
Woods and the rest of the team will land Monday morning Australia time after leaving the Bahamas on Saturday evening. Unfortunately tomorrow is never promised. "I try to enjoy every moment, whilst making plans for the future".

How do Norway's Pisa school results compare to other countries?
Some 600,000 students in 79 countries and economies completed the test in 2018, representing about 32 million 15-year-olds. However, the mammoth PISA research project also showed that Dutch school standards are declining in key areas.

Ohio State stays at No
Utah disposed of Colorado in the second half of a 45-15 matchup that clinched their spot in the Pac-12 championship game . Joe Burrow can deliver LSU's first SEC championship since 2011, and the Tigers likely are in even if they lose.

Lions place QB Jeff Driskel on IR, sign Kyle Sloter
Blough added another passing touchdown later in the first quarter to Marvin Jones, Jr. Now, they are down their primary backup.

Canada's prime minister is trying to agree on some issues in Ontario
Moe and Alberta Premier Jason Kenney want to discuss amendments to the fiscal stabilization program. They say it could help to meet the emission reduction targets.

North Korea's Kim opens huge mountain development
Ri added: "What is left to be done now is the US option and it is entirely up to the USA what Christmas gift it will select to get".

Culture - Décès du chef d'orchestre letton Mariss Jansons
Sa lecture de La Dame de pique de Tchaikovski aura entre autres réusites marqué l'édition 2018 du festival estival de Salzbourg. Il succède en 2004 à Riccardo Chailly à la tête de l'Orchestre royal du Concertgebouw d'Amsterdam.