Oil prices surge more than 5pc on output pledge, US-China deal

Oil prices surge more than 5pc on output pledge, US-China deal

Oil prices surge more than 5pc on output pledge, US-China deal

However, OPEC members, alongside Russian Federation would be meeting on December 6th-7th in Austria for discussing the terms of "cut supply" to support the market and Russian Federation happened to show interest in joining OPEC.

The dire predictions didn't come to pass. Saudi Arabia has promised to pump fewer barrels in December and throw its weight behind a proposal for OPEC to cut production by one million barrels per day, according to CNN, but even that announcement hasn't stopped the price slide.

"I explained to (Suarez) the results of the OPEC+ agreement on the stability of oil markets, which serves the interests of producers, consumers and investors and supports the global economy", he wrote. "And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly".

Brennock went on to predict that "Against this backdrop, the most likely outcome of next week's OPEC meeting is a fudge: Russian Federation and Saudi Arabia will agree to curb production, but by less than is needed to prevent a supply imbalance in early 2019". "But the details are now what matter - how much will be cut, from when, for how long and, crucially, from what baselines".

"You're going to have a ballet and concert of various statements that are either contradictory or reinforcing leading up to the OPEC meeting", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London.

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Putin said he had no concrete figures on the extent of the future output cuts. The contract was little changed from last week's US$50.42 per barrel. The advisory group's proposals aren't binding, and OPEC ministers often choose a different path.

Friday's price fall has increased the stress over OPEC in front of an awaited meeting between the OPEC and its associates to be held on December 6 in Vienna, where they are expecting to declare the decrease in the oil output for the year 2019. Brent hit a a four-year high of $86.76 a barrel in early October before slumping to $58.71 on Friday.

In public and private, Trump has told the Saudis he wants cheaper crude, even disclosing that he berated the crown prince in an October phone call when worldwide benchmark Brent surged above $80.

Crude oil prices gapped over 3 percent higher at the start of the Asia trading session following a rally in APAC equities. The oil production of Russian Federation has also reached above 11 Million bpd in the past few months.

France's President Emmanuel Macron, who has faced intense protests against growing gasoline prices in his country, also called for cheaper oil at the G-20 summit.

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