OPEC, Canada Make Moves to Raise Crude Prices

OPEC, Canada Make Moves to Raise Crude Prices

OPEC, Canada Make Moves to Raise Crude Prices

"There were subtle signals coming out of the G20 of greater co-operation between the Saudi's and Russian's regarding oil production cuts".

Speaking to Bloomberg, Derek Brower, a director at consultant RS Energy Group said "This might be the critical breakthrough for OPEC and non-OPEC to cut".

"We are going to survey together the market situation with Saudi Arabia and respond to it operationally", he said.

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".

Oil prices had their weakest month in more than 10 years in November, losing more than 20 per cent as global supply has outstripped demand.

Heading into the OPEC meeting, “it wouldn't be a surprise to see crude prices stabilize, or even recover, as speculation for a cut grows, particularly if the relevant officials continue to strike an optimistic tone, ” said Marios Hadjikyriacos, a market analyst with broker XM.

The price of "black gold" are rising in anticipation of production cuts and supply of raw materials, which is likely to be accepted members of OPEC+ 6 December at the Ministerial meeting in Vienna.

FGE estimates that Iraq could pump as much as 4.7 million barrels a day next year - depending on what OPEC and other producers decide at their December 6 meeting - compared with about 4.5 million in November.

"Markets are expecting for the OPEC+ deal to be renewed, which should be healthy for consumers and producers and the global economy as a whole". They've been exempt from the group's cuts agreement and are unlikely to welcome a decision to include them in any new cuts, Petromatrix's Jakob said.

International Brent crude oil futures were up $2.18 per barrel, or 3.7%, at $61.64 a barrel.

According to the government, production capacity in Alberta now exceeds transportation capacity by 190,000 barrels a day, and there are 35 million barrels of crude in storage, double the normal level.

"From Argentina to Alberta, the oil market news is about supply curtailments", said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. Its November production surged to an all-time record above 11 million barrels a day as prices swooned, prompting a jubilant response on Twitter from the White House. Separately, the Energy Information Administration said oil USA field production of oil fell to 344 million barrels in September from almost 352 million in August.

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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