US oil prices inched higher on Friday after a report from the Organisation of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.

US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 per cent, from their last settlement. WTI futures closed down 0.4 per cent on Thursday.

International Brent crude oil futures had yet to trade, after closing up 1.1 per cent in the previous session.

OPEC cut oil output sharply in December before a new accord to limit supply took effect on January 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

"The OPEC+ production cuts (that stared this month) will be paramount to keeping the market tight and supporting prices," ANZ said in a research note. The body is making cuts along with other major producers such as Russia.

OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.&nbsp;

But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

US oil prices inched higher on Friday after a report from the Organisation of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.

US oil prices inched higher on Friday after a report from the Organisation of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply. US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 per cent, from their last settlement. WTI futures closed down 0.4 per cent on Thursday. International Brent crude oil futures had yet to trade, after closing up 1.1 per cent in the previous session. OPEC cut oil output sharply in December before a new accord to limit supply took effect on January 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand. "The OPEC+ production cuts (that stared this month) will be paramount to keeping the market tight and supporting prices," ANZ said in a research note. The body is making cuts along with other major producers such as Russia. OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years. But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

Oil prices edge up as OPEC says its crude output fell sharply in December

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 per cent, to $52.52 per barrel.

Traders said the declines came on lingering concerns over the health of the global economy.

"If we experience an economic slowdown, crude will underperform due to its correlation to growth," said Hue Frame, portfolio manager at Frame Funds in Sydney.

Most analysts have downgraded their global economic growth forecasts below 3 per cent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.

For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week.

Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 per cent respectively.

Beyond global economics, oil markets are receiving support from supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.

A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Consultancy JBC Energy this week said it was likely that US crude oil production was already "significantly above 12 million bpd" by January 2019.

Given the overall supply and demand balance, Swiss bank Julius Baer said it was "price neutral" in its oil forecast.

"We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further US shale production growth," said Norbert Ruecker, head of commodity research at the bank.

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb. International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 per cent, from their last close. US West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 per cent, to $52.52 per barrel. Traders said the declines came on lingering concerns over the health of the global economy. "If we experience an economic slowdown, crude will underperform due to its correlation to growth," said Hue Frame, portfolio manager at Frame Funds in Sydney. Most analysts have downgraded their global economic growth forecasts below 3 per cent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt. For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week. Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 per cent respectively. Beyond global economics, oil markets are receiving support from supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that US crude oil production was already "significantly above 12 million bpd" by January 2019. Given the overall supply and demand balance, Swiss bank Julius Baer said it was "price neutral" in its oil forecast. "We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further US shale production growth," said Norbert Ruecker, head of commodity research at the bank.

Oil slips on economic worries, but still set for strong weekly gain

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.

Petrol was sold in Delhi at Rs 68.29 on Sunday, while diesel at Rs 62.16. In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively.

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In Mumbai, petrol &amp; diesel priced at Rs 74.16/litre &amp; Rs 65.12/litre. In Delhi, petrol &amp; diesel priced at Rs 68.50/litre &amp; Rs 62. 24/litre, respectively. <a href="https://t.co/E0PVdOgLCX">pic.twitter.com/E0PVdOgLCX</a>
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On December 31, diesel and petrol prices reached their lowest level of 2018. In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively.

The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.&nbsp;

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively. Petrol was sold in Delhi at Rs 68.29 on Sunday, while diesel at Rs 62.16. In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively. In Mumbai, petrol & diesel priced at Rs 74.16/litre & Rs 65.12/litre. In Delhi, petrol & diesel priced at Rs 68.50/litre & Rs 62. 24/litre, respectively. pic.twitter.com/E0PVdOgLCX — ANI (@ANI) January 7, 2019 × On December 31, diesel and petrol prices reached their lowest level of 2018. In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively. The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan. Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.

Fuel prices witness fresh hike, petrol at Rs 68.50 in Delhi

Chabahar is back in the news after a hiatus of about two years. The contexts of its importance are several but the first one in the current milieu is the fact that despite President Donald Trump’s avowed sanctions on everything related to Iran, India’s Chabahar-based relationship with Tehran has received a waiver. That puts on course the fructification of efforts which commenced many summers ago but got an impetus with Prime Minister Narendra Modi’s visit to Tehran in May 2016, leading to the signing of the trilateral tripartite agreement between India, Iran and Afghanistan.

The US provided an “exception” from certain sanctions, to the Iranian port of Chabahar that India has developed and used for reconstruction efforts in Afghanistan. This exemption is in addition to temporary freedom from sanctions that the US announced for India and seven major importers of Iranian crude oil.

Why is Chabahar strategically important, for India, the US, Iran and Afghanistan? That will answer many questions. It starts with the fact that its geostrategic location, outside the Persian Gulf and yet on the Iranian coastline, puts it slightly out of harm’s way in the event of the Straits of Hormuz being forcibly closed; although, it is well appreciated that such a closure will no doubt presuppose an adverse effect on all of Iran’s port facilities.

To access Central Asia, often referred to as the heart of Asia, and Afghanistan, there are only two routes from the Indian Ocean. The first is from Pakistan’s Gwadar or Karachi ports and the second is from Chabahar which lies on the southeastern coast of Iran in the Sistan-Baluchistan province. Why the US agreed to waive sanctions for activities connected with the development of the port is simply because India is the nation providing alternatives for establishing communication arteries to Afghanistan, bypassing Pakistan.

For 17 years, the US has fought in Afghanistan and depended on a single artery for its logistics; through Karachi and Pakistan-Baluchistan into Afghan territory. Due to its animosity with Iran, the clearly viable alternative via Chabahar through Iranian territory, to West Afghanistan could not be exploited. The lack of development of Chabahar placed Afghanistan in a predicament because of its reliance on Karachi with all strings in the hands of none-too-friendly Pakistan.

India’s stakes in Afghanistan being high, the realization perhaps came late that Chabahar had serious transformational strategic potential to bypass Pakistan. Once India demonstrated its deep interest and the tripartite agreement with Iran and Afghanistan was signed in mid-2016, the movement of a consignment of wheat from Kandla port in Gujarat to Kabul via Chabahar went through smoothly; that experiment spurred further movement on Chabahar.

With portents of conflict termination in Afghanistan, the US too realised the important role India could play at this stage, such that all eggs were not in Pakistan’s basket. Otherwise all Pakistan needed to do in order to bring down the Afghan National Unity Government (NUG) was to establish a blockade from Karachi and the landlocked state of Afghanistan would have few options.

The tripartite agreement resolved that problem and increased India’s significance in Afghanistan. With India’s access via Chabahar, the viability of maintaining Afghanistan as a state under current dispensation, with minimal US presence, exponentially increases and there is considerable risk reduction. The joint Indian and US strategic interests in Afghanistan aim at the dilution of Pakistani influence and capability.

For the US the option of India in control is far more positive than leaving this to the stranglehold of China, Russia and Pakistan with the latter continuing to improve relations with Iran. For the Afghan NUG, this is as blissful a situation as it can expect with reduction of dependence on Pakistan and an avenue open to trade and assistance from India.

The Indian firm India Ports Global Limited has formally taken over operations at the Shahid Beheshti port in Chabahar. The routes for trade and transit corridors between the three countries have been finalised but this will remain work in progress as subsequent infrastructure caters for railway connectivity and eventual linkage to the INSTC.

While India has successfully completed a major geostrategic venture on one flank of the Persian Gulf, it needs to be mindful of the fact that its interests are divided on both sides of the Gulf. That is where the last few years of straddling diplomacy, which the Ministry of External Affairs has done with a fair degree of aplomb, will hopefully pay a dividend. India remains one of those unique countries which the Prime Minister of Israel and the President of Iran visited within two weeks of each other.

India has long and extremely important relationships with Saudi Arabia, UAE, Oman, Qatar and Kuwait which are as strategic as any of its relationships. The world of multilateralism is a sphere in which India is getting increasingly competent. That is why it needs to believe that Chabahar is the opening to the long-awaited strategic and civilisational relationship with Iran which need not be at the cost of the same which must be pursued with the Arab Gulf countries with equal vigour. 2018 was a good year for this, 2019 promises to be better.

(This article was originally published on DNA. Read the <a href="https://www.dnaindia.com/analysis/column-iran-a-port-of-call-for-india-2704295">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Chabahar is back in the news after a hiatus of about two years. The contexts of its importance are several but the first one in the current milieu is the fact that despite President Donald Trump’s avowed sanctions on everything related to Iran, India’s Chabahar-based relationship with Tehran has received a waiver.

Chabahar is back in the news after a hiatus of about two years. The contexts of its importance are several but the first one in the current milieu is the fact that despite President Donald Trump’s avowed sanctions on everything related to Iran, India’s Chabahar-based relationship with Tehran has received a waiver. That puts on course the fructification of efforts which commenced many summers ago but got an impetus with Prime Minister Narendra Modi’s visit to Tehran in May 2016, leading to the signing of the trilateral tripartite agreement between India, Iran and Afghanistan. The US provided an “exception” from certain sanctions, to the Iranian port of Chabahar that India has developed and used for reconstruction efforts in Afghanistan. This exemption is in addition to temporary freedom from sanctions that the US announced for India and seven major importers of Iranian crude oil. Why is Chabahar strategically important, for India, the US, Iran and Afghanistan? That will answer many questions. It starts with the fact that its geostrategic location, outside the Persian Gulf and yet on the Iranian coastline, puts it slightly out of harm’s way in the event of the Straits of Hormuz being forcibly closed; although, it is well appreciated that such a closure will no doubt presuppose an adverse effect on all of Iran’s port facilities. To access Central Asia, often referred to as the heart of Asia, and Afghanistan, there are only two routes from the Indian Ocean. The first is from Pakistan’s Gwadar or Karachi ports and the second is from Chabahar which lies on the southeastern coast of Iran in the Sistan-Baluchistan province. Why the US agreed to waive sanctions for activities connected with the development of the port is simply because India is the nation providing alternatives for establishing communication arteries to Afghanistan, bypassing Pakistan. For 17 years, the US has fought in Afghanistan and depended on a single artery for its logistics; through Karachi and Pakistan-Baluchistan into Afghan territory. Due to its animosity with Iran, the clearly viable alternative via Chabahar through Iranian territory, to West Afghanistan could not be exploited. The lack of development of Chabahar placed Afghanistan in a predicament because of its reliance on Karachi with all strings in the hands of none-too-friendly Pakistan. India’s stakes in Afghanistan being high, the realization perhaps came late that Chabahar had serious transformational strategic potential to bypass Pakistan. Once India demonstrated its deep interest and the tripartite agreement with Iran and Afghanistan was signed in mid-2016, the movement of a consignment of wheat from Kandla port in Gujarat to Kabul via Chabahar went through smoothly; that experiment spurred further movement on Chabahar. With portents of conflict termination in Afghanistan, the US too realised the important role India could play at this stage, such that all eggs were not in Pakistan’s basket. Otherwise all Pakistan needed to do in order to bring down the Afghan National Unity Government (NUG) was to establish a blockade from Karachi and the landlocked state of Afghanistan would have few options. The tripartite agreement resolved that problem and increased India’s significance in Afghanistan. With India’s access via Chabahar, the viability of maintaining Afghanistan as a state under current dispensation, with minimal US presence, exponentially increases and there is considerable risk reduction. The joint Indian and US strategic interests in Afghanistan aim at the dilution of Pakistani influence and capability. For the US the option of India in control is far more positive than leaving this to the stranglehold of China, Russia and Pakistan with the latter continuing to improve relations with Iran. For the Afghan NUG, this is as blissful a situation as it can expect with reduction of dependence on Pakistan and an avenue open to trade and assistance from India. The Indian firm India Ports Global Limited has formally taken over operations at the Shahid Beheshti port in Chabahar. The routes for trade and transit corridors between the three countries have been finalised but this will remain work in progress as subsequent infrastructure caters for railway connectivity and eventual linkage to the INSTC. While India has successfully completed a major geostrategic venture on one flank of the Persian Gulf, it needs to be mindful of the fact that its interests are divided on both sides of the Gulf. That is where the last few years of straddling diplomacy, which the Ministry of External Affairs has done with a fair degree of aplomb, will hopefully pay a dividend. India remains one of those unique countries which the Prime Minister of Israel and the President of Iran visited within two weeks of each other. India has long and extremely important relationships with Saudi Arabia, UAE, Oman, Qatar and Kuwait which are as strategic as any of its relationships. The world of multilateralism is a sphere in which India is getting increasingly competent. That is why it needs to believe that Chabahar is the opening to the long-awaited strategic and civilisational relationship with Iran which need not be at the cost of the same which must be pursued with the Arab Gulf countries with equal vigour. 2018 was a good year for this, 2019 promises to be better. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Iran: A port of call for India

Oil rose to around $57 a barrel on Friday <a href="http://www.wionews.com/business-economy/oil-prices-fall-over-volatile-currency-slowdown-worries-188056">after China said it would hold trade talks </a>with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.

The Organization of the Petroleum Exporting Countries<a href="http://www.wionews.com/world/oil-falls-to-53-on-economic-worries-surging-supply-187910">(OPEC) cut crude output in December&nbsp;</a>and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.&nbsp;

Brent crude, the global benchmark, was up $1.25 to $57.20 a barrel at 1113 GMT. US&nbsp;crude oil was up 90 cents at $47.99.

"Recent Chinese data is not confirming the doom-and-gloom trend," said Olivier Jakob, oil analyst at Petromatrix. "And you've got OPEC cutting."

China's services sector extended its solid expansion in December, a private survey showed on Friday, bucking a trend of downbeat economic data.

Both oil benchmarks are on track for solid gains in the first week of 2019 trading despite rising concerns that the China-US&nbsp;trade war will lead to a global economic slowdown.

But in comments that helped oil to rally, China's commerce ministry said it would hold vice-ministerial trade talks with US&nbsp;counterparts in Beijing on January&nbsp;7-8.

The two nations have been locked in a trade war for much of the past year, disrupting the flow of hundreds of billions of dollars worth of goods and raising concern of slowing growth.

Despite the demand-side worries, oil has received some support as supply cuts announced by the global coalition of producers known as OPEC+ kick in.

OPEC, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day (bpd) in 2019. OPEC's share of that cut is 800,000 bpd.

The Reuters survey on Thursday found OPEC supply fell by 460,000 bpd in December, following assessments by Bloomberg and JBC Energy also showing a sizeable decline.

The focus now will be on whether producers deliver further curbs in January to implement the deal fully. Iraq, a laggard in reducing production in the last OPEC cutback, said on Friday it would stick to the new accord.

"The market is likely to take some comfort from the fact that crude oil production from the OPEC+ will continue to drop," said Ole Hansen of Saxo Bank.

"Sentiment, however, is weak with (US&nbsp;President Donald) Trump's trade war with China a major hurdle."

Oil rose to around $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.

Oil rose to around $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support. The Organization of the Petroleum Exporting Countries(OPEC) cut crude output in December and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories. Brent crude, the global benchmark, was up $1.25 to $57.20 a barrel at 1113 GMT. US crude oil was up 90 cents at $47.99. "Recent Chinese data is not confirming the doom-and-gloom trend," said Olivier Jakob, oil analyst at Petromatrix. "And you've got OPEC cutting." China's services sector extended its solid expansion in December, a private survey showed on Friday, bucking a trend of downbeat economic data. Both oil benchmarks are on track for solid gains in the first week of 2019 trading despite rising concerns that the China-US trade war will lead to a global economic slowdown. But in comments that helped oil to rally, China's commerce ministry said it would hold vice-ministerial trade talks with US counterparts in Beijing on January 7-8. The two nations have been locked in a trade war for much of the past year, disrupting the flow of hundreds of billions of dollars worth of goods and raising concern of slowing growth. Despite the demand-side worries, oil has received some support as supply cuts announced by the global coalition of producers known as OPEC+ kick in. OPEC, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day (bpd) in 2019. OPEC's share of that cut is 800,000 bpd. The Reuters survey on Thursday found OPEC supply fell by 460,000 bpd in December, following assessments by Bloomberg and JBC Energy also showing a sizeable decline. The focus now will be on whether producers deliver further curbs in January to implement the deal fully. Iraq, a laggard in reducing production in the last OPEC cutback, said on Friday it would stick to the new accord. "The market is likely to take some comfort from the fact that crude oil production from the OPEC+ will continue to drop," said Ole Hansen of Saxo Bank. "Sentiment, however, is weak with (US President Donald) Trump's trade war with China a major hurdle."

Oil prices rise over China-US trade talks, OPEC cuts

Oil prices fell on Thursday amid <a href="http://www.wionews.com/world/oil-falls-to-53-on-economic-worries-surging-supply-187910">volatile currency and stock markets</a>, coupled with concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging.

US West Texas Intermediate crude oil futures dropped 75 cents to $45.79 a barrel by 0900 GMT.

International Brent crude futures were down 50 cents at $54.41 a barrel.

In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday.

"Fears of future economic and earnings growth continue to be the main driver in causing market jitters," Singapore-based brokerage Phillip Futures said.

Markets were roiled by a more than 3 per cent slump in the US dollar against the Japanese yen, and after tech giant Apple cut its sales forecast.

"We did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple chief executive Tim Cook said.

The slowdown in China and turmoil in stock and currency markets appears to be making investors nervous, including in oil markets.

"This is a continuation of the volatility afflicting commodities and oil with the last 24 hours marked by the release of various weak economic data points, particularly manufacturing PMIs, for major economies," consultancy JBC Energy said.

Oil markets are also under pressure from a surge in supply just as demand growth is expected to slow.

US crude production stood at a record 11.7 million barrels per day (bpd) in late 2018, making America the world's biggest oil producer.

Speaking to reporters on Wednesday, US President Donald Trump said US pressure had kept production high among allies in the Organization of the Petroleum Exporting Countries(OPEC).

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<blockquote class="twitter-tweet" data-lang="en">
Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1080247182186430465?ref_src=twsrc%5Etfw">January 1, 2019</a></blockquote>
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"People see that gasoline is way down and the reason it's way down is because I called up some of the OPEC people," Trump said. "I made calls, I said you better let that oil, that gasoline flow, and they did," he added.

Others are not sitting idle, with Russian output reaching a record of more than 11 million bpd in 2018.

Supply from Iraq, the second-biggest producer in OPEC, is also up, with December exports at 3.73 million bpd versus 3.37 million bpd in November.

Oil prices fell on Thursday amid volatile currency and stock markets, coupled with concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging.

Oil prices fell on Thursday amid volatile currency and stock markets, coupled with concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging. US West Texas Intermediate crude oil futures dropped 75 cents to $45.79 a barrel by 0900 GMT. International Brent crude futures were down 50 cents at $54.41 a barrel. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday. "Fears of future economic and earnings growth continue to be the main driver in causing market jitters," Singapore-based brokerage Phillip Futures said. Markets were roiled by a more than 3 per cent slump in the US dollar against the Japanese yen, and after tech giant Apple cut its sales forecast. "We did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple chief executive Tim Cook said. The slowdown in China and turmoil in stock and currency markets appears to be making investors nervous, including in oil markets. "This is a continuation of the volatility afflicting commodities and oil with the last 24 hours marked by the release of various weak economic data points, particularly manufacturing PMIs, for major economies," consultancy JBC Energy said. Oil markets are also under pressure from a surge in supply just as demand growth is expected to slow. US crude production stood at a record 11.7 million barrels per day (bpd) in late 2018, making America the world's biggest oil producer. Speaking to reporters on Wednesday, US President Donald Trump said US pressure had kept production high among allies in the Organization of the Petroleum Exporting Countries(OPEC). Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut! — Donald J. Trump (@realDonaldTrump) January 1, 2019 × "People see that gasoline is way down and the reason it's way down is because I called up some of the OPEC people," Trump said. "I made calls, I said you better let that oil, that gasoline flow, and they did," he added. Others are not sitting idle, with Russian output reaching a record of more than 11 million bpd in 2018. Supply from Iraq, the second-biggest producer in OPEC, is also up, with December exports at 3.73 million bpd versus 3.37 million bpd in November.

Oil prices fall over volatile currency, slowdown worries

Fuel prices in the country continued to witness a slump on Monday with petrol selling at Rs 68.84 per litre in the national capital and for Rs 74.47 per litre in Mumbai.

On Sunday,&nbsp;petrol prices were recorded at Rs 69.04 in Delhi, Rs 74.67 in Mumbai, Rs 71.15 in Kolkata and Rs 71.62 in Chennai.

Meanwhile, the prices of diesel were revised to Rs 62.86 per litre in Delhi and to Rs 65.76 per litre in Mumbai. Diesel was selling at Rs 63.09 per litre in Delhi on December 30, while the same was priced at Rs 66.01 in Mumbai yesterday.&nbsp;

After reaching a record high of Rs 84 on October 4 in Delhi, petrol recorded its lowest price in the national capital in December this financial year.&nbsp;

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Petrol and diesel prices at Rs 68.84/litre &amp; Rs 62.86/litre respectively in Delhi. In Mumbai, petrol and diesel prices at Rs 74.47/litre &amp; Rs 65.76/litre respectively <a href="https://t.co/ANuCT3srpZ">pic.twitter.com/ANuCT3srpZ</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1079541351480475648?ref_src=twsrc%5Etfw">December 31, 2018</a></blockquote>
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Fuel rates across India have been on a falling trend due to the fall in global crude oil prices.

What also contributed to this slump is a cut of Rs 1.5 in excise duty and a Rs 2.5 cut in sales tax or VAT in several states. Oil retailers were also asked to bear a loss of Rs&nbsp;1 on every litre of fuel sold in India by the state government.

(With inputs from agencies) 
&nbsp;

Fuel prices in the country continued to witness a slump on Monday with petrol selling at Rs 68.84 per litre in the national capital and for Rs 74.47 per litre in Mumbai.

Fuel prices in the country continued to witness a slump on Monday with petrol selling at Rs 68.84 per litre in the national capital and for Rs 74.47 per litre in Mumbai. On Sunday, petrol prices were recorded at Rs 69.04 in Delhi, Rs 74.67 in Mumbai, Rs 71.15 in Kolkata and Rs 71.62 in Chennai. Meanwhile, the prices of diesel were revised to Rs 62.86 per litre in Delhi and to Rs 65.76 per litre in Mumbai. Diesel was selling at Rs 63.09 per litre in Delhi on December 30, while the same was priced at Rs 66.01 in Mumbai yesterday. After reaching a record high of Rs 84 on October 4 in Delhi, petrol recorded its lowest price in the national capital in December this financial year. Petrol and diesel prices at Rs 68.84/litre & Rs 62.86/litre respectively in Delhi. In Mumbai, petrol and diesel prices at Rs 74.47/litre & Rs 65.76/litre respectively pic.twitter.com/ANuCT3srpZ — ANI (@ANI) December 31, 2018 × Fuel rates across India have been on a falling trend due to the fall in global crude oil prices. What also contributed to this slump is a cut of Rs 1.5 in excise duty and a Rs 2.5 cut in sales tax or VAT in several states. Oil retailers were also asked to bear a loss of Rs 1 on every litre of fuel sold in India by the state government. (With inputs from agencies)

Fuel prices continue to fall; petrol at Rs 68.84 in Delhi and Rs 74.47 in Mumbai

The Indian rupee — which has been in constant decline this year, it fell over 13% in 2018 — may be a top performer of 2019, analysts have said.

Tumbling oil prices have put the rupee on course for the best quarter in nearly two years.&nbsp;

The rally is expected to run well into the new year. During most of this year, elevated energy costs and a strong dollar combined to make the rupee Asia’s worst performer.

But a slump in crude oil prices and a slowdown in the pace of tightening by the federal reserve mean that rupee may resume its winning ways in 2019.

The rupee jumped nearly 2.1 per cent on Monday and Tuesday alone. This is welcome news as political uncertainties were expected to trip up the currency. Lower crude prices have, however, offset that.

Some analysts say that in the short term, the rupee will appreciate further.&nbsp;

Softening of inflation, less hawkishness from the US Federal and hopes of increased capital inflows, a consequence of falling crude oil prices, are some of the reasons which have led to a surge in the Indian rupee against the greenback.

The recent surge is quite significant because rupee was heading towards its worst year since 2013 until the appreciation in the last few days.

It's not only the US Central bank's decision that is aiding the rupee. Reserve bank of India has decided to increase liquidity infusion by 10,000 crore rupees this month. The overall liquidity infusion by RBI will be 50,000 crore rupees. Not just that. RBI has already infused 20,000 crore rupees through purchase auctions open market operations.

All of these are likely to give some respite to the Indian rupee.

The Indian rupee — which has been in constant decline this year, it fell over 13% in 2018 — may be a top performer of 2019, analysts have said. Tumbling oil prices have put the rupee on course for the best quarter in nearly two years.

The Indian rupee — which has been in constant decline this year, it fell over 13% in 2018 — may be a top performer of 2019, analysts have said. Tumbling oil prices have put the rupee on course for the best quarter in nearly two years. The rally is expected to run well into the new year. During most of this year, elevated energy costs and a strong dollar combined to make the rupee Asia’s worst performer. But a slump in crude oil prices and a slowdown in the pace of tightening by the federal reserve mean that rupee may resume its winning ways in 2019. The rupee jumped nearly 2.1 per cent on Monday and Tuesday alone. This is welcome news as political uncertainties were expected to trip up the currency. Lower crude prices have, however, offset that. Some analysts say that in the short term, the rupee will appreciate further. Softening of inflation, less hawkishness from the US Federal and hopes of increased capital inflows, a consequence of falling crude oil prices, are some of the reasons which have led to a surge in the Indian rupee against the greenback. The recent surge is quite significant because rupee was heading towards its worst year since 2013 until the appreciation in the last few days. It's not only the US Central bank's decision that is aiding the rupee. Reserve bank of India has decided to increase liquidity infusion by 10,000 crore rupees this month. The overall liquidity infusion by RBI will be 50,000 crore rupees. Not just that. RBI has already infused 20,000 crore rupees through purchase auctions open market operations. All of these are likely to give some respite to the Indian rupee.

After very troubled year, Indian rupee to be a top performer of 2019?

Global equity markets dipped on Tuesday as nervous investors awaited indications whether the Federal Reserve will be able to raise interest rates much further amid turbulent markets and a weakening outlook for the global economy.

Energy stocks weighed on the US&nbsp;market as oil price declines deepened.

Steep drops in equity markets over the last two months have sapped investor confidence, spurring fund managers to predict global growth to weaken over the next 12 months, the worst outlook in a decade, Bank of America Merrill Lynch's December investor survey showed.

MSCI's world stock index fell 0.3 per cent. The index is down 10 per cent this year and is set for its worst year in a decade.

US&nbsp;stocks eked out modest gains amid volatile trading as investors weighed strong tech earnings against concerns about global growth.

The Dow Jones Industrial Average&nbsp;rose 82.66 points, or 0.35 per cent, to 23,675.64, the S&amp;P 500 gained 0.22 points, or 0.01 per cent, to 2,546.16 and the Nasdaq Composite added 30.18 points, or 0.45 per cent, to 6,783.91.

The Dow had been up by more than 250 points in midday trading.

The benchmark S&amp;P 500&nbsp;index began the trading session almost 8 per cent lower for December.

"We're facing the biggest December fall in US&nbsp;stocks since 1931 and this is striking and worrying at the same time," said Chris Bailey, European strategist at international financial services firm Raymond James. "We are at a regime shift moment, and the debate is how big that regime shift will be."

A speech by Chinese President Xi Jinping, which investors had hoped could lift morale, had little impact after he offered no specific support measures for the economy. Chinese shares fell over 1 per cent. Japan's Nikkei lost 1.8 per cent.

Adding to the gloomy mood, the German Ifo economic institute's business climate index fell for the fourth month in a row to its lowest level in more than two years and Japan's government revised down its economic growth forecasts.

On Monday, US President Donald Trump and his top trade adviser stepped up their criticism of the Fed's monetary tightening, raising investor anxiety.

Benchmark 10-year notes last rose 9/32 in price to yield 2.8264 per cent, from 2.857 per cent late on Monday.

US&nbsp;crude futures settled down 7.3 per cent while Brent settled down 5.6 per cent, weakening for a third consecutive session on reports of swelling inventories and forecasts of record US&nbsp;and Russian output.

The dollar extended its declines against major currencies ahead of the Fed meeting. The dollar index &lt;.DXY&gt;, tracking it against six major peers, fell 0.03 per cent, with the euro&nbsp;up 0.14 per cent to $1.1362.

Global equity markets dipped on Tuesday as nervous investors awaited indications whether the Federal Reserve will be able to raise interest rates much further amid turbulent markets and a weakening outlook for the global economy.

Global equity markets dipped on Tuesday as nervous investors awaited indications whether the Federal Reserve will be able to raise interest rates much further amid turbulent markets and a weakening outlook for the global economy. Energy stocks weighed on the US market as oil price declines deepened. Steep drops in equity markets over the last two months have sapped investor confidence, spurring fund managers to predict global growth to weaken over the next 12 months, the worst outlook in a decade, Bank of America Merrill Lynch's December investor survey showed. MSCI's world stock index fell 0.3 per cent. The index is down 10 per cent this year and is set for its worst year in a decade. US stocks eked out modest gains amid volatile trading as investors weighed strong tech earnings against concerns about global growth. The Dow Jones Industrial Average rose 82.66 points, or 0.35 per cent, to 23,675.64, the S&P 500 gained 0.22 points, or 0.01 per cent, to 2,546.16 and the Nasdaq Composite added 30.18 points, or 0.45 per cent, to 6,783.91. The Dow had been up by more than 250 points in midday trading. The benchmark S&P 500 index began the trading session almost 8 per cent lower for December. "We're facing the biggest December fall in US stocks since 1931 and this is striking and worrying at the same time," said Chris Bailey, European strategist at international financial services firm Raymond James. "We are at a regime shift moment, and the debate is how big that regime shift will be." A speech by Chinese President Xi Jinping, which investors had hoped could lift morale, had little impact after he offered no specific support measures for the economy. Chinese shares fell over 1 per cent. Japan's Nikkei lost 1.8 per cent. Adding to the gloomy mood, the German Ifo economic institute's business climate index fell for the fourth month in a row to its lowest level in more than two years and Japan's government revised down its economic growth forecasts. On Monday, US President Donald Trump and his top trade adviser stepped up their criticism of the Fed's monetary tightening, raising investor anxiety. Benchmark 10-year notes last rose 9/32 in price to yield 2.8264 per cent, from 2.857 per cent late on Monday. US crude futures settled down 7.3 per cent while Brent settled down 5.6 per cent, weakening for a third consecutive session on reports of swelling inventories and forecasts of record US and Russian output. The dollar extended its declines against major currencies ahead of the Fed meeting. The dollar index <.DXY>, tracking it against six major peers, fell 0.03 per cent, with the euro up 0.14 per cent to $1.1362.

Global Markets: Stocks dip ahead of US interest rates, oil prices

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 per cent from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 per cent.

The declines came after crude slumped by almost 3 per cent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.

"OPEC has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

Analysts still expect some form of supply reduction to be decided.

"We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japanese bank MUFG said in a note.

Supply surge, prince plunge

Oil producers have been hit by a 30-per cent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption.

That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.

The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer.

As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia. International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 per cent. The declines came after crude slumped by almost 3 per cent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday. "OPEC has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. Analysts still expect some form of supply reduction to be decided. "We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japanese bank MUFG said in a note. Supply surge, prince plunge Oil producers have been hit by a 30-per cent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption. That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates. The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer. As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.

Oil drops as OPEC makes supply cut dependent on Russian support

OPEC to consider PM Modi's call before taking decision

Oil prices fell on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.

International Brent crude oil futures fell below $60 per barrel, trading at $59.53 per barrel at 0750 GMT, down 53 cents, or 0.9 per cent from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $51.05 per barrel, down 44 cents, or 0.9 per cent.

The declines came after crude slumped by almost 3 per cent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply.

There was also still discussion around Iran seeking an exemption from any cuts amid U.S. sanctions which already reduced its exports, OPEC delegates told Reuters.

OPEC also wants to get Russia on board with cuts. Russia wants to cut its oil output by a maximum of 150,000 barrels per day (bpd) for the first three months of 2019, RIA news agency cited a source as saying on Friday.

Analysts expect OPEC to cut more than Russia, but warn that a big cut will be needed to reverse recent price falls.

"Reversing the overwhelmingly bearish price sentiment will likely require a credible and cohesive message from the OPEC meeting. Even a 1 million bpd cut could lead to a 'sell the news' reaction in the short term," US&nbsp;investment bank Jefferies said on Friday.

"If no agreement is reached, oil prices have significant downside," it added.

Supply surge, price plunge

Oil producers have been hit by a 30-per cent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption.

That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.

The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer.

As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday. 
&nbsp;

Oil prices fell on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.

Oil prices fell on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board. International Brent crude oil futures fell below $60 per barrel, trading at $59.53 per barrel at 0750 GMT, down 53 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $51.05 per barrel, down 44 cents, or 0.9 per cent. The declines came after crude slumped by almost 3 per cent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply. There was also still discussion around Iran seeking an exemption from any cuts amid U.S. sanctions which already reduced its exports, OPEC delegates told Reuters. OPEC also wants to get Russia on board with cuts. Russia wants to cut its oil output by a maximum of 150,000 barrels per day (bpd) for the first three months of 2019, RIA news agency cited a source as saying on Friday. Analysts expect OPEC to cut more than Russia, but warn that a big cut will be needed to reverse recent price falls. "Reversing the overwhelmingly bearish price sentiment will likely require a credible and cohesive message from the OPEC meeting. Even a 1 million bpd cut could lead to a 'sell the news' reaction in the short term," US investment bank Jefferies said on Friday. "If no agreement is reached, oil prices have significant downside," it added. Supply surge, price plunge Oil producers have been hit by a 30-per cent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown. Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 per cent of global consumption. That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates. The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer. As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.

Oil sinks as OPEC mulls Iran supply cut exemption, tries to get Russia on board

In a move aimed&nbsp;at <a href="http://www.wionews.com/world/hopefully-opec-will-be-keeping-oil-flows-as-is-world-does-not-need-higher-oil-prices-trump-181746">President Trump, Saudi Arabia's oil minister</a> said the US should not try to dictate policy to the Organisation of the Petroleum Exporting Countries OPEC.

President Trump in a tweet on <a href="http://www.wionews.com/business-economy/oil-prices-fall-on-swelling-glut-economic-growth-concerns-181652">Wednesday had said the world</a> does not want to see, or need higher oil prices.&nbsp;

OPEC ministers are meeting on Vienna today to evolve a consensus to reach oil production cuts after global oil prices fell sharply in November, however, Saudi Arabia's oil minister Khalid al Falih said his country does not need anyone's permission to cut production.

"We don't need permission from anyone to cut," Khalid Al-Falih said ahead of the OPEC meeting, adding,"the US is not in a position to tell us what to do."

The Saudi oil minister, however, added that he was looking at "sufficient cut to balance the market, equally distributed between countries".

OPEC is trying to convince Russia, a non-OPEC member to cut production in order to keep oil prices steady. &nbsp;Oman's oil minister Mohammed bin Hamad had said earlier that Russia had agreed to cut production but Kremlin hasn't confirmed it yet.

President Putin had earlier said he was comfortable with oil prices at $60 a barrel.&nbsp;

Saudi Arabia wants to curb output by at least 1.3 million barrels per day after a glut in the market led to oil prices crashing from over $80 a barrel in October to below $60 through in November. OPEC's daily output stood at 32.99 million barrels in October, according to the International Energy Agency.

Brent oil prices sank under $60 on after Saudi Arabia made remarks that were deemed overly cautious by analysts ahead of OPEC's latest output decision. London's Brent North Sea oil sank $2.94 to $58.62 per barrel.&nbsp;

OPEC's third-biggest producer Iran wants to be exempted from any output cuts. Oil minister Bijan Namdar Zanganeh said: "The Islamic republic doesn't join any agreement for cutting production because of the special situation Iran faces," referring to US oil sanctions on Iran.

Russia, Saudi Arabia and the United States are the major crude oil producing nations in the world with the US not part of any oil cartel due to its stringent anti-trust legislation.&nbsp;

Russian officials are due to meet OPEC members on Friday for a final call on production with analysts speculating that Saudi Arabia may go in for a "quite cut" to assuage its domestic economy.

In a move aimed at President Trump, Saudi Arabia's oil minister said the US should not try to dictate policy to the Organisation of the Petroleum Exporting Countries OPEC.

In a move aimed at President Trump, Saudi Arabia's oil minister said the US should not try to dictate policy to the Organisation of the Petroleum Exporting Countries OPEC. President Trump in a tweet on Wednesday had said the world does not want to see, or need higher oil prices. OPEC ministers are meeting on Vienna today to evolve a consensus to reach oil production cuts after global oil prices fell sharply in November, however, Saudi Arabia's oil minister Khalid al Falih said his country does not need anyone's permission to cut production. "We don't need permission from anyone to cut," Khalid Al-Falih said ahead of the OPEC meeting, adding,"the US is not in a position to tell us what to do." The Saudi oil minister, however, added that he was looking at "sufficient cut to balance the market, equally distributed between countries". OPEC is trying to convince Russia, a non-OPEC member to cut production in order to keep oil prices steady. Oman's oil minister Mohammed bin Hamad had said earlier that Russia had agreed to cut production but Kremlin hasn't confirmed it yet. President Putin had earlier said he was comfortable with oil prices at $60 a barrel. Saudi Arabia wants to curb output by at least 1.3 million barrels per day after a glut in the market led to oil prices crashing from over $80 a barrel in October to below $60 through in November. OPEC's daily output stood at 32.99 million barrels in October, according to the International Energy Agency. Brent oil prices sank under $60 on after Saudi Arabia made remarks that were deemed overly cautious by analysts ahead of OPEC's latest output decision. London's Brent North Sea oil sank $2.94 to $58.62 per barrel. OPEC's third-biggest producer Iran wants to be exempted from any output cuts. Oil minister Bijan Namdar Zanganeh said: "The Islamic republic doesn't join any agreement for cutting production because of the special situation Iran faces," referring to US oil sanctions on Iran. Russia, Saudi Arabia and the United States are the major crude oil producing nations in the world with the US not part of any oil cartel due to its stringent anti-trust legislation. Russian officials are due to meet OPEC members on Friday for a final call on production with analysts speculating that Saudi Arabia may go in for a "quite cut" to assuage its domestic economy.

US not in a position to tell us what to do, says Saudi Arabia on oil price cut

Oil prices jumped by more than 5 per cent on Monday after the <a href="http://www.wionews.com/world/trump-and-china-called-a-truce-in-the-trade-war-now-what-181070">United States and China</a> agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

US&nbsp;light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 per cent, before easing to around $53.00 by 0930 GMT. Brent crude rose 5.3 per cent or $3.14 to a high of $62.60 and was last trading around $61.60.

"From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "A brightening market mood will likely extend today's price rally in the very near term."

<a href="http://www.wionews.com/world/us-china-agree-to-trade-war-ceasefire-more-talks-180930">China and the United States</a> agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes.

The trade war between the world's two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown.

Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets.

Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.

The Organization of the Petroleum Exporting Countries meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October.

"Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country's cooperation on oil supplies with Saudi Arabia would continue," said Hussein Sayed, chief market strategist at brokerage FXTM.

Within OPEC, Qatar said on Monday it would leave the producer club in January.

Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG).

The Gulf state has also been at loggerheads with its much bigger neighbour Saudi Arabia, the de facto OPEC leader.

Outside OPEC, Russian oil output stood at 11.37 million bpd in November, down from a post-Soviet record of 11.41 million bpd it reached in October, Energy Ministry data showed on Sunday.

Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd.

With drilling activity still high, most analysts expect US&nbsp;oil production to rise further in 2019.

Oil prices jumped by more than 5 per cent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

Oil prices jumped by more than 5 per cent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply. US light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 per cent, before easing to around $53.00 by 0930 GMT. Brent crude rose 5.3 per cent or $3.14 to a high of $62.60 and was last trading around $61.60. "From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "A brightening market mood will likely extend today's price rally in the very near term." China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes. The trade war between the world's two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown. Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets. Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage. The Organization of the Petroleum Exporting Countries meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October. "Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country's cooperation on oil supplies with Saudi Arabia would continue," said Hussein Sayed, chief market strategist at brokerage FXTM. Within OPEC, Qatar said on Monday it would leave the producer club in January. Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG). The Gulf state has also been at loggerheads with its much bigger neighbour Saudi Arabia, the de facto OPEC leader. Outside OPEC, Russian oil output stood at 11.37 million bpd in November, down from a post-Soviet record of 11.41 million bpd it reached in October, Energy Ministry data showed on Sunday. Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd. With drilling activity still high, most analysts expect US oil production to rise further in 2019.

Ahead of OPEC meeting, oil prices jump 5%

Petrol prices in the country continued to witness a slump on Saturday with petrol now being sold at Rs 72.53 per litre in the national capital.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 78.09 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.55 and Rs 75.26 respectively.

On Friday, the prices of petrol were recorded at Rs 72.87 per litre in Delhi, Rs 78.43 in Mumbai, Rs 75.62 in Chennai and Rs 74.88 per litre in Kolkata.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan

Petrol prices in the country continued to witness a slump on Saturday with petrol now being sold at Rs 72.53 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.

Petrol prices in the country continued to witness a slump on Saturday with petrol now being sold at Rs 72.53 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.09 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.55 and Rs 75.26 respectively. On Friday, the prices of petrol were recorded at Rs 72.87 per litre in Delhi, Rs 78.43 in Mumbai, Rs 75.62 in Chennai and Rs 74.88 per litre in Kolkata. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan

Fuel prices continue to fall: Petrol at Rs 72.53 per litre in Delhi

Petrol prices in the country continued to witness a slump on Friday with petrol now being sold at Rs 72.87 per litre in the national capital.&nbsp;

In the financial capital Mumbai, petrol prices slipped to Rs 78.43 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.88 and Rs 75.62 respectively.

On Thursday, the prices of petrol were recorded at Rs 73.24 per litre in Delhi, Rs 78.80 in Mumbai, Rs 76.01 in Chennai and Rs 75.24 per litre in Kolkata.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Petrol prices in the country continued to witness a slump on Friday with petrol now being sold at Rs 72.87 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.

Petrol prices in the country continued to witness a slump on Friday with petrol now being sold at Rs 72.87 per litre in the national capital. In the financial capital Mumbai, petrol prices slipped to Rs 78.43 per litre. While the prices in Kolkata and Chennai were revised to Rs 74.88 and Rs 75.62 respectively. On Thursday, the prices of petrol were recorded at Rs 73.24 per litre in Delhi, Rs 78.80 in Mumbai, Rs 76.01 in Chennai and Rs 75.24 per litre in Kolkata. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Fuel prices continue to fall: Petrol at Rs 72.87 per litre in Delhi

US benchmark <a href="http://www.wionews.com/business-economy/oil-prices-claw-back-some-losses-after-black-friday-plunge-179540">West Texas Intermediate(WTI) crude</a> price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook.

The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close.&nbsp;Brent crude was down 63 cents at $58.13.

The top-three oil producers - the United States, Russia and Saudi Arabia- have reported higher production last month with US hitting a record 11.7 million barrels a day a fortnight ago. Saudi Arabia has been pumping 10.7 million barrels a day since October

Russian President Putin had said on Wednesday that &nbsp;oil price level of $60 per barrel was "quite acceptable", "we are completely satisfied", he had pointed out. Russia is the world's third-biggest oil producer after the United States and Saudi Arabia.

Saudi Arabia's November production is expected to hit 11 million barrels a day, reports said. Brent crude had dropped below $70 a barrel on November 12th for the first time since April while WTI had sank below $60 a barrel, a nine-month low.

The fall in crude prices has been looked upon with concern by OPEC nations who plan to meet in Vienna next month to put a cap on oil supply. If the oil producers in Vienna fail to reach an agreement on cutting oil production, analysts say prices could fall further to new lows.

President Trump has repeatedly said the OPEC has been trying to fix prices, in a tweet last week he applauded the fall in prices adding that it should go lower.

Depite oil sanctions on Iran, crude oil prices have been falling at a record pace in the past month with world oil prices down by over 30 per cent.&nbsp;

The Trump administrations decision to give an oil waiver to India, China, South Korea, Turkey for Iran oil led prices to fall rapidly as oversupply ensued.

Saudi Arabia's energy minister Khalid al-Falih had said that kingdom would cut its production by 500,000 barrels per day as Brent crude continued to wobble around the $60 per barrel mark.

Although, most OPEC members have been in favour of cutting production but it is still unclear which way the Vienna conference on oil prices will finally end with Russia quite satisfied with current levels.

Suheil al-Mazrouei, energy minister of UAE had said "a new strategy needs to be formed... whether it is a cut in production or something else, but it will not be an increase in production."

The oil price has been hit by a global slowdown with the International Monetary Foundation(IMF) downgrading its prediction of 2018 and 2019 world economic growth rate.

US benchmark West Texas Intermediate(WTI) crude price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook. The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close.

US benchmark West Texas Intermediate(WTI) crude price tumbled below $50 a barrel trading at $49.80 over fears of oversupply and bleak economic outlook. The current WTI oil rate was the lowest in 14 months, down 46 cents compared with Wednesday's close. Brent crude was down 63 cents at $58.13. The top-three oil producers - the United States, Russia and Saudi Arabia- have reported higher production last month with US hitting a record 11.7 million barrels a day a fortnight ago. Saudi Arabia has been pumping 10.7 million barrels a day since October Russian President Putin had said on Wednesday that oil price level of $60 per barrel was "quite acceptable", "we are completely satisfied", he had pointed out. Russia is the world's third-biggest oil producer after the United States and Saudi Arabia. Saudi Arabia's November production is expected to hit 11 million barrels a day, reports said. Brent crude had dropped below $70 a barrel on November 12th for the first time since April while WTI had sank below $60 a barrel, a nine-month low. The fall in crude prices has been looked upon with concern by OPEC nations who plan to meet in Vienna next month to put a cap on oil supply. If the oil producers in Vienna fail to reach an agreement on cutting oil production, analysts say prices could fall further to new lows. President Trump has repeatedly said the OPEC has been trying to fix prices, in a tweet last week he applauded the fall in prices adding that it should go lower. Depite oil sanctions on Iran, crude oil prices have been falling at a record pace in the past month with world oil prices down by over 30 per cent. The Trump administrations decision to give an oil waiver to India, China, South Korea, Turkey for Iran oil led prices to fall rapidly as oversupply ensued. Saudi Arabia's energy minister Khalid al-Falih had said that kingdom would cut its production by 500,000 barrels per day as Brent crude continued to wobble around the $60 per barrel mark. Although, most OPEC members have been in favour of cutting production but it is still unclear which way the Vienna conference on oil prices will finally end with Russia quite satisfied with current levels. Suheil al-Mazrouei, energy minister of UAE had said "a new strategy needs to be formed... whether it is a cut in production or something else, but it will not be an increase in production." The oil price has been hit by a global slowdown with the International Monetary Foundation(IMF) downgrading its prediction of 2018 and 2019 world economic growth rate.

US benchmark WTI crude price tumbles below $50 a barrel

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively.

Compared to Wednesday, petrol and diesel prices witnessed a decrease of 40 paise and 60 paise.

In the financial capital Mumbai, petrol prices slipped to Rs 81.10 per litre, a decrease by 40 paise, while diesel saw a fall of Rs 57 paise and is now being reailed at Rs 74.34.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Meanwhile, global crude oil price also dipped on Thursday.&nbsp;

Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, partially recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively.

Petrol prices in national capital continued to witness a slump on Thursday with petrol and diesel now being sold at Rs 75.57 per litre and Rs 78.37 per litre, respectively. Compared to Wednesday, petrol and diesel prices witnessed a decrease of 40 paise and 60 paise. In the financial capital Mumbai, petrol prices slipped to Rs 81.10 per litre, a decrease by 40 paise, while diesel saw a fall of Rs 57 paise and is now being reailed at Rs 74.34. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan. Meanwhile, global crude oil price also dipped on Thursday. Benchmark Brent had fallen 10 cents to $63.32 a barrel by 1447 GMT, partially recovering from a more than $1 drop in early European trading. US WTI fell more than a $1 before easing back to trade down 28 cents at $54.35.

Fuel prices continue to fall: Petrol at 75.57 per litre in Delhi

Oil prices slipped on Thursday after US&nbsp;crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.

US&nbsp;West Texas Intermediate (WTI) crude futures, were at $54.35 per barrel at 0534 GMT, 28 cents, or 0.5 per cent below their last settlement.

Front-month Brent crude oil futures were at $63.25 per barrel, down 23 cents, or 0.4 per cent.

US&nbsp;commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

US&nbsp;crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said.

"US&nbsp;inventory data...continued to show significant supply builds, which comes on the back of sustained record US&nbsp;crude oil production," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions.

However, Innes said that once US&nbsp;pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well".

A lot of US&nbsp;and also Canadian oil is struggling to get to market because production increases have outpaced pipeline expansions to handle shipping the crude.

As a result, Canada's federal government is considering a proposal from its main oil producing province of Alberta to share the cost of buying rail cars to move oil stuck in the region to refineries in the United States.

Meanwhile, the Middle East-dominated the Organization of the Petroleum Exporting Countries (OPEC) is worried about the emergence of a supply glut that could further pull down prices.

To counter that, the producer group is considering supply cuts when it next meets on Dec. 6, although some members, like Iran, are expected to resist any voluntary reductions.

"While there is talk that OPEC plus Russia may again agree to a production cut, the concern is that not all relevant parties will be able to come to an agreement," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

"Saudi Arabia has hinted at a unilateral cut, but it will want to be careful about annoying the US&nbsp;given that President Trump has been vocal about his desire for lower oil prices," he added.

Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower.

"Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!... Thank you to Saudi Arabia, but let's go lower!" Trump tweeted.

Oil prices slipped on Thursday after US crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.

Oil prices slipped on Thursday after US crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops. US West Texas Intermediate (WTI) crude futures, were at $54.35 per barrel at 0534 GMT, 28 cents, or 0.5 per cent below their last settlement. Front-month Brent crude oil futures were at $63.25 per barrel, down 23 cents, or 0.4 per cent. US commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year. US crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said. "US inventory data...continued to show significant supply builds, which comes on the back of sustained record US crude oil production," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions. However, Innes said that once US pipeline bottlenecks were alleviated, which he said he expected in 2019, "the entire notion of a tight global spare capacity argument goes down the well". A lot of US and also Canadian oil is struggling to get to market because production increases have outpaced pipeline expansions to handle shipping the crude. As a result, Canada's federal government is considering a proposal from its main oil producing province of Alberta to share the cost of buying rail cars to move oil stuck in the region to refineries in the United States. Meanwhile, the Middle East-dominated the Organization of the Petroleum Exporting Countries (OPEC) is worried about the emergence of a supply glut that could further pull down prices. To counter that, the producer group is considering supply cuts when it next meets on Dec. 6, although some members, like Iran, are expected to resist any voluntary reductions. "While there is talk that OPEC plus Russia may again agree to a production cut, the concern is that not all relevant parties will be able to come to an agreement," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. "Saudi Arabia has hinted at a unilateral cut, but it will want to be careful about annoying the US given that President Trump has been vocal about his desire for lower oil prices," he added. Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower. "Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!... Thank you to Saudi Arabia, but let's go lower!" Trump tweeted.

Oil slips as US inventories swell, but OPEC may cut supply to avoid glut

US oil prices stabilised on Wednesday <a href="http://www.wionews.com/business-economy/oil-prices-edge-up-on-expected-opec-supply-cuts-178286">after slumping more than 6 per cent</a> the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.

US West Texas Intermediate (WTI) crude futures were at $53.57 per barrel up 14 cents from their last settlement.

Front-month Brent crude oil futures had yet to trade.

Wednesday's more stable prices came following a report by the American Petroleum Institute on Tuesday that US commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16.

Yet the slight increase in WTI could not cover up general market weakness, with oil and stock markets both plunging the previous session.

"The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said.

Fearing a glut like in 2014, when high global output and a slowdown in demand growth triggered a price crash, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million barrels per day (bpd).

Despite the expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October.

"Investors are becoming increasingly concerned that any potential production cuts by OPEC will be insufficient to cover the surplus in the market," ANZ bank said on Wednesday.

"The list of reasons for the decline are pretty specific ... too much supply and a risk of slowing demand growth," said James Mick, Energy Portfolio Manager with US investment firm Tortoise.

"Part of the supply issue has been surging US production," he added, referring to an output increase of almost a quarter in the United States to a record 11.7 million barrels per day (bpd).

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. US West Texas Intermediate (WTI) crude futures were at $53.57 per barrel up 14 cents from their last settlement. Front-month Brent crude oil futures had yet to trade. Wednesday's more stable prices came following a report by the American Petroleum Institute on Tuesday that US commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16. Yet the slight increase in WTI could not cover up general market weakness, with oil and stock markets both plunging the previous session. "The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said. Fearing a glut like in 2014, when high global output and a slowdown in demand growth triggered a price crash, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million barrels per day (bpd). Despite the expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October. "Investors are becoming increasingly concerned that any potential production cuts by OPEC will be insufficient to cover the surplus in the market," ANZ bank said on Wednesday. "The list of reasons for the decline are pretty specific ... too much supply and a risk of slowing demand growth," said James Mick, Energy Portfolio Manager with US investment firm Tortoise. "Part of the supply issue has been surging US production," he added, referring to an output increase of almost a quarter in the United States to a record 11.7 million barrels per day (bpd).

International oil prices stabilise as OPEC production cut looms

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 per cent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.

Brent settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline.

US&nbsp;crude&nbsp;settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 per cent in the week, also its sixth straight weekly decline.

After Tuesday's sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York.

"A relief rally was in the cards," said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as US&nbsp;production continues to climb, he said.

Still, the day's gains were likely to be limited as traders were cautious going into the weekend, he said. "It would take a brave soul to go home really long this weekend considering the slaughter we've had in the past eight weeks."

OPEC ministers meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.

US&nbsp;crude production&nbsp;reached another record last week, at 11.7 million barrels per day, government data showed. The record output contributed to the biggest weekly build in US&nbsp;crude stockpiles in nearly two years.

US&nbsp;drillers added two oil rigs this week, bringing the total count to 888, still the highest level since March 2015, General Electric Co's&nbsp;Baker Hughes energy services firm said in its closely followed report.&nbsp;The rig count is seen as an indicator of future production growth.

The United States imposed sanctions on Iranian oil exports this month and Iranian crude exports have fallen sharply in recent months, although Washington cushioned the blow by granting some temporary exemptions.

Other oil producers have more than compensated for the lost Iranian oil and most analysts now see a significant supply surplus with inventories building, putting pressure on prices.

Fearing a repeat of the 2014 price rout, OPEC is widely expected to start trimming output soon.

This could produce a swift price rebound, some analysts say, especially if production falls further in Venezuela and Libya.

"We are likely from December onwards to have at least 1 million barrels per day (bpd) less of (Iranian) crude exports," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told Reuters Global Oil Forum.

Tchilinguirian said he would not be surprised if Brent recovered to $80 this year.

Also supporting prices, Iraq resumed exporting oil from its northern Kirkuk oilfields on Friday, pumping 50,000-100,000 bpd, an oil ministry spokesman said. Some analysts had expected the volumes to be much higher, at closer to 300,000 bpd.

Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017, the U.S. Commodity Futures Trading Commission (CFTC) said.

Brent speculators on the Intercontinental Exchange (ICE) cut net longs by 45,216 contracts to 214,832 in the week, also the lowest since June 27, 2017.

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 per cent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut. Brent settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline. US crude settled unchanged at $56.46 a barrel after trading between $55.89 and $57.96. The contract, which had its steepest one-day loss in more than three years on Tuesday, fell 5.6 per cent in the week, also its sixth straight weekly decline. After Tuesday's sharp fall, the market was due for a slight correction, and was now stabilizing, said Tariq Zahir, managing member at Tyche Capital Advisors in New York. "A relief rally was in the cards," said Bob Yawger, director of energy futures at Mizuho in New York. OPEC is likely to be spurred to action as US production continues to climb, he said. Still, the day's gains were likely to be limited as traders were cautious going into the weekend, he said. "It would take a brave soul to go home really long this weekend considering the slaughter we've had in the past eight weeks." OPEC ministers meet on December 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets. US crude production reached another record last week, at 11.7 million barrels per day, government data showed. The record output contributed to the biggest weekly build in US crude stockpiles in nearly two years. US drillers added two oil rigs this week, bringing the total count to 888, still the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report. The rig count is seen as an indicator of future production growth. The United States imposed sanctions on Iranian oil exports this month and Iranian crude exports have fallen sharply in recent months, although Washington cushioned the blow by granting some temporary exemptions. Other oil producers have more than compensated for the lost Iranian oil and most analysts now see a significant supply surplus with inventories building, putting pressure on prices. Fearing a repeat of the 2014 price rout, OPEC is widely expected to start trimming output soon. This could produce a swift price rebound, some analysts say, especially if production falls further in Venezuela and Libya. "We are likely from December onwards to have at least 1 million barrels per day (bpd) less of (Iranian) crude exports," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas, told Reuters Global Oil Forum. Tchilinguirian said he would not be surprised if Brent recovered to $80 this year. Also supporting prices, Iraq resumed exporting oil from its northern Kirkuk oilfields on Friday, pumping 50,000-100,000 bpd, an oil ministry spokesman said. Some analysts had expected the volumes to be much higher, at closer to 300,000 bpd. Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in New York and London during the week ended Nov. 13 by 8,259 contracts to 165,121, the lowest since June 27, 2017, the U.S. Commodity Futures Trading Commission (CFTC) said. Brent speculators on the Intercontinental Exchange (ICE) cut net longs by 45,216 contracts to 214,832 in the week, also the lowest since June 27, 2017.

Oil edges up in volatile session but falls for sixth straight week

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.

US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.72 per barrel following a descent to $54.75 overnight, their lowest since November 2017.

OPEC warned on Tuesday that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected.

The concerns about global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.07 per cent.

Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei added 0.3 per cent.

The Dow and S&amp;P 500&nbsp;ended slightly lower on Tuesday as lower oil prices took a toll on energy shares, offsetting a small gain in technology stocks and renewed hopes for progress in US-China trade talks.

The Nasdaq managed to end essentially flat on Tuesday as a rebound in technology stocks kept the index out of negative territory.

Riskier assets have been under intense selling pressure over the past two months as worries about a peak in earnings growth added to international trade tensions and signs of slowing in global investment and growth.

"The markets would have reacted more positively to US-China trade and Brexit-related headlines a few months ago," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities in Tokyo.

"But currently there is more focus on the possibility of both the US and Chinese leaders maintaining their tough stance, with a compromise eluding them, and Brexit bogging down. Market sentiment is clearly cooling down."

The United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps.

Lifted by the latest hopes for a Brexit deal, the pound extended overnight gains and was last 0.35 per cent higher at $1.3016.

Brexit hopes also supported the euro. The single currency was up 0.2 per cent at $1.1310 pulling back from a 17-month trough of $1.1216 brushed on Monday.

The euro's gains, however, were tempered by concerns over Italy's budget proposals. The European Commission rejected Italy's plan last month and has threatened to impose penalties if it is not revised to conform with EU regulations - something Rome has indicated it is unwilling to do.

The dollar index, which measures the greenback's strength against six major currencies, slipped overnight to 97.303.

The index had steadily climbed to a 16-month peak of 97.693 on Monday amid the ongoing US-China trade dispute and the Federal Reserve's commitment to keep gradually raising interest rates.

Also weighing on the dollar, US Treasury yields slid to more than one-week lows overnight as the sharp drop in oil prices suggested a more subdued inflation outlook.&nbsp;

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply. US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years.

Asian shares edged lower as investors fretted about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply. US crude futures dived 7 per cent the previous day, suffering their biggest one-day loss in more than three years. The contracts last stood at $55.72 per barrel following a descent to $54.75 overnight, their lowest since November 2017. OPEC warned on Tuesday that a supply glut could emerge in 2019 as the world economy slows and rivals increase production more quickly than expected. The concerns about global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.07 per cent. Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei added 0.3 per cent. The Dow and S&P 500 ended slightly lower on Tuesday as lower oil prices took a toll on energy shares, offsetting a small gain in technology stocks and renewed hopes for progress in US-China trade talks. The Nasdaq managed to end essentially flat on Tuesday as a rebound in technology stocks kept the index out of negative territory. Riskier assets have been under intense selling pressure over the past two months as worries about a peak in earnings growth added to international trade tensions and signs of slowing in global investment and growth. "The markets would have reacted more positively to US-China trade and Brexit-related headlines a few months ago," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities in Tokyo. "But currently there is more focus on the possibility of both the US and Chinese leaders maintaining their tough stance, with a compromise eluding them, and Brexit bogging down. Market sentiment is clearly cooling down." The United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps. Lifted by the latest hopes for a Brexit deal, the pound extended overnight gains and was last 0.35 per cent higher at $1.3016. Brexit hopes also supported the euro. The single currency was up 0.2 per cent at $1.1310 pulling back from a 17-month trough of $1.1216 brushed on Monday. The euro's gains, however, were tempered by concerns over Italy's budget proposals. The European Commission rejected Italy's plan last month and has threatened to impose penalties if it is not revised to conform with EU regulations - something Rome has indicated it is unwilling to do. The dollar index, which measures the greenback's strength against six major currencies, slipped overnight to 97.303. The index had steadily climbed to a 16-month peak of 97.693 on Monday amid the ongoing US-China trade dispute and the Federal Reserve's commitment to keep gradually raising interest rates. Also weighing on the dollar, US Treasury yields slid to more than one-week lows overnight as the sharp drop in oil prices suggested a more subdued inflation outlook.

Asia stocks shaken by plunge in crude oil, growth worries

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.

In its monthly report, the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.

"In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production ... the implied stock build is currently 2 million bpd," the IEA said.

Output around the world has swelled since the middle of the year, while an escalating trade dispute between the United States and China threatens global economic growth.

Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said.

"While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive," it added.

The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd this year and 1.9 million bpd next year, versus its previous estimate of 2.2 million bpd and 1.8 million bpd, respectively.

The United States will lead output growth. The IEA estimates total US&nbsp;oil supply will rise by 2.1 million bpd this year and another 1.3 million bpd in 2019, from a current record of more than 11 million bpd.

OPEC crude output rose by 200,000 bpd in October to 32.99 million bpd, up 240,000 bpd on a year ago, as losses of 400,000 bpd from Iran and 600,000 bpd from Venezuela were easily offset by increases from others, such as Saudi Arabia or the United Arab Emirates.

"Next year, there is expected to be even less need for OPEC oil due to relentless growth in non-OPEC supply," the IEA said, adding that it had cut its forecast for demand for OPEC crude by 300,000 bpd to 31.3 million bpd in 2019.

Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015.

"Storage tanks are filling up as global oil supply far outpaces demand, prompting talk of a possible 1 million bpd OPEC/non-OPEC production cut," the agency said.

OPEC, led by Saudi Arabia, and rival producers such as Russia, have floated the possibility of cutting oil production next year to prevent an unwelcome build-up in global inventories, even as Iran now faces US&nbsp;sanctions on its exports.

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.

Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday. In its monthly report, the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption. "In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production ... the implied stock build is currently 2 million bpd," the IEA said. Output around the world has swelled since the middle of the year, while an escalating trade dispute between the United States and China threatens global economic growth. Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said. "While slower economic growth in some countries reduces the outlook for oil demand, a significant downward revision to our price assumption is supportive," it added. The agency raised its forecast for oil output growth from countries outside the Organization of the Petroleum Exporting Countries to 2.4 million bpd this year and 1.9 million bpd next year, versus its previous estimate of 2.2 million bpd and 1.8 million bpd, respectively. The United States will lead output growth. The IEA estimates total US oil supply will rise by 2.1 million bpd this year and another 1.3 million bpd in 2019, from a current record of more than 11 million bpd. OPEC crude output rose by 200,000 bpd in October to 32.99 million bpd, up 240,000 bpd on a year ago, as losses of 400,000 bpd from Iran and 600,000 bpd from Venezuela were easily offset by increases from others, such as Saudi Arabia or the United Arab Emirates. "Next year, there is expected to be even less need for OPEC oil due to relentless growth in non-OPEC supply," the IEA said, adding that it had cut its forecast for demand for OPEC crude by 300,000 bpd to 31.3 million bpd in 2019. Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015. "Storage tanks are filling up as global oil supply far outpaces demand, prompting talk of a possible 1 million bpd OPEC/non-OPEC production cut," the agency said. OPEC, led by Saudi Arabia, and rival producers such as Russia, have floated the possibility of cutting oil production next year to prevent an unwelcome build-up in global inventories, even as Iran now faces US sanctions on its exports.

Global oil market faces surplus throughout 2019 as demand slows

Oil prices rose by more than one per cent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.

Front-month Brent crude futures, a benchmark for global oil prices, were at $71.37 per barrel at 0531 GMT, up $1.19, or 1.7 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 per cent.

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut.

Khalid al-Falih told reporters that Saudi Aramco's customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 per cent.

Saudi Arabia is the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC).

Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said OPEC was "focused on mitigating downside risks" after crude prices declined by around 20 per cent over a month following a supply surge, particularly from the top three producers the United States, Russia and Saudi Arabia.

"Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

A big concern for Saudi Arabia and other traditional producers from the Middle East-dominated OPEC is the surge in US output.

US&nbsp;energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday.

The rig count indicates US crude output, already at a record 11.6 million bpd, will increase further.

"One thing that is abundantly clear, OPEC is in for a shale shocker as US&nbsp;crude production increased to a record 11.6 million barrels per day and will cross the 12 million threshold next year," Innes said.

Oil prices rose by more than one per cent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.

Oil prices rose by more than one per cent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October. Front-month Brent crude futures, a benchmark for global oil prices, were at $71.37 per barrel at 0531 GMT, up $1.19, or 1.7 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $60.87 per barrel, up 68 cents, or 1.1 per cent. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut. Khalid al-Falih told reporters that Saudi Aramco's customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 per cent. Saudi Arabia is the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC). Peter Kiernan, lead energy analyst at the Economist Intelligence Unit in Singapore, said OPEC was "focused on mitigating downside risks" after crude prices declined by around 20 per cent over a month following a supply surge, particularly from the top three producers the United States, Russia and Saudi Arabia. "Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. A big concern for Saudi Arabia and other traditional producers from the Middle East-dominated OPEC is the surge in US output. US energy firms last week added 12 oil rigs in the week to Nov. 9 looking for new reserves, bringing the total count to 886, the highest level since March 2015, Baker Hughes energy services firm said on Friday. The rig count indicates US crude output, already at a record 11.6 million bpd, will increase further. "One thing that is abundantly clear, OPEC is in for a shale shocker as US crude production increased to a record 11.6 million barrels per day and will cross the 12 million threshold next year," Innes said.

Oil prices rise by more than 1 per cent after Saudis announce December supply cut

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash.

Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low.

The United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand.

The slide also comes during signs of a softer-than-expected impact from US sanctions on Iran oil exports.

"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the US, more than compensating for lost Iranian barrels," Forex.com analyst Fawad Razaqzada told AFP.

"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down towards the 100-per cent level or risk another 2014-style slide in prices," he said.

Energy ministers of top producers Russia and Saudi Arabia will join other OPEC and non-OPEC officials for the meeting of the Joint Ministerial Monitoring Committee, which oversees production levels.

The world's second and third crude producers -- after they were overtaken by the United States thanks to shale oil -- Russia and Saudi Arabia are the core of an alliance of producer nations that succeeded in solidifying oil prices after the 2014 crash.

Through large production cuts starting at the beginning of 2017, they managed to push up oil prices from below $30 a barrel to over $85 a barrel in October, strongly improving their revenues.

But the producer nations eased the output cuts in June after signs of a tight market and higher prices, allowing hundreds of thousands of extra barrels into the market.

Saudi Arabia raised its production from around 9.9 million barrels per day in May to around 10.7 million bpd in October, according to Energy Minister Khalid al-Falih.

Kuwait, Iraq, Russia and the United Arab Emirates also boosted their output.&nbsp;

Cailin Birch, analyst at the Economist Intelligence Unit, said a slowing oil demand is beginning to appear in China, the world's largest importer of crude oil.&nbsp;

"The recent drop in oil prices reflects a combination of factors. For one, signs of slowing oil demand are beginning to appear; the rate of GDP growth in China is beginning to ease," Birch told AFP.&nbsp;

The meeting, which will also be attended by the oil ministers of Kuwait, Venezuela and host nation the UAE, is not due to make decisions but will most likely send signals.

The JMMC, a technical committee, is expected to make important recommendations on production cuts to a key ministerial meeting in Vienna next month for the OPEC and non-OPEC producers.

Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.

"If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further," the bank said in a note.

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash. Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

Major oil producers meet in Abu Dhabi on Sunday to consider reverting to output cuts after a sharp slide in crude prices revived fears of a 2014-style crash. Oil prices shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand. Brent crude dropped below $70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below $60 a barrel, a nine-month low. The United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand. The slide also comes during signs of a softer-than-expected impact from US sanctions on Iran oil exports. "Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the US, more than compensating for lost Iranian barrels," Forex.com analyst Fawad Razaqzada told AFP. "With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down towards the 100-per cent level or risk another 2014-style slide in prices," he said. Energy ministers of top producers Russia and Saudi Arabia will join other OPEC and non-OPEC officials for the meeting of the Joint Ministerial Monitoring Committee, which oversees production levels. The world's second and third crude producers -- after they were overtaken by the United States thanks to shale oil -- Russia and Saudi Arabia are the core of an alliance of producer nations that succeeded in solidifying oil prices after the 2014 crash. Through large production cuts starting at the beginning of 2017, they managed to push up oil prices from below $30 a barrel to over $85 a barrel in October, strongly improving their revenues. But the producer nations eased the output cuts in June after signs of a tight market and higher prices, allowing hundreds of thousands of extra barrels into the market. Saudi Arabia raised its production from around 9.9 million barrels per day in May to around 10.7 million bpd in October, according to Energy Minister Khalid al-Falih. Kuwait, Iraq, Russia and the United Arab Emirates also boosted their output. Cailin Birch, analyst at the Economist Intelligence Unit, said a slowing oil demand is beginning to appear in China, the world's largest importer of crude oil. "The recent drop in oil prices reflects a combination of factors. For one, signs of slowing oil demand are beginning to appear; the rate of GDP growth in China is beginning to ease," Birch told AFP. The meeting, which will also be attended by the oil ministers of Kuwait, Venezuela and host nation the UAE, is not due to make decisions but will most likely send signals. The JMMC, a technical committee, is expected to make important recommendations on production cuts to a key ministerial meeting in Vienna next month for the OPEC and non-OPEC producers. Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices. "If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further," the bank said in a note.

Major oil producers to consider cuts after price slide

Oil prices fell on Monday as <a href="http://www.wionews.com/business-economy/crude-oil-prices-rise-as-us-sanctions-on-iran-loom-172761">US&nbsp;sanctions against Iran's fuel </a>exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US&nbsp;light crude was 30 cents lower at $62.84 a barrel.

Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.

Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US&nbsp;president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.

Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.

"US&nbsp;sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index.

Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said.

Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US&nbsp;decision, but would not directly say if China had or had not been granted an exemption.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010.

In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell. Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US light crude was 30 cents lower at $62.84 a barrel. Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show. Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors. In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil. Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil. "US sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index. Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude. South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said. Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US decision, but would not directly say if China had or had not been granted an exemption. Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output. Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010. In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Despite sanctions on Iran oil, prices drop on US waivers

Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran's petroleum exports.

Front-month Brent crude oil futures were at $76.72 a barrel at 0320 GMT, 28 cents, or 0.4 per cent, above their last close.

US West Texas Intermediate (WTI) crude futures were at $66.66 a barrel, up 23 cents, or 0.4 per cent, from their last settlement.

That came after Brent closed down 4.3 per cent and WTI 4 per cent in the previous session.

Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied".

"Oil prices fell substantially ... as Saudi Arabia released assurances it could supply more to the global market," Australia's Rivkin Securities said.

Despite the slump, analysts said markets remained tight because of the looming sanctions.

"We still see Brent reaching $85 per barrel by year-end," said US bank Morgan Stanley.

Into 2019, however, the broader economic outlook could be darkening.

China's state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing in which both sides have slapped import tariffs on hundreds of goods.

Meanwhile, South Korea's KOSPI-100 equity index has now fallen by nearly 19 per cent over the past year, the fastest rate of decline since the financial crisis of 2008/09.

The KOSPI-100 has typically correlated closely with growth in international trade, given the South Korean economy's strong orientation towards exports.

Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran's petroleum exports.

Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran's petroleum exports. Front-month Brent crude oil futures were at $76.72 a barrel at 0320 GMT, 28 cents, or 0.4 per cent, above their last close. US West Texas Intermediate (WTI) crude futures were at $66.66 a barrel, up 23 cents, or 0.4 per cent, from their last settlement. That came after Brent closed down 4.3 per cent and WTI 4 per cent in the previous session. Saudi Energy Minister Khalid al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to "meet any demand that materialises to ensure customers are satisfied". "Oil prices fell substantially ... as Saudi Arabia released assurances it could supply more to the global market," Australia's Rivkin Securities said. Despite the slump, analysts said markets remained tight because of the looming sanctions. "We still see Brent reaching $85 per barrel by year-end," said US bank Morgan Stanley. Into 2019, however, the broader economic outlook could be darkening. China's state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing in which both sides have slapped import tariffs on hundreds of goods. Meanwhile, South Korea's KOSPI-100 equity index has now fallen by nearly 19 per cent over the past year, the fastest rate of decline since the financial crisis of 2008/09. The KOSPI-100 has typically correlated closely with growth in international trade, given the South Korean economy's strong orientation towards exports.

Oil edges back from big slump as Iran sanctions return to focus

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US&nbsp;crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist&nbsp;Jamal Khashoggi stoked supply worries.

<a href="http://www.wionews.com/west-asia/trump-thinks-he-can-bring-down-oil-prices-by-bullying-iran-minister-zanganeh-171717">Also Read: Trump thinks he can bring down oil prices by bullying, says Iran minister Zanganeh</a>

US&nbsp;West Texas Intermediate crude was up 15 cents, or 0.2 per cent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents.

Brent crude was up 12 cents, or 0.2 per cent, at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October&nbsp;3rd.

US&nbsp;crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement.

"The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, adding that anxieties about the outlook for the global economy were capping gains.

US&nbsp;gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed.

Inventory data from the US&nbsp;Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday.

US&nbsp;President Donald Trump gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi even as US&nbsp;lawmakers pointed the finger at the Saudi leadership and Western pressure mounted on Riyadh to provide answers.

Jim Ritterbusch, president of Ritterbusch and Associates, said Saudi Arabia could cut as much as 500,000 barrels per day of crude production "as a warning shot should the US&nbsp;opt to impose any type of sanction in response to the Khashoggi developments".

Meanwhile, OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide.

The Russian government is no longer capping oil output increases by local producers, one of the country's top energy companies, Gazprom Neft, said on Tuesday.

The market has been supported by reports that Iranian crude exports may be falling faster than expected ahead of November&nbsp;4th, the date US&nbsp;sanctions on the commodity are due to start.

 
&nbsp;

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist Jamal Khashoggi stoked supply worries.

Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US crude inventories and as geopolitical tensions over the disappearance of a prominent Saudi journalist Jamal Khashoggi stoked supply worries. Also Read: Trump thinks he can bring down oil prices by bullying, says Iran minister Zanganeh US West Texas Intermediate crude was up 15 cents, or 0.2 per cent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents. Brent crude was up 12 cents, or 0.2 per cent, at $81.53 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3rd. US crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday's settlement. "The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, adding that anxieties about the outlook for the global economy were capping gains. US gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed. Inventory data from the US Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday. US President Donald Trump gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi even as US lawmakers pointed the finger at the Saudi leadership and Western pressure mounted on Riyadh to provide answers. Jim Ritterbusch, president of Ritterbusch and Associates, said Saudi Arabia could cut as much as 500,000 barrels per day of crude production "as a warning shot should the US opt to impose any type of sanction in response to the Khashoggi developments". Meanwhile, OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide. The Russian government is no longer capping oil output increases by local producers, one of the country's top energy companies, Gazprom Neft, said on Tuesday. The market has been supported by reports that Iranian crude exports may be falling faster than expected ahead of November 4th, the date US sanctions on the commodity are due to start.

Oil prices edge up over decline in US inventory, Khashoggi's disappearance

Fuel prices continued to rise on Sunday across the country. The price of petrol in Delhi increased by 0.6 paise to Rs 82.74 per litre, while price rose by 0.19 paise to Rs 75.38 per litre.

In Mumbai, prices of petrol and diesel were hiked by 0.6 paise and 0.20 paise, respectively. Petrol now costs Rs 88.18 per litre, while diesel is priced at Rs 79.02 per litre.

Fuel prices have been witnessing a steep rise since the past few months. While the Opposition has repeatedly blamed the union government for not doing enough to keep a check on prices, the latter has maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products.

Meanwhile Prime Minister Narendra Modi met Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan in Delhi to discuss petroleum issues.

According to reports, the discussion in the meeting focused on increasing domestic oil production, subsidy borne by oil marketing companies and reducing imports to cut down the account deficit.

Fuel prices continued to rise on Sunday across the country. The price of petrol in Delhi increased by 0.6 paise to Rs 82.74 per litre, while price rose by 0.19 paise to Rs 75.

Fuel prices continued to rise on Sunday across the country. The price of petrol in Delhi increased by 0.6 paise to Rs 82.74 per litre, while price rose by 0.19 paise to Rs 75.38 per litre. In Mumbai, prices of petrol and diesel were hiked by 0.6 paise and 0.20 paise, respectively. Petrol now costs Rs 88.18 per litre, while diesel is priced at Rs 79.02 per litre. Fuel prices have been witnessing a steep rise since the past few months. While the Opposition has repeatedly blamed the union government for not doing enough to keep a check on prices, the latter has maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products. Meanwhile Prime Minister Narendra Modi met Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan in Delhi to discuss petroleum issues. According to reports, the discussion in the meeting focused on increasing domestic oil production, subsidy borne by oil marketing companies and reducing imports to cut down the account deficit.

Fuel prices up again, petrol sells at Rs 88.18 in Mumbai

Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth.

The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, official sources said.

Modi's first meeting was on January 5, 2016 where suggestions for reforming natural gas prices were made. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in difficult areas like deep sea.

In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned ONGC and OIL. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).

Sources said Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are expected to attend the meeting Monday.

The meeting, coordinated by the NITI Aayog, is likely to focus on challenges posed by volatile oil prices and the US sanctions on Iran.

The meeting would look at measures to attract investments and steps for making it easier to do business in India.

Sources said reforms initiated in the last four years in the oil and gas sector, including open acreage policy, pricing reforms and liberalised licensing policy, will be showcased and suggestions would be sought on what more can be done to hasten growth.

The government is looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years while fuel demand has been rising by 5-6 per cent annually. India is dependent on imports to meet 83 per cent of its demand and more than half of its natural gas requirements.

The Prime Minister in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022. Import dependence has only increased since then and the government is now looking for ways to raise domestic output.

Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo and India's Oil Minister Dharmendra Pradhan would also attend the meeting, they said.

Also likely to attend the meeting are ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C

Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth.

Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth. The third annual meeting would also deliberate on ways to revive investment in oil and gas exploration and production, official sources said. Modi's first meeting was on January 5, 2016 where suggestions for reforming natural gas prices were made. More than a year later, the government allowed higher natural gas price for yet-to-be-produced fields in difficult areas like deep sea. In the last edition in October 2017, suggestions were made for giving out equity to foreign and private companies in producing oil and gas fields of state-owned ONGC and OIL. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC). Sources said Saudi Oil Minister Khalid A Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries Chairman Mukesh Ambani and Vedanta chief Anil Agarwal are expected to attend the meeting Monday. The meeting, coordinated by the NITI Aayog, is likely to focus on challenges posed by volatile oil prices and the US sanctions on Iran. The meeting would look at measures to attract investments and steps for making it easier to do business in India. Sources said reforms initiated in the last four years in the oil and gas sector, including open acreage policy, pricing reforms and liberalised licensing policy, will be showcased and suggestions would be sought on what more can be done to hasten growth. The government is looking at private investment to raise domestic oil and gas production, which has stagnated for the last few years while fuel demand has been rising by 5-6 per cent annually. India is dependent on imports to meet 83 per cent of its demand and more than half of its natural gas requirements. The Prime Minister in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022. Import dependence has only increased since then and the government is now looking for ways to raise domestic output. Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo and India's Oil Minister Dharmendra Pradhan would also attend the meeting, they said. Also likely to attend the meeting are ONGC Chairman and Managing Director Shashi Shanker, Indian Oil Corporation (IOC) Chairman Sanjiv Singh, GAIL India head B C Tripathi, Hindustan Petroleum Corp Ltd (HPCL) Chairman Mukesh Kumar Suran, Oil India Chairman Utpal Bora and Bharat Petroleum Corp Ltd (BPCL) Chairman D Rajkumar.

PM Narendra Modi to brainstorm oil scenario with global CEOs

As oil prices continue <a href="http://www.wionews.com/india-news/fuel-prices-continue-to-rise-petrol-sells-at-rs-8248-a-litre-in-delhi-170964">to rise worldwide with India being no exception</a>, the International Energy Agency(IEA) in a report said today that "both global oil demand and supply are now close to new, historically significant peak" at 100 million barrels a day.

<a href="http://www.wionews.com/business-economy/government-will-not-ask-omcs-to-further-subsidise-petrol-diesel-prices-170903">Also</a><a href="http://www.wionews.com/business-economy/government-will-not-ask-omcs-to-further-subsidise-petrol-diesel-prices-170903"> Read:&nbsp;Government will not ask OMCs to further subsidise petrol, diesel prices</a>

"Production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewher," the IEA report said, adding that potential supply could come to the market from places like Iran, Iraq, Libya, Nigeria and Venezuela.

In its study titled “The Future of Petrochemicals”, the world energy body said that the oil market reached the landmark 100 mb/d level with prices rising steadily.&nbsp;

"For many developing countries, higher international prices coincide with currencies depreciating against the US dollar, so the threat of economic damage is more acute," the report cautioned.

Despite increased oil production, prices have been shooting up worldwide. In India, petrol prices shot up drastically in the last three months as it went above the Rs 80-mark as the Opposition took on the government. The government eventually decided to cut prices by Rs 2.5 but it continued over the Rs 80-mark.

India's finance minister Arun Jaitley categorically rejected going back on deregulation of fuel prices even as critics said the government had imposed too many taxes on petrol and diesel. Petrol prices were freed up by previous Congress government led by Manmohan Singh in 2010.

The price cut reduced the government's excise duty by Rs 1.50 rupees per litre and cut one rupee per litre on the amount charged by state-run oil marketing firms Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp.

After the announcement, shares of oil companies fell more than twenty per cent last week.

The IEA report warned that after the US announced sanctions on Iran, oil prices have shot up. "Even China has seen the first year-on-year production growth in nearly three years in response to higher prices. Meanwhile, output in Iran, Mexico, and Venezuela has fallen, it observed.

Although it welcomed Saudi Arabia's effort towards boosting oil production, but said that supply disruptions in Libya and a collapse in Venezuela should not allow for complacency&nbsp;

The report pointed out that recent production increases have come at the expense of spare capacity, which is already "down to only 2 per cent of global demand, with further reductions likely to come."&nbsp;

"This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy," the report concluded.

As oil prices continue to rise worldwide with India being no exception, the International Energy Agency(IEA) in a report said today that "both global oil demand and supply are now close to new, historically significant peak" at 100 million barrels a day.

As oil prices continue to rise worldwide with India being no exception, the International Energy Agency(IEA) in a report said today that "both global oil demand and supply are now close to new, historically significant peak" at 100 million barrels a day. Also Read: Government will not ask OMCs to further subsidise petrol, diesel prices "Production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewher," the IEA report said, adding that potential supply could come to the market from places like Iran, Iraq, Libya, Nigeria and Venezuela. In its study titled “The Future of Petrochemicals”, the world energy body said that the oil market reached the landmark 100 mb/d level with prices rising steadily. "For many developing countries, higher international prices coincide with currencies depreciating against the US dollar, so the threat of economic damage is more acute," the report cautioned. Despite increased oil production, prices have been shooting up worldwide. In India, petrol prices shot up drastically in the last three months as it went above the Rs 80-mark as the Opposition took on the government. The government eventually decided to cut prices by Rs 2.5 but it continued over the Rs 80-mark. India's finance minister Arun Jaitley categorically rejected going back on deregulation of fuel prices even as critics said the government had imposed too many taxes on petrol and diesel. Petrol prices were freed up by previous Congress government led by Manmohan Singh in 2010. The price cut reduced the government's excise duty by Rs 1.50 rupees per litre and cut one rupee per litre on the amount charged by state-run oil marketing firms Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. After the announcement, shares of oil companies fell more than twenty per cent last week. The IEA report warned that after the US announced sanctions on Iran, oil prices have shot up. "Even China has seen the first year-on-year production growth in nearly three years in response to higher prices. Meanwhile, output in Iran, Mexico, and Venezuela has fallen, it observed. Although it welcomed Saudi Arabia's effort towards boosting oil production, but said that supply disruptions in Libya and a collapse in Venezuela should not allow for complacency The report pointed out that recent production increases have come at the expense of spare capacity, which is already "down to only 2 per cent of global demand, with further reductions likely to come." "This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy," the report concluded.

Oil production reaches record peak at 100 million barrels, along with demand: IEA

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