Oil soars on OPEC output cut deal

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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 will meet with 10 partner countries, including Russia, on Friday to try to thrash out an agreement on oil production cuts, a day after the group's members failed to reach a deal.

The oil cartel had been expected to sign off on cuts to stem a plunge in oil prices at a meeting on Thursday, but it broke up without an accord.

"No, I am not confident" about the chances of a deal, Saudi oil minister Khalid Al-Falih told reporters after a long day of <a href="http://www.wionews.com/business-economy/opec-oil-cuts-at-risk-as-russia-yet-to-commit-181925">negotiations at OPEC</a>'s headquarters in Vienna.

However, OPEC and its non-cartel members -- who account for around half of global output -- agree on one thing: a glut on the market has led to oil prices falling by more than 30 per cent in the space of two months.

However, the major players among the oil giants all have their own reasons to look to others to act.

For Russia, which leads the non-member countries in the so-called OPEC+ alliance, "it's much more difficult to cut than for other countries, because of our climatic conditions," Russian Energy Minister Alexander Novak said on Thursday in Saint Petersburg.

Saudi Arabia, meanwhile, has to bear in mind pressure from the US, after President <a href="http://www.wionews.com/world/opec-meets-as-trump-calls-for-oil-taps-to-be-kept-on-181837">Donald Trump</a> demanded in a tweet on Wednesday that OPEC not boost prices.

In addition, the kingdom's diplomatic position has been weakened by the furore over the killing of journalist Jamal Khashoggi.

Though al-Falih insisted that "we don't need permission from anyone to cut" production, the figure of a million barrels put forward by Saudi Arabia was lower than the reduction expected by the markets.

Market jitters

Iran, Saudi Arabia's geopolitical rival and OPEC's third-largest producer, suggested it was in favour of deeper cuts -- while asking to be exempted from them because of the effects of US sanctions targeting its oil sector.

The thorny question of exemptions, which will also be sought by Venezuela and Libya according to the Bloomberg news agency, could be crucial for Friday's talks.

The amount and the timetable of any cuts imposed by Russia will also be a key sticking point.

Iraqi oil minister Thamir Abbas Al Ghadhban said he was still "hopeful" an agreement could be reached during talks on Friday.

However, markets displayed doubts with fresh falls in oil prices sparking a sell-off of stocks by investors.

The price of a barrel of Brent, the European benchmark, sank below the symbolic $60 mark because the reduction of around one million barrels floated by Saudi Arabia was below what markets had been expecting.

Analysts say that the details of any agreement will be key in determining what happens next to prices.

"If it's one million (barrels) excluding Iran, then it's in fact 1.2, 1.3, which should be supportive of price," Abhishek Deshpande, an oil analyst at JP Morgan, told AFP.

This would be because the markets would price in the drop in Iran's production expected due to sanctions.

"But if (the agreement) is including Iran, that's not enough," Deshpande added.

In June, OPEC and its partners agreed to allow for a boost in production by Saudi Arabia and Russia to compensate for the expected losses in production from Iran after the US dramatically withdrew from the Iran nuclear deal in May and vowed to re-impose sanctions.

However, the US then granted temporary waivers to eight allies to allow them to carry on importing Iranian oil, contributing to a plunge in oil prices which wiped out the gains seen since early 2017.

OPEC will meet with 10 partner countries, including Russia, on Friday to try to thrash out an agreement on oil production cuts, a day after the group's members failed to reach a deal.

OPEC will meet with 10 partner countries, including Russia, on Friday to try to thrash out an agreement on oil production cuts, a day after the group's members failed to reach a deal. The oil cartel had been expected to sign off on cuts to stem a plunge in oil prices at a meeting on Thursday, but it broke up without an accord. "No, I am not confident" about the chances of a deal, Saudi oil minister Khalid Al-Falih told reporters after a long day of negotiations at OPEC's headquarters in Vienna. However, OPEC and its non-cartel members -- who account for around half of global output -- agree on one thing: a glut on the market has led to oil prices falling by more than 30 per cent in the space of two months. However, the major players among the oil giants all have their own reasons to look to others to act. For Russia, which leads the non-member countries in the so-called OPEC+ alliance, "it's much more difficult to cut than for other countries, because of our climatic conditions," Russian Energy Minister Alexander Novak said on Thursday in Saint Petersburg. Saudi Arabia, meanwhile, has to bear in mind pressure from the US, after President Donald Trump demanded in a tweet on Wednesday that OPEC not boost prices. In addition, the kingdom's diplomatic position has been weakened by the furore over the killing of journalist Jamal Khashoggi. Though al-Falih insisted that "we don't need permission from anyone to cut" production, the figure of a million barrels put forward by Saudi Arabia was lower than the reduction expected by the markets. Market jitters Iran, Saudi Arabia's geopolitical rival and OPEC's third-largest producer, suggested it was in favour of deeper cuts -- while asking to be exempted from them because of the effects of US sanctions targeting its oil sector. The thorny question of exemptions, which will also be sought by Venezuela and Libya according to the Bloomberg news agency, could be crucial for Friday's talks. The amount and the timetable of any cuts imposed by Russia will also be a key sticking point. Iraqi oil minister Thamir Abbas Al Ghadhban said he was still "hopeful" an agreement could be reached during talks on Friday. However, markets displayed doubts with fresh falls in oil prices sparking a sell-off of stocks by investors. The price of a barrel of Brent, the European benchmark, sank below the symbolic $60 mark because the reduction of around one million barrels floated by Saudi Arabia was below what markets had been expecting. Analysts say that the details of any agreement will be key in determining what happens next to prices. "If it's one million (barrels) excluding Iran, then it's in fact 1.2, 1.3, which should be supportive of price," Abhishek Deshpande, an oil analyst at JP Morgan, told AFP. This would be because the markets would price in the drop in Iran's production expected due to sanctions. "But if (the agreement) is including Iran, that's not enough," Deshpande added. In June, OPEC and its partners agreed to allow for a boost in production by Saudi Arabia and Russia to compensate for the expected losses in production from Iran after the US dramatically withdrew from the Iran nuclear deal in May and vowed to re-impose sanctions. However, the US then granted temporary waivers to eight allies to allow them to carry on importing Iranian oil, contributing to a plunge in oil prices which wiped out the gains seen since early 2017.

OPEC and partners face steep challenge to reach oil cut deal

OPEC and its Russia-led allies agreed on Friday to slash <a href="http://www.wionews.com/world/iranian-petroleum-minister-says-us-should-stop-interfering-in-opec-affairs-182193">oil production by more than the</a> market had expected despite pressure from US&nbsp;President Donald Trump to reduce the price of crude.

The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts, Iraqi oil minister Thamer Ghadhban said after OPEC concluded two days of talks in Vienna.

Oil prices jumped about 5 per cent to more than $63 a barrel by 1500 GMT as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected.

Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from cutting supplies.

An output reduction also would provide support to Iran by increasing the price of oil amid attempts by Washington to squeeze the economy of OPEC's third-largest producer.

"We will never address geopolitical issues at OPEC," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told a news conference.

Russian energy minister Alexander Novak praised the ability of his Saudi counterpart Khalid al-Falih "to find a solution in the most difficult situation", indicating Russia was on board.

The OPEC deal had hung in the balance for two days - first on fears that Russia would cut too little, and later on concerns that Iran, whose crude exports have been depleted by US&nbsp;sanctions, would receive no exemption and block the agreement.

But after hours of talks, Iran gave OPEC the green light and Russia indicated it was ready to cut more.

A meeting of OPEC and non-OPEC producers quickly approved the deal, according to two OPEC sources.

The cut will last for six months from January, Ghadhban said, and take October as the baseline. OPEC and Russian output was lower in October than in November. However, OPEC might not disclose individual output quotas, sources said.

"The OPEC+ cut is fuzzy on details and will likely result in less reduction than the headline figure of 1.2 million bpd," said Bob McNally, president of US-based Rapidan Energy Group.

"President Trump will not be happy to see today’s headlines, but how strongly he reacts depends mainly on whether crude prices rise strongly as a result in coming days and weeks."

Washington added fuel to the fire when US&nbsp;special representative for Iran Brian Hook met Falih in Vienna this week, in an unprecedented development ahead of an OPEC meeting.

Saudi Arabia first denied the Hook-Falih discussion took place but later confirmed it.

"U.S. political pressure is clearly a dominant factor at this OPEC meeting, limiting the scope of Saudi actions to rebalance the market," said Gary Ross, chief executive of Black Gold Investors and a veteran OPEC watcher.

The price of crude has fallen almost a third since October as Saudi Arabia, Russia and the United Arab Emirates raised output to offset lower exports from Iran.

The price decline prompted OPEC and Russia to start discussing an output cut, but Russia long resisted any deep reduction.

Novak met Russian President Vladimir Putin in St Petersburg on Thursday and returned to the Austrian capital on Friday.

A Russian energy ministry source said Moscow was ready to contribute a cut of around 200,000 bpd - more than the initially suggested figure of 150,000 bpd. An OPEC source later said Russia had agreed to cut by 230,000 bpd.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

On Thursday, US&nbsp;government figures showed the country had become a net exporter of crude oil and refined products for the first time on record, underscoring how the surge in production has altered the supply equation in world markets.

OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude.

OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output by 0.8 million barrels per day from January while non-OPEC allies contribute an additional 0.4 million bpd of cuts, Iraqi oil minister Thamer Ghadhban said after OPEC concluded two days of talks in Vienna. Oil prices jumped about 5 per cent to more than $63 a barrel by 1500 GMT as the combined cut of 1.2 million bpd was larger than the minimum 1 million bpd that the market had expected. Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to help the global economy by refraining from cutting supplies. An output reduction also would provide support to Iran by increasing the price of oil amid attempts by Washington to squeeze the economy of OPEC's third-largest producer. "We will never address geopolitical issues at OPEC," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told a news conference. Russian energy minister Alexander Novak praised the ability of his Saudi counterpart Khalid al-Falih "to find a solution in the most difficult situation", indicating Russia was on board. The OPEC deal had hung in the balance for two days - first on fears that Russia would cut too little, and later on concerns that Iran, whose crude exports have been depleted by US sanctions, would receive no exemption and block the agreement. But after hours of talks, Iran gave OPEC the green light and Russia indicated it was ready to cut more. A meeting of OPEC and non-OPEC producers quickly approved the deal, according to two OPEC sources. The cut will last for six months from January, Ghadhban said, and take October as the baseline. OPEC and Russian output was lower in October than in November. However, OPEC might not disclose individual output quotas, sources said. "The OPEC+ cut is fuzzy on details and will likely result in less reduction than the headline figure of 1.2 million bpd," said Bob McNally, president of US-based Rapidan Energy Group. "President Trump will not be happy to see today’s headlines, but how strongly he reacts depends mainly on whether crude prices rise strongly as a result in coming days and weeks." Washington added fuel to the fire when US special representative for Iran Brian Hook met Falih in Vienna this week, in an unprecedented development ahead of an OPEC meeting. Saudi Arabia first denied the Hook-Falih discussion took place but later confirmed it. "U.S. political pressure is clearly a dominant factor at this OPEC meeting, limiting the scope of Saudi actions to rebalance the market," said Gary Ross, chief executive of Black Gold Investors and a veteran OPEC watcher. The price of crude has fallen almost a third since October as Saudi Arabia, Russia and the United Arab Emirates raised output to offset lower exports from Iran. The price decline prompted OPEC and Russia to start discussing an output cut, but Russia long resisted any deep reduction. Novak met Russian President Vladimir Putin in St Petersburg on Thursday and returned to the Austrian capital on Friday. A Russian energy ministry source said Moscow was ready to contribute a cut of around 200,000 bpd - more than the initially suggested figure of 150,000 bpd. An OPEC source later said Russia had agreed to cut by 230,000 bpd. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. On Thursday, US government figures showed the country had become a net exporter of crude oil and refined products for the first time on record, underscoring how the surge in production has altered the supply equation in world markets.

OPEC, Russia agree to cut oil production after Vienna talks; prices jump

OPEC to consider PM Modi's call before taking decision

Oil Minister&nbsp;Dharmendra Pradhan&nbsp;said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers'&nbsp;interests before deciding to<a href="http://www.wionews.com/world/opec-and-partners-face-steep-challenge-to-reach-oil-cut-deal-182079"> cut crude oil production</a>.

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Union Petroleum &amp; Gas Minister Dharmendra Pradhan on OPEC Summit: Through the statements of the Saudi Oil Minister yesterday, it can be inferred that they will not take any decision overlooking the favours of the consuming countries. <a href="https://t.co/QdmRNfamkT">pic.twitter.com/QdmRNfamkT</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1071014401216401409?ref_src=twsrc%5Etfw">December 7, 2018</a></blockquote>
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<a href="http://www.wionews.com/world/iranian-petroleum-minister-says-us-should-stop-interfering-in-opec-affairs-182193">OPEC</a> tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production. Union Petroleum & Gas Minister Dharmendra Pradhan on OPEC Summit: Through the statements of the Saudi Oil Minister yesterday, it can be inferred that they will not take any decision overlooking the favours of the consuming countries. pic.twitter.com/QdmRNfamkT — ANI (@ANI) December 7, 2018 × OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

Hope OPEC will remember consumers when cutting output: Dharmendra Pradhan

Iran's Petroleum Minister Bijan Namdar Zanganeh said on Thursday that the US&nbsp;should stop interfering in affairs of the Organization of the Petroleum Exporting Countries (OPEC) while attending an<a href="http://www.wionews.com/world/opec-and-partners-face-steep-challenge-to-reach-oil-cut-deal-182079"> OPEC meeting</a>.

There are analyses saying that close ties with the US&nbsp;is one reason for Qatar to quit the OPEC. On Monday, <a href="http://www.wionews.com/world/qatar-to-withdraw-from-opec-as-of-jauary-2019-minister-181096">Qatar announced to withdraw from the OPEC </a>since January 2019.

Saad Sherida Al-Kaabi, Minister of Energy and Industry of Qatar, said the country decided to withdraw because it wanted to focus on gas.

"We withdrew because strategically we want to focus on gas. We are the biggest energy exporter in the world and we want to focus on gas. Oil for us is a very small production. We produce 600,000 barrels a day approximately, and we don't see there's a value for us to stay in OPEC further, because we are a small player and it doesn't fit our strategy," he said.

Iran's petroleum minister said attempts of the US&nbsp;to change OPEC decisions are unacceptable to major members.

"Brian Hook, I don't know what he is doing in Vienna if the United States is here to submit his proposal to join OPEC, putting pressure on some OPEC members. How to decide? It's very bad for OPEC, it's unacceptable for OPEC and major members of OPEC," said Zangeneh.

<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">US&nbsp;President Donald Trump</a> pulled the United States out of the landmark 2015 Iranian nuclear deal in May and re-imposed comprehensive sanctions on Tehran, including the country's oil exports and financial sectors.

Zanganeh said Iran will not be a part of any agreement by the OPEC over quota reduction as long as it is the target of U.S. sanctions.

"No doubt that they're going to create difficulty for our revenue, for our export. Resisting is clear and it's not a simple issue for us to accept it and to go along with it. We are resisting, we are trying to preserve the level of our production, especially the level of our export," said Zanganeh.

Oil prices extended much losses on Thursday, as <a href="http://www.wionews.com/world/opec-meets-as-trump-calls-for-oil-taps-to-be-kept-on-181837">OPEC wrapped up a much-anticipated meeting</a> with no decision on the level of potential output cut.

The Saudi-led oil cartel and its allies held a meeting at its headquarters in Vienna, Austria on Thursday to wrestle with the falling oil prices, amid broad market expectations that it would reach an oil reduction deal.

Iran's Petroleum Minister Bijan Namdar Zanganeh said on Thursday that the US should stop interfering in affairs of the Organization of the Petroleum Exporting Countries (OPEC) while attending an OPEC meeting.

Iran's Petroleum Minister Bijan Namdar Zanganeh said on Thursday that the US should stop interfering in affairs of the Organization of the Petroleum Exporting Countries (OPEC) while attending an OPEC meeting. There are analyses saying that close ties with the US is one reason for Qatar to quit the OPEC. On Monday, Qatar announced to withdraw from the OPEC since January 2019. Saad Sherida Al-Kaabi, Minister of Energy and Industry of Qatar, said the country decided to withdraw because it wanted to focus on gas. "We withdrew because strategically we want to focus on gas. We are the biggest energy exporter in the world and we want to focus on gas. Oil for us is a very small production. We produce 600,000 barrels a day approximately, and we don't see there's a value for us to stay in OPEC further, because we are a small player and it doesn't fit our strategy," he said. Iran's petroleum minister said attempts of the US to change OPEC decisions are unacceptable to major members. "Brian Hook, I don't know what he is doing in Vienna if the United States is here to submit his proposal to join OPEC, putting pressure on some OPEC members. How to decide? It's very bad for OPEC, it's unacceptable for OPEC and major members of OPEC," said Zangeneh. US President Donald Trump pulled the United States out of the landmark 2015 Iranian nuclear deal in May and re-imposed comprehensive sanctions on Tehran, including the country's oil exports and financial sectors. Zanganeh said Iran will not be a part of any agreement by the OPEC over quota reduction as long as it is the target of U.S. sanctions. "No doubt that they're going to create difficulty for our revenue, for our export. Resisting is clear and it's not a simple issue for us to accept it and to go along with it. We are resisting, we are trying to preserve the level of our production, especially the level of our export," said Zanganeh. Oil prices extended much losses on Thursday, as OPEC wrapped up a much-anticipated meeting with no decision on the level of potential output cut. The Saudi-led oil cartel and its allies held a meeting at its headquarters in Vienna, Austria on Thursday to wrestle with the falling oil prices, amid broad market expectations that it would reach an oil reduction deal.

US should stop interfering in OPEC affairs: Iran petroleum minister Zanganeh

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

Cemeteries in Venezuela are unable to offer cremations because they lack natural gas, which is in ever shorter supply even though the OPEC nation holds some of the world's largest energy reserves.

"When we were going to cremate in the "Chinita" (a cemetery) they told us we could not because there was no gas; that they had problems with the furnace and they sent us to Eden (another cemetery). It went well there but lights went out when they were going to do the procedure," said Yajaira Matos, who faced issues while trying to cremate her husband.

Venezuelans are also unable to afford to leave their relatives' remains in the morgue while waiting for gas supplies. Each extra day costs more than a month of minimum wage.

Many are resorting to leaving bodies in unmarked common graves at the edge of cemeteries, an area traditionally reserved for unclaimed bodies.

"It's very difficult to cremate, to bury. Everything is difficult, if it is not the gas, the ovens are useless or the bodies have to be unearthed, it is a disaster, this is a disaster. I don't know what is going to happen and how are we going to continue with this?" said Matos.

The decay of Venezuela's oil industry burdened citizens for months with long gasoline queues and shortages of cooking gas, and has now hit families bidding farewell to loved ones.

Venezuelans have shifted toward cremations, which cost about a third of burials, but growing demand has crematories struggling to obtain natural gas.

Members of a dozen families said in interviews they now wait as long as 10 days.

Shortages of wood and metal for coffins and cement for graves have complicated traditional burials. Some families wait for crematories to obtain propane gas. But the wait also boosts costs, with annual inflation nearing 1 million per cent.

Shortages of medicine, food and basic goods have been constant since the 2014 collapse of oil prices battered Venezuela's socialist economy. Around three million people have emigrated since 2015, according to the United Nations.

President Nicolas Maduro blames an "economic war" led by political adversaries with Washington's help. The Information Ministry did not immediately reply to a request for comment on cremations.

Cemeteries in Venezuela are unable to offer cremations because they lack natural gas, which is in ever shorter supply even though the OPEC nation holds some of the world's largest energy reserves.

Cemeteries in Venezuela are unable to offer cremations because they lack natural gas, which is in ever shorter supply even though the OPEC nation holds some of the world's largest energy reserves. "When we were going to cremate in the "Chinita" (a cemetery) they told us we could not because there was no gas; that they had problems with the furnace and they sent us to Eden (another cemetery). It went well there but lights went out when they were going to do the procedure," said Yajaira Matos, who faced issues while trying to cremate her husband. Venezuelans are also unable to afford to leave their relatives' remains in the morgue while waiting for gas supplies. Each extra day costs more than a month of minimum wage. Many are resorting to leaving bodies in unmarked common graves at the edge of cemeteries, an area traditionally reserved for unclaimed bodies. "It's very difficult to cremate, to bury. Everything is difficult, if it is not the gas, the ovens are useless or the bodies have to be unearthed, it is a disaster, this is a disaster. I don't know what is going to happen and how are we going to continue with this?" said Matos. The decay of Venezuela's oil industry burdened citizens for months with long gasoline queues and shortages of cooking gas, and has now hit families bidding farewell to loved ones. Venezuelans have shifted toward cremations, which cost about a third of burials, but growing demand has crematories struggling to obtain natural gas. Members of a dozen families said in interviews they now wait as long as 10 days. Shortages of wood and metal for coffins and cement for graves have complicated traditional burials. Some families wait for crematories to obtain propane gas. But the wait also boosts costs, with annual inflation nearing 1 million per cent. Shortages of medicine, food and basic goods have been constant since the 2014 collapse of oil prices battered Venezuela's socialist economy. Around three million people have emigrated since 2015, according to the United Nations. President Nicolas Maduro blames an "economic war" led by political adversaries with Washington's help. The Information Ministry did not immediately reply to a request for comment on cremations.

Without gas for cremation, even dying is a struggle in Venezuela

OPEC members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as <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">US President Donald Trump urged them to keep the faucets open</a>.&nbsp;

Oil ministers from 20 or so countries busily criss-crossed the Austrian capital on Wednesday for preparatory negotiations ahead of the two-day meet at the headquarters of the Organization of Petroleum Exporting Countries.&nbsp;

Delegates remained relatively tight-lipped about what had been agreed in a flurry of closed-door meetings in some of Vienna's most exclusive hotels, even as Trump took to Twitter to urge producers to keep pumping to ensure that the commodity remains affordable.

"Hopefully <a href="http://www.wionews.com/business-economy/opec-works-on-deal-to-cut-output-as-russia-plays-tough-181408">OPEC </a>will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" said Trump, who has in the past repeatedly accused the cartel of keeping prices artificially high.&nbsp;

At the end of 2016, OPEC's regular members joined forces with other countries outside the cartel to jointly scale back output in a bid to reduce a glut supply that was weighing on prices at the time.

The coordinated move -- which has since been extended -- stimulated a long rally in oil prices right up until October 2018.&nbsp;

Over the past two months, however, prices have plunged again and a barrel of Brent crude, the European benchmark, currently stands at around $60.

Cuts on the cards?

In the light of this, the so-called OPEC+ -- which accounts for more than half of the world's oil -- has come to Vienna to discuss renewing the pact or perhaps even throttling output still further.

All the signals suggested that more reductions in output are on the cards, despite the pressure from Trump, who argues that closing off the taps could choke off the economy, which needs affordable oil to keep running.

"Yes, we will have a cut," said Oman's oil minister Mohammed bin Hamad Al Rumhi. "We will have time to sort out the details by tomorrow (Thursday)."&nbsp;

His Nigerian counterpart also suggested that a reduction in output was possible.

However, OPEC's third-biggest producer Iran called to be exempted from any such measures.&nbsp;

Oil minister Bijan Namdar Zanganeh said on Wednesday evening as he arrived in Vienna: "We must be excluded from any decision to cut production as long as illegal US sanctions are not lifted."

Stephen Brennock of the London-based brokerage PVM Oil, said that additional cuts were "a virtual shoo-in."

OPEC inaction "would trigger a sell-off frenzy of biblical proportions and safeguard the return of a global oil glut. The only unknown at this stage is the volume of production cuts," he said.

OPEC kingpin Saudi Arabia, in particular, finds itself in a delicate position in the wake of the murder of opposition journalist Jamal Khashoggi.

Trump has continued to support the kingdom, despite worldwide outrage over the murder.

Riyadh, which is itself in favour of higher prices, will therefore be keen not to incur the US leader's wrath.&nbsp;

"The big unknown is how President Trump will react to any production cuts," said analysts at ING.

Delicate situation

"The concern for the market is that the US administration will use the murder of journalist Jamal Khashoggi as leverage," they argued.

"While we believe that President Trump will be reluctant to escalate the situation, the Saudis are likely to choose the wording of any statement with regards to cuts very carefully."&nbsp;

UBS analyst Giovanni Staunovo pointed out that US shale producers also need oil prices to be high to ensure the profitability of their operations.&nbsp;

Negotiations between the OPEC members could be fraught, however, as some members feel that Saudi Arabia wields too much clout in setting policy.

Iran has accused Saudi Arabia of being in thrall to the US.&nbsp;

In a surprise move on Monday, Qatar -- which has been an OPEC member since 1961 -- said it would quit the cartel next month in order to focus on gas production.&nbsp;

Doha accounts for only around two per cent of OPEC output.

Qatar minister Saad Sherida Al-Kaabi said he had met with a number of other OPEC ministers, but not his Saudi Arabian colleague.&nbsp;

"I don't think they want to meet me. They are blockading our country," he told journalists.

Qatar has been isolated by a group of countries led by Saudi Arabia since June 2017, in the worst political fallout between the energy-rich Gulf powers. &nbsp;

OPEC members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as US President Donald Trump urged them to keep the faucets open.

OPEC members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as US President Donald Trump urged them to keep the faucets open. Oil ministers from 20 or so countries busily criss-crossed the Austrian capital on Wednesday for preparatory negotiations ahead of the two-day meet at the headquarters of the Organization of Petroleum Exporting Countries. Delegates remained relatively tight-lipped about what had been agreed in a flurry of closed-door meetings in some of Vienna's most exclusive hotels, even as Trump took to Twitter to urge producers to keep pumping to ensure that the commodity remains affordable. "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!" said Trump, who has in the past repeatedly accused the cartel of keeping prices artificially high. At the end of 2016, OPEC's regular members joined forces with other countries outside the cartel to jointly scale back output in a bid to reduce a glut supply that was weighing on prices at the time. The coordinated move -- which has since been extended -- stimulated a long rally in oil prices right up until October 2018. Over the past two months, however, prices have plunged again and a barrel of Brent crude, the European benchmark, currently stands at around $60. Cuts on the cards? In the light of this, the so-called OPEC+ -- which accounts for more than half of the world's oil -- has come to Vienna to discuss renewing the pact or perhaps even throttling output still further. All the signals suggested that more reductions in output are on the cards, despite the pressure from Trump, who argues that closing off the taps could choke off the economy, which needs affordable oil to keep running. "Yes, we will have a cut," said Oman's oil minister Mohammed bin Hamad Al Rumhi. "We will have time to sort out the details by tomorrow (Thursday)." His Nigerian counterpart also suggested that a reduction in output was possible. However, OPEC's third-biggest producer Iran called to be exempted from any such measures. Oil minister Bijan Namdar Zanganeh said on Wednesday evening as he arrived in Vienna: "We must be excluded from any decision to cut production as long as illegal US sanctions are not lifted." Stephen Brennock of the London-based brokerage PVM Oil, said that additional cuts were "a virtual shoo-in." OPEC inaction "would trigger a sell-off frenzy of biblical proportions and safeguard the return of a global oil glut. The only unknown at this stage is the volume of production cuts," he said. OPEC kingpin Saudi Arabia, in particular, finds itself in a delicate position in the wake of the murder of opposition journalist Jamal Khashoggi. Trump has continued to support the kingdom, despite worldwide outrage over the murder. Riyadh, which is itself in favour of higher prices, will therefore be keen not to incur the US leader's wrath. "The big unknown is how President Trump will react to any production cuts," said analysts at ING. Delicate situation "The concern for the market is that the US administration will use the murder of journalist Jamal Khashoggi as leverage," they argued. "While we believe that President Trump will be reluctant to escalate the situation, the Saudis are likely to choose the wording of any statement with regards to cuts very carefully." UBS analyst Giovanni Staunovo pointed out that US shale producers also need oil prices to be high to ensure the profitability of their operations. Negotiations between the OPEC members could be fraught, however, as some members feel that Saudi Arabia wields too much clout in setting policy. Iran has accused Saudi Arabia of being in thrall to the US. In a surprise move on Monday, Qatar -- which has been an OPEC member since 1961 -- said it would quit the cartel next month in order to focus on gas production. Doha accounts for only around two per cent of OPEC output. Qatar minister Saad Sherida Al-Kaabi said he had met with a number of other OPEC ministers, but not his Saudi Arabian colleague. "I don't think they want to meet me. They are blockading our country," he told journalists. Qatar has been isolated by a group of countries led by Saudi Arabia since June 2017, in the worst political fallout between the energy-rich Gulf powers.

OPEC meets as Trump calls for oil taps to be kept on

Even as the OPEC or Organisation of the <a href="http://www.wionews.com/world/us-not-in-a-position-to-tell-us-what-to-do-says-saudi-arabia-on-oil-price-cut-181971">Petroleum Exporting Countries meet happens</a> in Vienna, Saudi Arabia's energy minister Khalid al-Falih said India's prime minister Narendra Modi was&nbsp;"vocal" about the increase in oil prices and raised it with Riyadh many times.&nbsp;

Speaking to reporters ahead of the OPEC meeting, Khalid al-Falih said: "We also take views of Prime Minister Modi, who is equally vocal. We just met him in Buenos Aires. Privately he made those points. He does care for Indian consumers."

He also disclosed that PM Modi had met him three&nbsp;times in India at "various energy events in India. And he was very vocal".

The Saudi energy minister assured the nervous energy market that the Kingdom will ensure&nbsp;affordable oil prices, adding, "consumer in the&nbsp;US, just like a consumer in France, just like a consumer in India, wants affordable energy".

Unstable oil prices has been a key issue which&nbsp;India has been raising during its meeting with oil producing countries especially Saudi Arabia. It was one of the main&nbsp;issues India raised at the recently concluded 13th G20 Summit in Argentina.&nbsp;

Meanwhile, OPEC has agreed to cut prices but has been waiting for non-member Russia's nod to decide on the volume of the intended cut.

The comments by Saudi energy minister comes a&nbsp;week after PM Modi met Saudi Arabia's crown prince&nbsp;Mohammad Bin Salman on the sidelines of the G20 summit.

During the bilateral meeting, according to the foreign secretary Vijay Gokhale, "the PM, in particular, stressed upon the importance of having stable energy prices".

India views the Kingdom of Saudi Arabia as a "valuable partner"&nbsp;and the relationship has expanded beyond issues related to the Indian community to&nbsp;economy, energy and security.

PM Modi visited Saudi Arabia in 2016 during which King Salman honoured him with ‘Sash of King Abdulaziz’, the highest civilian decoration awarded by the Kingdom.

Even as the OPEC or Organisation of the Petroleum Exporting Countries meet happens in Vienna, Saudi Arabia's energy minister Khalid al-Falih said India's prime minister Narendra Modi was "vocal" about the increase in oil prices and raised it with Riyadh many times.

Even as the OPEC or Organisation of the Petroleum Exporting Countries meet happens in Vienna, Saudi Arabia's energy minister Khalid al-Falih said India's prime minister Narendra Modi was "vocal" about the increase in oil prices and raised it with Riyadh many times. Speaking to reporters ahead of the OPEC meeting, Khalid al-Falih said: "We also take views of Prime Minister Modi, who is equally vocal. We just met him in Buenos Aires. Privately he made those points. He does care for Indian consumers." He also disclosed that PM Modi had met him three times in India at "various energy events in India. And he was very vocal". The Saudi energy minister assured the nervous energy market that the Kingdom will ensure affordable oil prices, adding, "consumer in the US, just like a consumer in France, just like a consumer in India, wants affordable energy". Unstable oil prices has been a key issue which India has been raising during its meeting with oil producing countries especially Saudi Arabia. It was one of the main issues India raised at the recently concluded 13th G20 Summit in Argentina. Meanwhile, OPEC has agreed to cut prices but has been waiting for non-member Russia's nod to decide on the volume of the intended cut. The comments by Saudi energy minister comes a week after PM Modi met Saudi Arabia's crown prince Mohammad Bin Salman on the sidelines of the G20 summit. During the bilateral meeting, according to the foreign secretary Vijay Gokhale, "the PM, in particular, stressed upon the importance of having stable energy prices". India views the Kingdom of Saudi Arabia as a "valuable partner" and the relationship has expanded beyond issues related to the Indian community to economy, energy and security. PM Modi visited Saudi Arabia in 2016 during which King Salman honoured him with ‘Sash of King Abdulaziz’, the highest civilian decoration awarded by the Kingdom.

We also take views of PM Modi, he cares about Indian consumers: Saudi energy minister on oil price cut

<a href="http://www.wionews.com/world/us-not-in-a-position-to-tell-us-what-to-do-says-saudi-arabia-on-oil-price-cut-181971">US</a><a href="http://www.wionews.com/world/us-not-in-a-position-to-tell-us-what-to-do-says-saudi-arabia-on-oil-price-cut-181971"> not in a position to tell us what to </a><a href="http://www.wionews.com/world/us-not-in-a-position-to-tell-us-what-to-do-says-saudi-arabia-on-oil-price-cut-181971">do,</a><a href="http://www.wionews.com/world/us-not-in-a-position-to-tell-us-what-to-do-says-saudi-arabia-on-oil-price-cut-181971"> says Saudi Arabia on oil price cut</a>

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.&nbsp;

<a href="http://www.wionews.com/india-news/kartarpur-corridor-long-standing-demand-of-sikhs-unfortunate-pak-tried-to-politicise-religious-issue-india-181940">Kartarpur corridor </a><a href="http://www.wionews.com/india-news/kartarpur-corridor-long-standing-demand-of-sikhs-unfortunate-pak-tried-to-politicise-religious-issue-india-181940">long standing</a><a href="http://www.wionews.com/india-news/kartarpur-corridor-long-standing-demand-of-sikhs-unfortunate-pak-tried-to-politicise-religious-issue-india-181940"> demand of Sikhs, unfortunate Pak tried to politicise religious issue: India</a>

India's ministry of external affairs(MEA) said today that India's protocol officers were denied entry for the Kartarpur ceremony.

"We see it as the fulfilment of the long-standing demand of the Sikh community. It is unfortunate that Pakistan attempted to politicised a religious issue," MEA spokesman Raveesh Kumar said.

<a href="http://www.wionews.com/world/perpetrators-involved-in-chabahar-terror-attack-should-be-brought-to-justice-india-181926">Perpetrators involved in Chabahar terror attack should be brought to justice: India</a>

India today condemned the suicide attack on the Chabahar port in southeastern Iran in which at least three people were killed and several others were injured.

<a href="http://www.wionews.com/world/china-urges-immediate-release-of-huawei-cfo-meng-wanzhou-181949">China urges </a><a href="http://www.wionews.com/world/china-urges-immediate-release-of-huawei-cfo-meng-wanzhou-181949">immediate</a><a href="http://www.wionews.com/world/china-urges-immediate-release-of-huawei-cfo-meng-wanzhou-181949"> release of Huawei CFO Meng Wanzhou&nbsp;</a>

China's Ministry of Foreign Affairs on Thursday firmly opposed the arrest of Huawei's chief financial officer in Vancouver, Canada and urged an immediate release of her.

Geng Shuang, spokesman of the Chinese Foreign Ministry, made the remarks at a regular press briefing in Beijing. Huawei's CFO Meng Wanzhou was detained in Canada at the request of the United States and the US is seeking her extradition.

<a href="http://www.wionews.com/world/can-uk-renounce-brexit-eu-court-decides-monday-181916">Can </a><a href="http://www.wionews.com/world/can-uk-renounce-brexit-eu-court-decides-monday-181916">UK</a><a href="http://www.wionews.com/world/can-uk-renounce-brexit-eu-court-decides-monday-181916"> renounce Brexit? EU court to decide on Monday</a>

The European Court of Justice is expected to announce on Monday whether or not Britain can unilaterally halt its march towards Brexit, a day before a make-or-break vote by MPs on the divorce deal.

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

US not in a position to tell us what to do, says Saudi Arabia on oil price cut 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. Kartarpur corridor long standing demand of Sikhs, unfortunate Pak tried to politicise religious issue: India India's ministry of external affairs(MEA) said today that India's protocol officers were denied entry for the Kartarpur ceremony. "We see it as the fulfilment of the long-standing demand of the Sikh community. It is unfortunate that Pakistan attempted to politicised a religious issue," MEA spokesman Raveesh Kumar said. Perpetrators involved in Chabahar terror attack should be brought to justice: India India today condemned the suicide attack on the Chabahar port in southeastern Iran in which at least three people were killed and several others were injured. China urges immediate release of Huawei CFO Meng Wanzhou China's Ministry of Foreign Affairs on Thursday firmly opposed the arrest of Huawei's chief financial officer in Vancouver, Canada and urged an immediate release of her. Geng Shuang, spokesman of the Chinese Foreign Ministry, made the remarks at a regular press briefing in Beijing. Huawei's CFO Meng Wanzhou was detained in Canada at the request of the United States and the US is seeking her extradition. Can UK renounce Brexit? EU court to decide on Monday The European Court of Justice is expected to announce on Monday whether or not Britain can unilaterally halt its march towards Brexit, a day before a make-or-break vote by MPs on the divorce deal.

News brief: Big stories of the day

<a href="http://www.wionews.com/world/opec-meets-as-trump-calls-for-oil-taps-to-be-kept-on-181837">OPEC and its allies </a>are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.

The Organization of the Petroleum Exporting Countries meets on Thursday but is waiting for news from Russian Energy Minister Alexander Novak, who flew back from Vienna earlier for possible talks with <a href="http://www.wionews.com/world/video-russia-will-make-banned-missiles-if-us-exits-arms-treaty-says-putin-181706">President Vladimir Putin</a>.

Novak returns to Vienna on Friday for talks between Saudi-led OPEC and its allies.

OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but US President Donald Trump has demanded it make oil cheaper by refraining from output cuts.

"We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters.

"If everybody is not willing to join and contribute equally, we will wait until they are."

Asked whether OPEC could fail to reach a deal, he said all options were on the table. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said.

Brent oil futures fell 3 per cent to below $60 per barrel on fears that there could be no deal and as traders and OPEC watchers said a cut of 1 million bpd was below expectations.

"We think OPEC will spend some time to choose the words being used. Being too cautious on the words, to please President Trump, runs, however, the risk of diluting the message," said Olivier Jakob from Petromatrix consultancy.

OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

Novak said on Thursday that Russia would find it harder to cut oil output in winter than other producers because of the cold weather.

Oil prices have crashed as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower exports from Iran, OPEC's third-largest producer.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

TRUMP RAISES PRESSURE

Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

"Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday.

Iranian Oil Minister Bijan Zanganeh said on Thursday he would support a cut as long as Iran didn't need to reduce its own output. Iraqi Oil Minister Thamer Ghadhban said Iraq as OPEC's second-largest producer would support and join a cut.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday. The Organization of the Petroleum Exporting Countries meets on Thursday but is waiting for news from Russian Energy Minister Alexander Novak, who flew back from Vienna earlier for possible talks with President Vladimir Putin. Novak returns to Vienna on Friday for talks between Saudi-led OPEC and its allies. OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but US President Donald Trump has demanded it make oil cheaper by refraining from output cuts. "We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters. "If everybody is not willing to join and contribute equally, we will wait until they are." Asked whether OPEC could fail to reach a deal, he said all options were on the table. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said. Brent oil futures fell 3 per cent to below $60 per barrel on fears that there could be no deal and as traders and OPEC watchers said a cut of 1 million bpd was below expectations. "We think OPEC will spend some time to choose the words being used. Being too cautious on the words, to please President Trump, runs, however, the risk of diluting the message," said Olivier Jakob from Petromatrix consultancy. OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd. Novak said on Thursday that Russia would find it harder to cut oil output in winter than other producers because of the cold weather. Oil prices have crashed as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower exports from Iran, OPEC's third-largest producer. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. TRUMP RAISES PRESSURE Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. "Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday. Iranian Oil Minister Bijan Zanganeh said on Thursday he would support a cut as long as Iran didn't need to reduce its own output. Iraqi Oil Minister Thamer Ghadhban said Iraq as OPEC's second-largest producer would support and join a cut. Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

OPEC oil cuts at risk as Russia yet to commit

Saudi Arabia is seeking to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut.

Russian Energy Minister Alexander Novak was due later in the day to meet his Saudi counterpart Khalid al-Falih, whose country leads the Organization of the Petroleum Exporting Countries.

OPEC holds policy talks on Thursday in Vienna, followed by a gathering with allies including Russia on Friday.

Saudi Arabia has indicated it wants OPEC and its allies to cut output by at least 1.3 million barrels per day, or 1.3 per cent of global production.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said.

"It is not easy but we will always work together with our colleagues," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told reporters when asked about Russia's position.

A source close to the Russian Energy Ministry said: "No one is eager to cut unless there is an emergency. It is the United States where we are seeing the bulk of the increase in oil output. OPEC and Russia will be very careful about voluntary 'blood letting'."

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its strict anti-trust legislation and fragmented oil industry.

Crude prices have sunk since October due to global economic weakness and fears of a glut due largely to rising US production.

Saudi Arabia is seeking to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut.

Saudi Arabia is seeking to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut. Russian Energy Minister Alexander Novak was due later in the day to meet his Saudi counterpart Khalid al-Falih, whose country leads the Organization of the Petroleum Exporting Countries. OPEC holds policy talks on Thursday in Vienna, followed by a gathering with allies including Russia on Friday. Saudi Arabia has indicated it wants OPEC and its allies to cut output by at least 1.3 million barrels per day, or 1.3 per cent of global production. Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russia insists the amount should be only half of that, OPEC and non-OPEC sources said. "It is not easy but we will always work together with our colleagues," United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui told reporters when asked about Russia's position. A source close to the Russian Energy Ministry said: "No one is eager to cut unless there is an emergency. It is the United States where we are seeing the bulk of the increase in oil output. OPEC and Russia will be very careful about voluntary 'blood letting'." Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its strict anti-trust legislation and fragmented oil industry. Crude prices have sunk since October due to global economic weakness and fears of a glut due largely to rising US production.

Saudi Arabia works on convincing Russia to join oil cuts

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

International Brent crude oil futures were at $61.16 per barrel at 0757 GMT, down 92 cents, or 1.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, down 85 cents, or 1.6 per cent.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that US oil markets are in a growing glut.

Official US government oil production and inventory data are due later on Wednesday.

In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut.

The supply overhang will be the focus of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) on Thursday, at which the producer group is expected to decide some form of supply cut aimed at supporting crude prices.

In the latest sign of a clogged market, Asian gasoline refining margins have plunged to their weakest levels in seven years - so low that churning out this key motor fuel has become a loss-making business.

GLOOMY MARKETS

The slide in US oil followed a tumble in global stock markets on Tuesday and Wednesday, with investors worried about the threat of a widespread economic slowdown.

Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs.

In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume US crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

Yet the truce may not last. US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing.

China's state council on Wednesday issued guidance to support employment as the economy slows, saying the country should pay "high attention" to the impact on employment from increasing economic headwinds.

Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown.

In Asian powerhouse Japan, the economy is expected to have contracted more again in the third quarter, with the slowdown deepening, a poll showed on Wednesday, with Q3 annualised GDP expected to fall by 1.9 per cent.

A slowing economy may further undermine oil prices.

Bank of America said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.

Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts. International Brent crude oil futures were at $61.16 per barrel at 0757 GMT, down 92 cents, or 1.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, down 85 cents, or 1.6 per cent. Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that US oil markets are in a growing glut. Official US government oil production and inventory data are due later on Wednesday. In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut. The supply overhang will be the focus of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) on Thursday, at which the producer group is expected to decide some form of supply cut aimed at supporting crude prices. In the latest sign of a clogged market, Asian gasoline refining margins have plunged to their weakest levels in seven years - so low that churning out this key motor fuel has become a loss-making business. GLOOMY MARKETS The slide in US oil followed a tumble in global stock markets on Tuesday and Wednesday, with investors worried about the threat of a widespread economic slowdown. Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs. In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume US crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said. Yet the truce may not last. US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing. China's state council on Wednesday issued guidance to support employment as the economy slows, saying the country should pay "high attention" to the impact on employment from increasing economic headwinds. Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown. In Asian powerhouse Japan, the economy is expected to have contracted more again in the third quarter, with the slowdown deepening, a poll showed on Wednesday, with Q3 annualised GDP expected to fall by 1.9 per cent. A slowing economy may further undermine oil prices. Bank of America said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019. Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.

Oil prices fall on swelling glut, economic growth concerns

OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a significant production cut was so far the main stumbling block.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and concerns about an oil glut due largely to a rise in US&nbsp;production.

The producer group's de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from US&nbsp;President Donald Trump to help support the world economy with lower oil prices.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US&nbsp;politicians to impose stiff sanctions on Riyadh.

The sources, three from the Organization of the Petroleum Exporting Countries and one from a non-OPEC producer, said the meeting was taking place in a difficult environment and that Russia's position would be key in reaching a deal.

"Russia is playing tough," one of the OPEC sources said.

Russian sources have indicated the country could contribute some 140,000 bpd to a reduction, but Middle East-dominated OPEC insists Moscow cut by 250,000-300,000 bpd.

Two OPEC sources said talks were focusing on a pro-rata cut of 3-3.5 per cent from October output levels, with no exemptions for any member.

"Until those main criteria are met, OPEC could endure a fall in oil prices for a while if it opted to delay a decision on a cut for a month or two," one of the sources said.

"OPEC can always meet again in February and decide on a cut then. Those who were not able or willing to cooperate will be wanting to cut then," the source added.

Qatar said on Monday it would quit OPEC to focus on gas in a swipe at Saudi Arabia, which is trying to show unity in tackling the slide in oil prices.

OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a significant production cut was so far the main stumbling block.

OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a significant production cut was so far the main stumbling block. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and concerns about an oil glut due largely to a rise in US production. The producer group's de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from US President Donald Trump to help support the world economy with lower oil prices. Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh. The sources, three from the Organization of the Petroleum Exporting Countries and one from a non-OPEC producer, said the meeting was taking place in a difficult environment and that Russia's position would be key in reaching a deal. "Russia is playing tough," one of the OPEC sources said. Russian sources have indicated the country could contribute some 140,000 bpd to a reduction, but Middle East-dominated OPEC insists Moscow cut by 250,000-300,000 bpd. Two OPEC sources said talks were focusing on a pro-rata cut of 3-3.5 per cent from October output levels, with no exemptions for any member. "Until those main criteria are met, OPEC could endure a fall in oil prices for a while if it opted to delay a decision on a cut for a month or two," one of the sources said. "OPEC can always meet again in February and decide on a cut then. Those who were not able or willing to cooperate will be wanting to cut then," the source added. Qatar said on Monday it would quit OPEC to focus on gas in a swipe at Saudi Arabia, which is trying to show unity in tackling the slide in oil prices.

OPEC works on deal to cut output, as Russia plays tough

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%

Qatar is withdrawing from the Organisation of Petroleum-Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday.

The decision came after Qatar, one of OPEC's smallest producers but the world's largest liquefied natural gas exporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said.

"Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning," he told a news conference, adding that Qatar would still attend an OPEC meeting in Vienna this week.

The announcement comes ahead of the meeting by OPEC and its allies including Russia on Dec. 6-7 to discuss cutting supply.

The minister said the decision was not easy as Qatar has been in OPEC for 57 years, but that the country's impact on OPEC production decisions was small.

He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer.

The withdrawal decision reflects Qatar's intent to focus its efforts on developing its natural gas industry, the minister said, as the Gulf Arab state moves to increase LNG production from 77 million to 110 million tonnes annually.

He said the decision was not linked to a political and economic boycott of Qatar imposed since June 2017 by OPEC's de facto leader Saudi Arabia and three other Arab states.

Qatar is withdrawing from the Organisation of Petroleum-Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday.

Qatar is withdrawing from the Organisation of Petroleum-Exporting Countries (OPEC) as of January 2019, Saad al-Kaabi, the country's energy minister said on Monday. The decision came after Qatar, one of OPEC's smallest producers but the world's largest liquefied natural gas exporter, reviewed ways to enhance its role internationally and plan long-term strategy, including focusing on its gas industry, he said. "Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning," he told a news conference, adding that Qatar would still attend an OPEC meeting in Vienna this week. The announcement comes ahead of the meeting by OPEC and its allies including Russia on Dec. 6-7 to discuss cutting supply. The minister said the decision was not easy as Qatar has been in OPEC for 57 years, but that the country's impact on OPEC production decisions was small. He stressed that Doha would continue to abide by all its commitments like any other non-OPEC oil producer. The withdrawal decision reflects Qatar's intent to focus its efforts on developing its natural gas industry, the minister said, as the Gulf Arab state moves to increase LNG production from 77 million to 110 million tonnes annually. He said the decision was not linked to a political and economic boycott of Qatar imposed since June 2017 by OPEC's de facto leader Saudi Arabia and three other Arab states.

Qatar to withdraw from OPEC in January: Energy minister

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US&nbsp;President Donald Trump and Chinese leader Xi Jinping.

US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks.

"Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit.

The S&amp;P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes.&nbsp;

In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers.

MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index&nbsp;lost 0.17 per cent.

On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&amp;P 500 &nbsp;gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54.

November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago.

Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output.&nbsp;

Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day.

Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina.

"The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week."

Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to."

Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets.

The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro&nbsp;down 0.66 per cent to $1.1316.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping. US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks. "Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit. The S&P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes. In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers. MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index lost 0.17 per cent. On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54. November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago. Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output. Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day. Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina. "The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis. "But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week." Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to." Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets. The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro down 0.66 per cent to $1.1316.

Global markets: Oil tumbles on supply glut; Wall Street up on G20 comments

&nbsp;Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.

Both international oil benchmarks, North Sea Brent and US&nbsp;light crude, have had their weakest month for more than 10 years in November, losing 28 per cent and 30 per cent respectively as global supply has outstripped demand.

Brent was up 25 cents at $59.76 a barrel by 0910 GMT. US&nbsp;crude was unchanged at $51.45. Both contracts are up about 1 per cent this week, the first weekly gains in almost two months.

Surging oil production in the United States, Russia and by members of the Middle East-dominated Organization of the Petroleum Exporting Countries has helped fill global inventories and create a glut in some markets.

A slowdown in oil demand growth is compounding the emerging oversupply.

"Near-term oversupply has gutted Brent prices," said Jason Gammel, an analyst at US&nbsp;investment bank Jefferies, adding that there was "an increasing urgency to move crude into storage".

This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale.

To rein in the glut, OPEC and its main partner Russia are discussing supply cuts and are due to meet in Vienna on Dec. 6 and 7 to agree production strategy.

"The next OPEC meeting is going to prove a pivotal moment for the direction of oil prices in 2019," BNP Paribas strategist Harry Tchilinguirian told Reuters Global Oil Forum.

"A decision will have to be made against a background of strong US&nbsp;shale oil supply growth, and for now, weaker expectations on global oil demand growth."

Before the OPEC meeting, the world`s top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina.

Oil inventories are rising fast in the United States, where commercial crude stocks rose by 3.6 million barrels in the week to November&nbsp;23 to 450.49 million barrels, according to the Energy Information Administration (EIA).&nbsp;US&nbsp;crude production is at a record high of 11.7 million barrels per day (bpd).

Crude reserves increased 6.4 billion barrels, or 19.5 per cent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said. 
&nbsp;

Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.

Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories. Both international oil benchmarks, North Sea Brent and US light crude, have had their weakest month for more than 10 years in November, losing 28 per cent and 30 per cent respectively as global supply has outstripped demand. Brent was up 25 cents at $59.76 a barrel by 0910 GMT. US crude was unchanged at $51.45. Both contracts are up about 1 per cent this week, the first weekly gains in almost two months. Surging oil production in the United States, Russia and by members of the Middle East-dominated Organization of the Petroleum Exporting Countries has helped fill global inventories and create a glut in some markets. A slowdown in oil demand growth is compounding the emerging oversupply. "Near-term oversupply has gutted Brent prices," said Jason Gammel, an analyst at US investment bank Jefferies, adding that there was "an increasing urgency to move crude into storage". This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale. To rein in the glut, OPEC and its main partner Russia are discussing supply cuts and are due to meet in Vienna on Dec. 6 and 7 to agree production strategy. "The next OPEC meeting is going to prove a pivotal moment for the direction of oil prices in 2019," BNP Paribas strategist Harry Tchilinguirian told Reuters Global Oil Forum. "A decision will have to be made against a background of strong US shale oil supply growth, and for now, weaker expectations on global oil demand growth." Before the OPEC meeting, the world`s top three producers - the United States, Russia and Saudi Arabia - will be part of a meeting this weekend of the Group of 20 industrialised nations in Buenos Aires, Argentina. Oil inventories are rising fast in the United States, where commercial crude stocks rose by 3.6 million barrels in the week to November 23 to 450.49 million barrels, according to the Energy Information Administration (EIA). US crude production is at a record high of 11.7 million barrels per day (bpd). Crude reserves increased 6.4 billion barrels, or 19.5 per cent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said.

Oil steady as expected OPEC cuts balance high inventory

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues.

Trading sentiment was mixed ahead of the two-day G20 summit in Argentina and expectation of oil production cut in the upcoming OPEC meet, analysts said.

The 30-share Sensex settled 23.89 points, or 0.07 per cent, higher at 36,194.30, while the broader NSE Nifty jumped 18.05 points, or 0.17 per cent, to 10,876.75.

During the week, the Sensex gained 1,213.28 points, or 2.34 per cent, while the Nifty rose 350 points, or 3.32 per cent.

Yes Bank, Wipro, Kotak Bank, M&amp;M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&amp;T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.

On the other hand, Tata Motors, ICICI Bank, IndusInd Bank, Vedanta, NTPC, Bharti Airtel, Coal India, Adani Ports, Tata Steel, Axis Bank, PowerGrid and SBI were among the top losers, falling up to 3 per cent.

Sector-wise, realty, pharma and IT indices rose up to 2 per cent, while banking and metal stocks fell up to 0.55 per cent.

Investors also turned cautious ahead of the gross domestic product (GDP) data scheduled to be released later in the day, traders said.

"The Indian equity market has hit a two-month high, 10-year bond yields are approaching 7.60 per cent levels, and the currency is under Rs 70 per US dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

"While our domestic macro environment has improved measurably, markets have also reflected the positive sentiment by rallying 8 per cent from the lows set on October 26. Elections loom as a key uncertainty heading into next month," he added.

Meanwhile, the rupee rose for the fourth straight day, up 13 paise at 69.78 against the US dollar intra-day amid weakness in the greenback against some currencies overseas.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 823.47 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 973.31 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei gained 0.40 per cent, Hong Kong's Hang Seng rose 0.21 per cent, Shanghai Composite Index jumped 0.81 per cent, while Korea's Kospi fell 0.82 per cent.

In Europe, Frankfurt's DAX was down 0.67 per cent, Paris' CAC fell 40 0.49 per cent and London's FTSE shed 0.65 per cent.

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues. Trading sentiment was mixed ahead of the two-day G20 summit in Argentina and expectation of oil production cut in the upcoming OPEC meet, analysts said.

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues. Trading sentiment was mixed ahead of the two-day G20 summit in Argentina and expectation of oil production cut in the upcoming OPEC meet, analysts said. The 30-share Sensex settled 23.89 points, or 0.07 per cent, higher at 36,194.30, while the broader NSE Nifty jumped 18.05 points, or 0.17 per cent, to 10,876.75. During the week, the Sensex gained 1,213.28 points, or 2.34 per cent, while the Nifty rose 350 points, or 3.32 per cent. Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent. On the other hand, Tata Motors, ICICI Bank, IndusInd Bank, Vedanta, NTPC, Bharti Airtel, Coal India, Adani Ports, Tata Steel, Axis Bank, PowerGrid and SBI were among the top losers, falling up to 3 per cent. Sector-wise, realty, pharma and IT indices rose up to 2 per cent, while banking and metal stocks fell up to 0.55 per cent. Investors also turned cautious ahead of the gross domestic product (GDP) data scheduled to be released later in the day, traders said. "The Indian equity market has hit a two-month high, 10-year bond yields are approaching 7.60 per cent levels, and the currency is under Rs 70 per US dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. "While our domestic macro environment has improved measurably, markets have also reflected the positive sentiment by rallying 8 per cent from the lows set on October 26. Elections loom as a key uncertainty heading into next month," he added. Meanwhile, the rupee rose for the fourth straight day, up 13 paise at 69.78 against the US dollar intra-day amid weakness in the greenback against some currencies overseas. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 823.47 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 973.31 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan's Nikkei gained 0.40 per cent, Hong Kong's Hang Seng rose 0.21 per cent, Shanghai Composite Index jumped 0.81 per cent, while Korea's Kospi fell 0.82 per cent. In Europe, Frankfurt's DAX was down 0.67 per cent, Paris' CAC fell 40 0.49 per cent and London's FTSE shed 0.65 per cent.

Sensex ends in green; rupee gains 13 paise

Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output.

The Organization of the Petroleum Exporting Countries plus Russia and other allies meet on December 6-7. Producers are discussing a supply curb of 1 to 1.4 million barrels per day and possibly more, OPEC delegates have told Reuters.

Brent crude, the global benchmark, was up 53 cents at $60.74 a barrel at 0919 GMT and traded as high as $61.27.

US crude added 41 cents to $51.97.

"OPEC needs to cut if it wants the market to be a little less over-supplied in the first half of 2019," said Olivier Jakob, analyst at Petromatrix, although he added the rally was limited. "We are not making significant moves."

Despite Wednesday's rise, Brent has slumped 30 per cent from a four-year high above $86 a barrel in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows.

The slump since October is so far on a par with the 2008 price crash and steeper than that of 2014-2015 - both of which prompted OPEC to agree output curbs to support the market.

The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal.

The market also gained support from a supply outage in the North Sea, home to the crude underpinning the Brent contract.

The Buzzard oilfield, the UK's largest, has closed temporarily after the discovery of pipe corrosion. As a result, trade sources said three December cargoes of Forties crude had been cancelled.

"Few would bet against further disruptions," said Stephen Brennock of oil broker PVM, referring to the impact of the outage on cargo loadings.

A weekly report showing a rise in US crude stockpiles, the 10th consecutive week of gains, limited the rally.

The American Petroleum Institute, an industry group, said on Tuesday US crude stocks rose by 3.5 million barrels, more than analysts had forecast. The government's official supply report is due later on Wednesday at 1530 GMT.

Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output.

Oil rose further above $60 a barrel on Wednesday, supported by expectations that OPEC and its partners will next week decide to curb supply and helped by a drop in North Sea output. The Organization of the Petroleum Exporting Countries plus Russia and other allies meet on December 6-7. Producers are discussing a supply curb of 1 to 1.4 million barrels per day and possibly more, OPEC delegates have told Reuters. Brent crude, the global benchmark, was up 53 cents at $60.74 a barrel at 0919 GMT and traded as high as $61.27. US crude added 41 cents to $51.97. "OPEC needs to cut if it wants the market to be a little less over-supplied in the first half of 2019," said Olivier Jakob, analyst at Petromatrix, although he added the rally was limited. "We are not making significant moves." Despite Wednesday's rise, Brent has slumped 30 per cent from a four-year high above $86 a barrel in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows. The slump since October is so far on a par with the 2008 price crash and steeper than that of 2014-2015 - both of which prompted OPEC to agree output curbs to support the market. The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina this weekend, at which oil policy is expected to be discussed, potentially laying the groundwork for an OPEC deal. The market also gained support from a supply outage in the North Sea, home to the crude underpinning the Brent contract. The Buzzard oilfield, the UK's largest, has closed temporarily after the discovery of pipe corrosion. As a result, trade sources said three December cargoes of Forties crude had been cancelled. "Few would bet against further disruptions," said Stephen Brennock of oil broker PVM, referring to the impact of the outage on cargo loadings. A weekly report showing a rise in US crude stockpiles, the 10th consecutive week of gains, limited the rally. The American Petroleum Institute, an industry group, said on Tuesday US crude stocks rose by 3.5 million barrels, more than analysts had forecast. The government's official supply report is due later on Wednesday at 1530 GMT.

Oil rises further above $60 as OPEC, North Sea outage support

Oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output.

Oil supply, led by US producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on December 6.

But this has done little so far to prop up prices, which have dropped more than per cent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014.

A trade war between the world's two biggest economies and oil consumers, the United States and China, have weighed upon the market.

"The market is pricing in an economic slowdown - they are anticipating that the Chinese trade talks are not going to go well," said Phil Flynn, an analyst at Price Futures Group in Chicago, referring to expected talks next week between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires.

"The market doesn't believe that OPEC is going to be able to act swiftly enough to offset the coming slowdown in demand," Flynn said.

Brent crude fell $3.13, or 5 per cent, to $59.47 a barrel by 1:01 p.m. EST (1801 GMT), after earlier touching $58.41, its lowest since October 2017.

US West Texas Intermediate crude (WTI) lost $3.35, or 6.1per cent, to trade at $51.28, and earlier touched a low of $50.53, also the weakest since October 2017.

For the week, Brent was on track for an 11 per cent loss and WTI a 9.4 per cent decline.

Market fears over weak demand intensified after China reported its lowest gasoline exports in more than a year amid a glut of the fuel in Asia and globally.

Stockpiles of gasoline have surged across Asia, with inventories in Singapore, the regional refining hub, rising to a three-month high while Japanese stockpiles also climbed last week. Inventories in the United States are about 7 per cent higher than a year ago.

Crude production has soared as well this year. The International Energy Agency expects non-OPEC output alone to rise by 2.3 million barrels per day (bpd) this year while demand next year was expected to grow 1.3 million bpd.

Adjusting to lower demand, top crude exporter Saudi Arabia said on Thursday that it may reduce supply as it pushes OPEC to agree to a joint output cut of 1.4 million bpd.

However, Trump has made it clear that he does not want oil prices to rise and many analysts think Saudi Arabia is coming under US pressure to resist calls from other OPEC members for lower crude output.

If OPEC decides to cut production at its meeting next month, oil prices could recover, analysts say.

"We expect that OPEC will manage the market in 2019 and assess the probability of an agreement to reduce production at around 2-in-3. In that scenario, Brent prices likely recover back into the $70s," Morgan Stanley commodities strategists Martijn Rats and Amy Sergeant wrote in a note to clients.

If OPEC does not trim production, prices could head much lower, potentially depreciating toward $50 a barrel, argues Lukman Otunuga, Research Analyst at FXTM.

VOLATILITY SPIKES TO 2-YEAR HIGH

By the middle of November, commodity trading advisory funds tracked by Credit Suisse prime services had dropped 1.5 per cent on the month, owing to the losses in energy futures and the increased volatility.

Mark Connors, global head of portfolio and risk advisory at Credit Suisse, told Reuters this week that the action among macro and CTA funds reflects a risk-aversion trade, as net long positions have dropped from near five-year highs to roughly even exposure between longs and shorts.

Volatility, a measure of investor demand for options, has spiked to its highest since late 2016, above 60 percent, as investors have rushed to buy protection against further steep price declines.

The decline in oil prices pulled US energy shares lower. Oil majors Exxon Mobil Corp and Chevron Corp fell more than 3per cent&nbsp;and were the leading decliners on the Dow Jones Industrial Average Oilfield service providers Schlumberger NV and Halliburton Co also fell nearly 3 per cent.

Oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output. Oil supply, led by US producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on December 6.

Oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output. Oil supply, led by US producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on December 6. But this has done little so far to prop up prices, which have dropped more than per cent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014. A trade war between the world's two biggest economies and oil consumers, the United States and China, have weighed upon the market. "The market is pricing in an economic slowdown - they are anticipating that the Chinese trade talks are not going to go well," said Phil Flynn, an analyst at Price Futures Group in Chicago, referring to expected talks next week between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires. "The market doesn't believe that OPEC is going to be able to act swiftly enough to offset the coming slowdown in demand," Flynn said. Brent crude fell $3.13, or 5 per cent, to $59.47 a barrel by 1:01 p.m. EST (1801 GMT), after earlier touching $58.41, its lowest since October 2017. US West Texas Intermediate crude (WTI) lost $3.35, or 6.1per cent, to trade at $51.28, and earlier touched a low of $50.53, also the weakest since October 2017. For the week, Brent was on track for an 11 per cent loss and WTI a 9.4 per cent decline. Market fears over weak demand intensified after China reported its lowest gasoline exports in more than a year amid a glut of the fuel in Asia and globally. Stockpiles of gasoline have surged across Asia, with inventories in Singapore, the regional refining hub, rising to a three-month high while Japanese stockpiles also climbed last week. Inventories in the United States are about 7 per cent higher than a year ago. Crude production has soared as well this year. The International Energy Agency expects non-OPEC output alone to rise by 2.3 million barrels per day (bpd) this year while demand next year was expected to grow 1.3 million bpd. Adjusting to lower demand, top crude exporter Saudi Arabia said on Thursday that it may reduce supply as it pushes OPEC to agree to a joint output cut of 1.4 million bpd. However, Trump has made it clear that he does not want oil prices to rise and many analysts think Saudi Arabia is coming under US pressure to resist calls from other OPEC members for lower crude output. If OPEC decides to cut production at its meeting next month, oil prices could recover, analysts say. "We expect that OPEC will manage the market in 2019 and assess the probability of an agreement to reduce production at around 2-in-3. In that scenario, Brent prices likely recover back into the $70s," Morgan Stanley commodities strategists Martijn Rats and Amy Sergeant wrote in a note to clients. If OPEC does not trim production, prices could head much lower, potentially depreciating toward $50 a barrel, argues Lukman Otunuga, Research Analyst at FXTM. VOLATILITY SPIKES TO 2-YEAR HIGH By the middle of November, commodity trading advisory funds tracked by Credit Suisse prime services had dropped 1.5 per cent on the month, owing to the losses in energy futures and the increased volatility. Mark Connors, global head of portfolio and risk advisory at Credit Suisse, told Reuters this week that the action among macro and CTA funds reflects a risk-aversion trade, as net long positions have dropped from near five-year highs to roughly even exposure between longs and shorts. Volatility, a measure of investor demand for options, has spiked to its highest since late 2016, above 60 percent, as investors have rushed to buy protection against further steep price declines. The decline in oil prices pulled US energy shares lower. Oil majors Exxon Mobil Corp and Chevron Corp fell more than 3per cent and were the leading decliners on the Dow Jones Industrial Average Oilfield service providers Schlumberger NV and Halliburton Co also fell nearly 3 per cent.

Oil plunges to lowest in a year despite potential OPEC cut

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 prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States.

US&nbsp;West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 per cent from their last settlement.

Front-month Brent crude oil futures&nbsp;had yet to trade.

Reuters' technical commodity analyst Wang Tao said on Tuesday Brent may rise into a range of $67.60 to $69.04 per barrel and WTI to $58.29 a barrel in the short-term.

The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

"Fundamentals over the next six months point to a recovery in oil prices following their sharp decline in October and early November," BNP Paribas said.

The French bank said this was due to "sizeable" losses in Iranian exports expected because of US sanctions against Tehran and because of risks of disruptions in Venezuela and also Libya and Nigeria.

"Meanwhile, producers are considering supply reductions in response and we expect OPEC to agree to a supply cut at its next official meeting on 6 December," BNP said.

The bank, therefore, said it expected Brent to recover to $80 per barrel before the year-end.

"In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel," BNP said.

Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.

This comes as supply in the United States is surging, with crude oil production&nbsp;up by almost a quarter this year, to a record 11.7 million bpd.

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States.

Oil prices edged up on Tuesday as markets expected producer club OPEC to agree to supply cuts at their next meeting on December 6, aimed at preventing oversupply amid slowing demand growth and a surge in output from the United States. US West Texas Intermediate (WTI) crude futures, were at $57.32 per barrel at 0048 GMT, up 12 cents, or 0.2 per cent from their last settlement. Front-month Brent crude oil futures had yet to trade. Reuters' technical commodity analyst Wang Tao said on Tuesday Brent may rise into a range of $67.60 to $69.04 per barrel and WTI to $58.29 a barrel in the short-term. The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply. "Fundamentals over the next six months point to a recovery in oil prices following their sharp decline in October and early November," BNP Paribas said. The French bank said this was due to "sizeable" losses in Iranian exports expected because of US sanctions against Tehran and because of risks of disruptions in Venezuela and also Libya and Nigeria. "Meanwhile, producers are considering supply reductions in response and we expect OPEC to agree to a supply cut at its next official meeting on 6 December," BNP said. The bank, therefore, said it expected Brent to recover to $80 per barrel before the year-end. "In 2019, we expect WTI to average $69 per barrel and Brent $76 per barrel," BNP said. Despite the gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth. This comes as supply in the United States is surging, with crude oil production up by almost a quarter this year, to a record 11.7 million bpd.

Oil prices edge up on expected OPEC supply cuts

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

Oil rose about 1 per cent on Wednesday, recouping some of the <a href="http://www.wionews.com/world/oil-markets-struggle-to-find-footing-after-seven-per-cent-slump-177187">previous session's heavy sell-off</a>, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices.

After a record 12 straight days of losses and the steepest one-day loss in more than three years, the oil market reversed course after Reuters reported that OPEC and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously.

Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63.

US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017.

Prices pared gains in a post-settlement trade as the American Petroleum Institute said crude inventories rose by 8.8 million barrels in the week to November 9 to 440.7 million, compared with analysts' expectations for an increase of 3.2 million barrels.

Oil markets are being pressured by surging supply from OPEC, Russia, the United States and other producers and worries that a global economic slowdown could cut into energy demand.

This has pushed the price of global benchmark Brent down more than 20 per cent since early October, one of the biggest declines since a price collapse in 2014.

"The market has cratered over the last few weeks and the pop today is related to the chatter that producers could cut up to 1.4 million bpd in 2019," said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut.

"Maybe some of the fears of extra supplies and reduced demand have finally been priced into the market, but I wouldn't say that a bottom has set in yet."

As oil has crashed from its October high, natural gas futures soared as much as 56 per cent during that time to a 4-1/2 year high. Oil's latest sell-off was exacerbated as traders unwound long oil-short natural gas trades, market participants said.

The relative strength index (RSI) for both Brent and U.S. crude remained below 30, a technical level often regarded as signalling a market that has fallen too far.

Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note.

"This market is attempting to find a price bottom following an unprecedented 12 consecutive days of decline," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

"Although the supply surplus is still relatively modest, the market is focusing on the dynamic of expansion in the overhang that will need to show signs of reversal before a price bottom can be established."

In its monthly report, the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd.

The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month, but cut its forecast for non-OECD demand growth, the engine of expansion in world consumption.

US crude output from its seven major shale basins was expected to hit a record 7.94 million bpd in December, the U.S. Energy Information Administration (EIA) said on Tuesday.

The surge in onshore output has helped overall US crude production hit a record 11.6 million bpd, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia.

Most analysts expect US output to climb above 12 million bpd in the first half of 2019.

The rise in US production is contributing to higher stockpiles. Storage data from the US government is due on Thursday.&nbsp;

Oil rose about 1 per cent on Wednesday, recouping some of the previous session's heavy sell-off, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices.

Oil rose about 1 per cent on Wednesday, recouping some of the previous session's heavy sell-off, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices. After a record 12 straight days of losses and the steepest one-day loss in more than three years, the oil market reversed course after Reuters reported that OPEC and its partners were discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), more than officials had mentioned previously. Brent crude settled up 65 cents, or 1 per cent, at $66.12 a barrel, after hitting a session high of $67.63. US crude futures rose 56 cents, or 1.01 per cent, to settle at $56.25 a barrel, after sliding for 12 straight sessions to the lowest since November 2017. Prices pared gains in a post-settlement trade as the American Petroleum Institute said crude inventories rose by 8.8 million barrels in the week to November 9 to 440.7 million, compared with analysts' expectations for an increase of 3.2 million barrels. Oil markets are being pressured by surging supply from OPEC, Russia, the United States and other producers and worries that a global economic slowdown could cut into energy demand. This has pushed the price of global benchmark Brent down more than 20 per cent since early October, one of the biggest declines since a price collapse in 2014. "The market has cratered over the last few weeks and the pop today is related to the chatter that producers could cut up to 1.4 million bpd in 2019," said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut. "Maybe some of the fears of extra supplies and reduced demand have finally been priced into the market, but I wouldn't say that a bottom has set in yet." As oil has crashed from its October high, natural gas futures soared as much as 56 per cent during that time to a 4-1/2 year high. Oil's latest sell-off was exacerbated as traders unwound long oil-short natural gas trades, market participants said. The relative strength index (RSI) for both Brent and U.S. crude remained below 30, a technical level often regarded as signalling a market that has fallen too far. Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note. "This market is attempting to find a price bottom following an unprecedented 12 consecutive days of decline," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. "Although the supply surplus is still relatively modest, the market is focusing on the dynamic of expansion in the overhang that will need to show signs of reversal before a price bottom can be established." In its monthly report, the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd. The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month, but cut its forecast for non-OECD demand growth, the engine of expansion in world consumption. US crude output from its seven major shale basins was expected to hit a record 7.94 million bpd in December, the U.S. Energy Information Administration (EIA) said on Tuesday. The surge in onshore output has helped overall US crude production hit a record 11.6 million bpd, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia. Most analysts expect US output to climb above 12 million bpd in the first half of 2019. The rise in US production is contributing to higher stockpiles. Storage data from the US government is due on Thursday.

Oil rebounds from steep sell-off as OPEC, partners discuss supply cut

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

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