Crude oil traders take pause ahead of oil inventories as angst about the Dec. 10 meeting between OPEC and non-OPEC nations this coming Saturday takes hold. While some are worried that somehow this meeting will derail the recent OPEC production cut accord, the Saudis say they, "absolutely expects non-OPEC producers to reduce their production.
Oil prices fell 1.5 percent to steady at around $53 a barrel on Friday after the biggest weekly rally since 2009 following OPEC's decision this week to cut crude output in order to rein in a global glut.
Russia plans to use its post-Soviet era record high November oil production as its baseline when it cuts output under this week's deal with OPEC, Deputy Energy Minister Kirill Molodtsov said on Friday.
This is a big OPEC’ing deal. While the naysayers said it could not be done, OPEC went ahead and did it anyway. The cartel agreed to cut production by 1.2 million barrels a day(mbd) to 32.5 mbd and has enticed non-OPEC producers to add another 600,000 barrels. Now that the months in making the deal is done, what does this mean for oil as well as the outside market.
OPEC has a "technical deal" that could be solidified at a technical meeting this week in Vienna. All the major players are saying they are optimistic that a deal will be reached barring any last-minute blow ups. Saudi Arabia, Russia, Iraq and Iran all say that a production deal is within reach and it is possible that even the skeptics are starting to believe it.
The New Development Bank (NDB), an infrastructure-focused lender established by the BRICS emerging economies, plans to issue debt in the local currencies of its five member countries, the bank's president said.
The Organization of the Petroleum Exporting Countries meeting in Vienna just got a lot more interesting. Saudi Arabia's new oil minister Khalid Al-Fali wants to show a softer side and repair diplomatic damage done that the failed “Doha Initiative.” He said that the Kingdom will back an oil production ceiling at today’s meeting.