Angolan oil production grows to 1.533 million barrels per day in October

Jeannie Matthews
November 16, 2018

"It's not too long ago that people were talking about the prospect of $100 a barrel oil but that now feels like a distant memory", he said.

Most analysts expect US output to climb above 12 million bpd within the first half of 2019.

Russian Federation aims to continue cooperation with OPEC to stabilize the oil market, with existing efforts having shown "positive results", Putin said. They partially unwound their reduction in June after pressure from Trump to lower prices.

For the most part, this over-production is due to Trump initially vowing to slap sanctions on Iran, allowing no oil to be shipped out of their country, and then later granting waivers so that some nations would be able to continue buying from the sanctioned country.

"Increased supply from OPEC members of the Vienna Agreement saw compliance in October ease to 105%, the lowest since September 2017", the report read.

While al-Falih reiterated that "we need to do whatever it takes to balance the market", Russia's official position is "wait and see" and not to rush into hasty decisions. However, I am expected in the December OPEC meeting to be the catalyst to give some relief to the falling Oil market as they announce production cuts.

OPEC has been making increasingly frequent public statements that it would start withholding crude in 2019 to tighten supply and prop up prices.

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At 0704 GMT, January WTI crude oil is trading $55.66, down $0.18 or - 0.32%, and January Brent crude oil is at $65.34, down $0.13 or -0.20%.

FIGURE YET TO BE AGREED OPEC and its partners have not settled on a final figure for a new supply cut, the sources said.

"It is becoming clearer that as we move closer towards 2019, the market will see a sizeable surplus at least over the first half of 2019", ING said.

"It's been a flawless storm for oil as of late, with lower global growth expectations, higher output from the US, Russia and Saudi Arabia, waivers on Iranian sanctions and general risk aversion in the markets sending Brent and WTI rapidly into bear market territory", Craig Erlam, a senior market analyst at Oanda, said on Wednesday.

That led to a sharp price drop on Monday and the sell-off continued into Tuesday.

Novak was speaking at an industry event in Singapore and said, "The market is quite volatile today".

"This will, in our view, cap any upside above $85 per barrel (for oil prices)", said Jon Andersson, head of commodities at Vontobel Asset Management. Consequently, this implies that a production cut may do little to restore prices if Russian and United States production continues to pump at record levels, while demand also falters.

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