Trump blasts Saudi Arabia for plan to cut oil production

The bulk of Iraq’s oil is exported via its southern terminals which account for more than 95% of state revenue

".Beginning in April, oil prices began rising as the market focused on diminished supply first from Venezuela and then Iran as the USA pulled out of the nuclear deal", he writes.

That would largely wipe out the 1m bpd increase the group agreed in June in a bid to rein in the price of oil.

West Texas Intermediate, the US marker, climbed 0.9 percent to $60.75, paring its losses after falling into a bear market last week. Oil was pulled 2.5% lower after the close amid a slide in equities, with President Donald Trump adding pressure with a tweet criticising the Saudi plan.

Crude prices jumped by as much as 2% on the prospects of reduced supply from OPEC. US crude turned negative and extended losses after the tweet.

Oil prices had strengthened early in the session, after Saudi Arabia said the Organization of the Petroleum Exporting Countries and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.

Ahead of next month's OPEC meeting, Saudi Arabia said it will slash production by 500,00 barrels, or about 0.5% of current global supply.

"With Iranian waivers coming in higher than anyone expected, Saudi Arabia is acting responsibly by reducing its production that it had earlier brought online to offset possible Iranian losses", said Amrita Sen, chief oil analyst at Energy Aspects Ltd, a consultant in London.

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The Saudis are taking the lead in an attempt to counter a price slide of about 20% since early October, which reflected USA waivers that tempered the impact of sanctions on Iran, as well as signs of an emerging glut in America.

Trump risks testing Saudi patience - or even provoking the kingdom's ire - at a particularly vulnerable moment, with the US decision to reimpose sanctions on Iran threatening to increase prices.

A decision is expected only when the OPEC and non-OPEC ministers meet in Vienna on December 5 to assess the global energy market.

The Saudi announcement boosted Brent oil price from some $69/bbl to above $71/bbl Monday - as investors deemed a 0.5-percent cut to the total global supply as easing the concerns of overproduction.

Since then, OPEC production has risen 820,000 bpd since May, according to the latest S&P Global Platts OPEC survey. Novak showed no sign he was ready to act immediately and Vagit Alekperov, the CEO of Russia's second-largest oil producer Lukoil PJSC, said there's no need to cut output now. Beyond demand concerns, a big concern for Saudi Arabia and other traditional producers from West Asian-dominated OPEC is the surge in United States output.

"One thing that is abundantly clear, OPEC is in for a shale shocker as USA crude production increased to a record 11.6 million barrels per day and will cross the 12 million threshold next year", Oanda's head of trading for the Asia Pacific, Stephen Innes, told Reuters.

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