Putin: Success in Oil Production Cuts Due to Saudi Arabia

Цена на нефть обновила минимум с октября 2017 года

This increase in the country's oil inventory was fed by increasing oil imports.

OPEC and its allies meet in Vienna next week to decide on production targets against the backdrop of concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in an existing agreement to restrain output.

China in November resumed imports of USA crude oil, taking in one tanker at the end of last month, according to ship-tracking data, with another on order for delivery in January.

Traders, however, are still focused on the expected meeting at the G20 Summit in Buenos Aires, Argentina between Saudi Arabian Crown Prince Mohammed bin Salman and Russian President Vladimir Putin.

USA crude production is at a record high of 11.7 million barrels per day (bpd). Wise stated that that would depend on the severity of cuts adopted by OPEC and its allies.

Brent crude, the global benchmark, was down 73 cents, or 1.2%, at $59.48 USA a barrel mid-morning Wednesday, after trading as high as $61.27. The WTI's 14-day Relative Strength Index is still in oversold territory. The last wave of heavy sales of crude oil brought down the prices to $51 per barrel and since then anxiety about oversupply by producers and a slowdown in demand has sent the prices spiraling downwards though in October the prices were at a four year high of $76 per barrel.

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Saudi Arabia will not act alone to steady oil markets, Energy Minister Khalid Al-Falih told reporters in Abuja yesterday ahead of what will be a key week for the global oil market.

So far, there is no clear view if production will be cut or remain steady, and that uncertainty raises the risk of more volatile trading after mass selling caused oil to drop by more than 30 percent in little over a month.

On Friday, Brent was nearly 1 percent down as it left levels of $61.58 per barrel. "However, it is obvious that we should cooperate and we will cooperate", Putin said in mid-November.

Gasoline stocks fell by 764,000 barrels, compared with analysts' expectations for a 640,000-barrel gain.

On the eve of oil futures fell more than 1.5% after the energy information Administration on the growth of commercial oil reserves in the USA by 3.6 million barrels, with the forecast increase of 0.3 million barrels.

A director with Tortoise, Nick Holmes, who manages a portfolio in energy that is over $16 billion, this report shows an increased build in relation to the market consensus on crude stockpiles in the US.

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