Markets

Oil prices rise as Saudi Arabia plans to cut exports in November

Oil prices rise as Saudi Arabia plans to cut exports in November

The Organization of the Petroleum Exporting Countries is seeking to hold a second meeting with United States independent oil firms as well as hedge funds, OPEC's Secretary General told Reuters, adding that no oil producer could afford to live in isolation.

Federal U.S. data show total domestic crude oil production for the week ending September 29 at 9.5 million barrels per day, up more than 1 million barrels per day from the same period a year ago.

In the meantime, Investment Bank Barclays raised its Brent crude price outlook for the first quarter of 2018 to 56 dollars a barrel. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd. It said that Aramco planned to supply 7.15 million barrels a day, "despite a very strong demand", which exceeds 7.7 million barrels a day.

Prices drew support when the International Monetary Fund projected global economic growth of 3.6 percent this year and 3.7 percent for 2018, indicating fuel demand would rise.

"I think the market is able to absorb that 2 million bpd of US exports easily", Glencore's head of oil trading Alex Beard told the Reuters Global Commodities Summit.

Barkindo stressed, however, that the oil market is a global one.

The report also cited headwinds in 2018 for an expansion of supplies in US shale, such as lower drilling efficiency and cost inflation.

Top producer Saudi Arabia told OPEC it pumped 9.973 million bpd in September, up about 22,000 bpd from August and still below its OPEC target of 10.058 million bpd.

"The supply forecast for next year will be revised downward if higher oil prices and lower costs do not materialize", the report said. "A rise above that level would encourage US oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction in their capex". OPEC does not issue price forecasts. Good compliance with production caps, "strong" demand and slower-than-expected growth in US shale output have helped accelerate the rebalancing, he said.

OPEC's reluctance to cut output was also seen as a key reason behind the fall.

Haworth said the market and OPEC are "hoping USA producers slow down production and make further progress on inventory cuts".


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