Russia Isn't Interested In Joining New OPEC-led Oil Output Cuts

Russia Isn't Interested In Joining New OPEC-led Oil Output Cuts

Russia Isn't Interested In Joining New OPEC-led Oil Output Cuts

Whilst the new U.S. sanctions could in fact be driving momentum in the short-term tanker markets, the outcome of the upcoming OPEC meeting will no doubt be an important determinant as to the future of oil prices and supply further down the line and consequently the demand for tankers in the longer-term.

"Of course we need dialog at the highest level", Putin told reporters in Singapore on Thursday.

It said that it expected "subdued global economic growth" to drive demand even lower than Opec was now forecasting.

Producers need to cut about 1 million barrels a day from October production levels, Saudi Energy Minister Khalid Al-Falih said in Abu Dhabi on Monday.

Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015. OPEC meets on December 6 to set policy for 2019.

A steep slide in oil prices has surprised many oil market participants. It may well be the case that Moscow is not opposed to lower oil prices-as it has indicated earlier as well-as they would eventually come to bite into US shale drillers' performance.

Before we get on with the inventories numbers, it is important to note that trading volumes have rolled over from the December to January WTI crude oil futures contract.

If anything, they are driving prices higher as the United States defends many of their members for very little $'s.

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The decline of United States crude continues as it hits its lowest price since December of past year.

One of the three sources said a minimum cut of 1 million bpd was being considered and it could be larger than 1.4 million bpd.

Opec is to gather in Vienna to assess the market.

The U.S. has meanwhile allowed some of its allies - Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions, as long as they work to reduce their imports to zero.

With this type of trend, falling stock prices cause investor confidence to plummet right along with the oil prices.

"The head fake on Iranian sanctions, which turned out to be misleading when USA actions were limp, combined with putting more pressure on producers helped create the oversupply in the market", Morse said.

The talks are preliminary, however, and the size of the final production cut will largely depend on the starting point the Organization of Petroleum Exporting Countries and its partners use, said one of the people, asking not to be identified because the discussions are private.

The Russian Energy Ministry did not immediately reply to a Reuters request for a comment.

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