Oil reversed course and rose on Thursday, after industry sources said Russian Federation had accepted the need to cut production, together with Opec. These are the data of trading of the NY stock exchange on Thursday, November 29.
If Russia bore the same proportion of such cuts as it did under the existing agreement, its share of the reduction would amount to 166,000 bpd.
"I'm surprised because stock markets rallied yesterday, because the dollar weakened and that should provide some sort of support for oil, but at the same time, I'm not surprised because the Saudi energy minister said yesterday they won't be the only one to cut (output) and even Putin has said he's happy with oil prices at $60".
Surging oil production in the United States, Russia and by members of the Middle East-dominated Organization of the Petroleum Exporting Countries has helped fill global inventories and create a glut in some markets.
The price of crude oil decreased more than 30 percent from $75 to $51 between October 2 and November 29. To this end, the group will be contemplating cutting oil output by 1 million barrels of oil per day. Wise stated that that would depend on the severity of cuts adopted by OPEC and its allies.
The more active February Brent crude futures fell 34 cents or 0.57 per cent to $59.57 a barrel.
European oil benchmark Brent stood at just under $60 on Wednesday, while its U.S. counterpart WTI hovered just above $51.
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Saudi Arabian Energy Minister Khalid Al-Falih and Nigerian Energy Minister Emmanuel Ibe Kachikwu told the press in Abuja that there were confident that OPEC and its allies would succeed in stabilizing crude oil prices.
Russian President Vladimir Putin, second right, during a visit to oil refinery in Kirishi, near St Petersburg on Friday, July 8, 2011.
The degree of the fall in global crude was not factored in by the governments but clearly, US President Donald Trump had signalled to Saudi Arabia that he was not happy with the way the prices were moving northward. In which case a significant cut of, say, 1 mb/d could lead to a rapid recovery in prices.
While gasoline supplies in the U.S. unexpectedly fell last week, which led to slight gains in oil prices, they were not enough to overcome the pessimism of the news of an oil supply increase in the country.
Besides, Riyadh also knows that it can't act alone to curb the drop in crude prices.
The API said that USA crude stocks rose by 3.5 million barrels, more than analysts forecast. Iraqi output could reach 6 million barrels a day by 2025, according to consultant Wood Mackenzie. US crude dropped 29 cents, or 0.6 per cent, to $51.16 a barrel.