The upcoming OPEC meeting will help determine oil prices in 2019. Decisions will have to be made in light of strong U.S. shale oil supply, and expectations of global oil demand. WTI Crude is $50.57; Brent is $58.77 this morning.
Russia met with heads of domestic oil producers on Tuesday ahead of the OPEC meeting in Vienna on Dec. 6-7. The idea was discussed that Russia needs to reduce output; the question remains is how quickly and by how much. WTI Crude is $50.90; Brent is $59.93 this morning.
OPEC needs to cut production for the market to be less oversupplied in the first half of 2019 say analysts. OPEC, Russia, and allies meet on Dec. 6-7 in Vienna and will consider a supply curb of 1 million to 1.4 million barrels per day (bpd) or more following the (G20) nations meeting in Argentina this weekend. WTI Crude is $51.74; Brent is $60.19 this morning.
Saudi Arabia’s energy minister said the kingdom will reduce exports by about 500,000 barrels a day from November to December, and Russia's oil minister said his country is open to cuts if they are approved by a coalition of producers including OPEC. WTI Crude is $51.48; Brent is $60.38 this morning.
The oil market is waiting for a meeting of members of OPEC scheduled for Dec. 6, which is being overshadowed by concerns of excess oil supply. WTI Crude is $51.00; Brent is $59.90 this morning.
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