Nigeria ready to play OPEC ball, Russian Federation says

27 September, 2017, 00:33 | Author: Regina Lloyd
  • Oil Rises Nearly 1

Brent Crude for November delivery rose $1.60, or 2.81 percent, at $58.46 a barrel by 12:52 p.m. EDT in NY on the London-based ICE Futures Europe exchange.

On Tuesday, Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum.

However, analysts warned that exporters whose budgets are dependent on oil revenues will be tempted to pump above agreed-upon levels as Brent crude nears $60 a barrel.

Even the most bullish traders and executives in Singapore said that it would be almost impossible for crude to hold above $65 a barrel next year for this reason.

The price of Brent Crude has risen from over $55 a barrel last week as OPEC and non-OPEC producers both said the market was rebalancing amid strong global demand. The jury is out, and speculation's rising about what OPEC would or should do after the production cut deal expires after its current deadline in March 2018.




Analysts at Forex.com said the fundamental outlook for oil is getting brighter again but it remains to be seen what the response from United States shale oil producers will be to rising prices. Emerging sentiment about balance, following years of oversupply, has been supportive of crude oil prices during recent sessions.

The 14-member Organization of the Petroleum Exporting Countries, led by No. 1 oil exporter Saudi Arabia, met in Vienna on Friday with the world's largest crude producer Russian Federation to discuss a range of price support options for oil. Global inventories have dropped lately, and to further boost sentiment, global oil demand growth is strong expected to remain so for the year.

"The uptrend in oil prices it taking another leg higher after the Opec meeting on Friday reported high compliance with output cuts and implied an extension of the cuts beyond March", said Jasper Lawler, head of research at London Capital Group. "If OPEC doesn't extend the supply curbs, the market will return to oversupply again, forecasts from the International Energy Agency indicate", according to Phil's Stock World. We thought this was the level controlling the market and pointed out that a sustained move over this level would indicate that the funds are buying strength and that a break under this level would indicate they are more interested in buying a pullback into support. USA oil prices are still well short of $60 a barrel, but they are already high enough to start encouraging some producers to begin locking in prices for next year and boosting investment.

"But the force of Harvey upended the global oil market, creating financial incentives for refiners to ramp up production instead of shutting down", he said. One of the other drivers was continued high compliance by OPEC on its pledged production cut, which has averaged 86% for the year.

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