Oil prices hit year low as OPEC considers output cut

Oil prices hit year low as OPEC considers output cut

Russian Federation has also been producing at post-Soviet-era highs above 11 million bpd in recent months.

USA crude was worth $51.47, a decline of 5.78 percent, at the same time of trading.

With a December OPEC meeting not expected to make a major dent in production levels, WTI now had scope to fall to $50 "in the near term", he said. The value of a barrel of oil has dropped by around 20 percent so far in November, in a seven-week streak of losses.

Nonetheless, Brent for January settlement fell 6.1 per cent to US$58.80 a barrel at the close of trading on London's ICE Futures Europe exchange.

In the US, West Texas Intermediate oil prices slid toward US$50 a barrel, the baseline at which many large shale explorers set their budget this year, RBC Capital Markets analyst Scott Hanold said in a note to clients.

Oil eased off on some of its losses after the Wall Street Journal reported the Saudis and the rest of OPEC were negotiating a compromise that would cut output while still placating Trump.

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Crude collapsed into a bear market this month after the US allowed some nations to continue buying Iranian crude.

As recently as October, many analysts were forecasting oil could climb above $100 a barrel.

Meanwhile, U.S. crude production has reached 11.7 million bpd, according to preliminary weekly figures.

"The question is now how much longer bears are able to keep firing". The International Energy Agency expects non-OPEC output alone to rise by 2.3 million barrels per day (bpd) this year while demand next year was expected to grow 1.3 million bpd. That is an increase of half a million bpd from the group's forecast six months ago.

Adjusting to lower demand, top crude exporter Saudi Arabia said on Thursday that it may reduce supply as it pushes OPEC to agree to a joint output cut of 1.4 million bpd.

Analysts at Morgan Stanley believe there are "compelling arguments" on either side when it comes to the OPEC alliance considering whether to implement production cuts from December 6.

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"Oil prices should be much lower based on supply!"

However, on balance, analysts at the US bank said in a research note published Friday that the chance of supply cuts were around "2-in-3".

The oil-rich kingdom's promise of more supply cuts also puts the OPEC and non-OPEC alliance on a potential collision course with the United States.

Trump, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman will attend next week's G20 meeting in Buenos Aires.

On Wednesday, US President Donald Trump praised Saudi Arabia for the lower oil price, even as he urged that oil prices should be even lower.

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