Oil falls on rising output, escalating China-U.S. trade spat

WTI Crude Oil

The Organization of the Petroleum Exporting Countries (OPEC) together with a group of non-OPEC producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices. It is said, though, that US and Saudi Arabia have been discussing ending the OPEC/non-OPEC pact long before this week's meeting and Saudi is going to propose what is in fact a USA -induced decision in Vienna.

"Russia has been aggressively affirming itself by adding oil to market ahead of the upcoming meeting and is pushing for a significant output hike, Saudi Arabia is suggesting for a modest increase and others are in favour of the status quo", said Stephen Innes, head of Asia-Pacific trade at OANDA.

Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production to stabilise the market. EIA expects oil demand to grow by 1.4 million barrels/day and non-OPEC supply will grow by 2 million barrels/day. "The Opec/non-Opec cartel is the big beneficiary of all this oil diplomacy, as it will squeeze global spare oil capacity and likely push up crude prices".

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Investors are looking ahead to what could be the most contentious OPEC meeting in recent years.

Iran, Iraq, and Venezuela are opposed but according to reports there are signs of an agreement.

Meanwhile, US drillers added one oil rig last week, bringing the total count to 863, the highest number since March 2015 reported.

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Expressing his optimism over regaining balance to the worldwide oil market, Al Mazrouei said: "Looking ahead, I remain optimistic that we will fulfil our goal of delivering sustainable oil market stability, which is meant to serve the long term interests of producers, consumers and the global economy". Shortly after, since the US shale production wasn't able to offset the production cuts that OPEC and non-OPEC nations made, oil prices rose significantly through 2017 up to 2018 and that made the Trump administration anxious about the effect of higher prices on Trump's political stance. "This recalls the June 2011 meeting, when OPEC was unable to agree on an increase in production to compensate for the outages.in Libya", Fritsch said. Brent crude jumped $1.55 to $74.99 a barrel. OPEC output was last lower in April 2017 at 31.85 million b/d, the last month before West African producer Equatorial Guinea became its newest member.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, expressed optimism that the price of crude oil would rise to a level that is neither too high nor too low.The Minister said though crude oil appears to have fallen into bad times because of prevailing low price and the campaign against the use of fossil fuels for environmental reasons, the product would soon rise up to take its place as the prime global energy source.

There are expectations for the oil cartel to consider altering a production deal that has held back 1.8 million bpd from the market for the past 18 months. "In this connection, OPEC countries will benefit from lowering prices and cooling the surge of the U.S. activity", Alexei Belogoriev said.

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The attacker, who was dressed in black and wore a veil, was subdued by the supermarket staff and later handed over to the police. On November 13, 2015, 130 people were killed in simultaneous coordinated attacks in Paris.

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