Falih: Saudi Arabia to cut December oil output by 500000 bpd

Saudi Arabia’s Energy Minister Khalid Al-Falih

Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister had said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut.

The Minister of energy of Saudi Arabia Khalid al-falih: "Technical analysis, which we presented yesterday, OPEC Secretary and a joint technical Committee, considering data from the worldwide energy Agency (IEA) and Information management energy U.S., tells us about the necessity of reducing the supply level Oct to 1 million barrels per day".

"The price of oil remaining roughly around $70 in Brent crude and $60 in West Texas Intermediate and consolidating around these levels would be appropriate in the greater scheme of things, considering the ongoing external uncertainties around trade tensions and pressures in emerging markets that are seen as large risks for slowing global growth", said Mr Ahmad.

"We are going to do everything we can to keep inventories and supply demand fundamentals within a reasonably narrow band around balance, and we believe markets will calm down", Saudi Energy Minister Khalid Al-Falih said on Monday in a speech at an industry event in Abu Dhabi.

Mr Yergin said: "It's the big three, it's Saudi Arabia, Russia and the United States, this is a different configuration in the oil market than the traditional OPEC-non-OPEC one and so the world is having to adjust".

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Saudi Arabia has been pumping 10.7 million bpd since October, Falih said.

According to official statistics, Russia's oil production in October averaged 11.4 million barrels per day, approaching an all-time high.

Dutch bank ING said that, given the abundance of global supply as well as the threat of an economic slowdown, "cuts over 2019 are unavoidable ... as it is becoming clearer that as we move closer towards 2019, the market will see a sizeable surplus at least over the first half of 2019". With a trade war between the USA and China stoking concerns over global economic growth that underpins energy demand, investors are looking for signs over whether the Organization of Petroleum Exporting Countries and its allies will reverse course and cut output despite Trump's criticism.

US crude oil production increased at a faster rate than EIA previously anticipated, putting further downward pressure on crude oil prices. A drop off in crude oil prices in the recent period has weighed on oil and gas companies.

"The consensus is that we need to do whatever it takes to balance the market".

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Large independent producers such as EOG Resources (EOG) and Devon Energy (DVN) are also somewhat levered to prices because they only produce the raw commodity. Russia, the world's second-biggest producer, said it would commit to any new agreement among producers to cut output. That eased fears that new US sanctions on Iran would cause shortages and drive prices higher.

Officials of Saudi Arabia, Russia and other major exporters met on Sunday after USA sanctions on Iran's oil exports took effect.

That confounded a market that was anticipating stricter enforcement and a more significant reduction in Iranian exports.

WTI dropped 0.04 USA dollar to settle at 63.1 dollars a barrel, while Brent was up 0.34 dollar to close at 73.17 dollars a barrel.

Crude oil prices attempted to rebound on Monday, rising in the morning after Saudi Arabia signaled production cuts.

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