Oil stages U-turn, rises after Russian Federation leans toward output cut

Russian President Vladimir Putin speaks at a plenary session 'Building Partnerships Bridging Differences' as part of the 10th annual VTB Capital 'Russia Calling' Investment Forum at the World Trade Center in Moscow Russia on Nov 28

America, with OPEC and Russian Federation, seems to be working towards keeping oil in the $50 range globally, which means we can expect the local prices to stay at the current levels at least for some time.

To rein in the glut, OPEC and its main partner Russian Federation are discussing supply cuts and are due to meet in Vienna on December 6 and 7 to agree production strategy.

Petrol prices have slid globally amidst the upheaval in the oil market following the sanctions on Iran and increased output from OPEC as well as America.

"Getting some resolution around the intent of the Saudis and OPEC. would go a long way to helping the market feel better", said Greg Sharenow, portfolio manager at PIMCO, who co-manages more than $15 billion in commodity assets. OPEC will also discuss policy with non-OPEC production giant Russian Federation. This indicates at a possible trench being created by the oil marketing companies to form a buffer in case the oil prices increase again.

OPEC's biggest problem is surging production in the United States, where output has grown by around 2 million bpd in a year to more than 11.5 million bpd. Energy stocks led the way down in the stock markets at Wall Street by contributing to 178 point decline. U.S. West Texas Intermediate crude fell 42 cents to $51.14 U.S. Among renowned oil bulls, the Andurand Capital Commodities Fund lost 4.1 percent for the month through November 16, putting it down 15.7 percent for the year, according to HSBC data.

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Oil prices edged up on Thursday on optimism that trade talks at the upcoming G20 meeting could help the global economy and improve demand, but gains were curbed after USA crude inventories hit their highest in a year. The forward Brent futures curve - the market's primary indicator of expectations for supply and demand - now signals a potential glut through mid-2019. Saudi Arabia may refrain from announcing a decisive sizeable cut next week, opting instead for a "quiet cut" not worded as a production cut at all.

This uncertainty is in part due to U.S. President Donald Trump, whose decision not to punish the Saudis for the killing of journalist Jamal Khashoggi has raised the possibility that the kingdom will be less inclined to cross Trump by cutting output dramatically.

The cooperation had been a "a 100 per cent" success, Putin said, adding that this was largely due to Saudi Arabia and Crown Prince Mohammed bin Salman, the "initiator" of the deal.

"As for the need to limit production or not, I will not say anything about this for the time being".

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