OPEC+ expected to deepen output cuts to 1.5 mln bpd -JPM

Iraq says OPEC & allies may extend oil output curb to 1.6 million bpd

Oil slipped below $56 as U.S. President Donald Trump said there may be a long wait for a trade agreement with China, casting doubt about the strength of demand just days before the OPEC+ meeting.

US West Texas Intermediate crude was up 25 cents, or 0.5 per cent, at $56.21 a barrel.

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.

Many experts concur that the group, dubbed as OPEC+, should make deeper cuts to the current oil production level to boost crude oil prices.

Brent for February settlement gained 22 cents, or 0.4 percent, to $61.14 a barrel on the London-based ICE Futures Europe Exchange.

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Vagit Alekperov, CEO of Russia's second-biggest oil producer, Lukoil, said it would not be expedient to deepen production cuts in the winter, especially for Russian Federation.

The factors behind this view included a large increase in production from legacy non-OPEC projects and a still uncertain outlook for demand growth, it added.

Meanwhile, world's leading investment bank, Goldman Sachs noted on Monday that OPEC+ is keen on extending output cuts till June with the hope that the three-month window of extension would aid prices in the market.

Nonetheless, latest comment from Iraqi oil minister, Thamir Ghadhban, followed a shocking response from OPEC's one of the closest allies, Russia, energy minister of which was quoted saying earlier on Friday (November 29th) that the OPEC+ nation was seeking to prevent an extension of output curb amid growing grudges from its state-backed oil agencies.

While OPEC may cut output, USA producers have been happy to meet any market shortfalls with record-setting output. Growth into 2020, though, may range between 100,000 BPD and 1 million BPD. Trump said he was willing to wait another year to sign a trade deal with China. Output from the Organization of Petroleum Exporting Countries slipped by 110,000 barrels a day last month, according to data compiled by Bloomberg, while analysts forecast U.S. crude fell last week for the first time since mid-October.

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