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

Trump says trade agreement with China might have to wait until US election next November

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.

Brendan Rodgers has made Leicester Premier League title rivals, says Pep Guardiola
Against Everton, who ended Leicester's run of four league clean sheets when Richarlison headed them in front, they have to graft. Thus far, I know managers are losing their jobs, the club have not indicated to me that they are going to sack me.

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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