OPEC makes last-ditch bid to save oil deal as tensions grow
00:06, Nov 30, 2016
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The markets traded higher early in the week on optimism that OPEC and other major producing non-member countries would agree to production cuts in an effort to lower supply and stabilize prices. In addition, the threat of US production could also hinder crude oil price movement in the coming days, even if OPEC producers agree to make a combined cut on Wednesday.
A similar OPEC and non-OPEC meeting in October resulted in no specific pledges from outside producers to cut output, with attendees citing the lack of an internal OPEC agreement. Libya and Nigeria want to be exempted.
After more than nine hours of talks, Iran and Iraq continued to insist on higher output numbers, said the sources, who were not allowed to speak publicly about the matter. That would leave the energy industry unsure about the prospects for a sustained market recovery and any loss of momentum will prompt investors to sell down oil-linked assets.
Iran has previously said it will not halt production until it raises its crude output to pre-sanction levels of 4 million barrels per day.
In addition, Iran's oil ministry's news service Shana posted an article on Tuesday in which it discusses Saudi Arabia's positions and invokes the impact U.S. President-elect Donald Trump would have on oil markets. The preliminary deal has limited output of OPEC to between 32.5 million and 33 million bpd.
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Russian Federation says that a freeze is fundamentally a cut as the country planned to enhance output in fiscal 2017.
The movement of the oil price followed the news associated with the potential OPEC deal. The refined price is more expensive than the crude price, but it does tend to move up or down in line with crude oil.
Bouterfa also shared Zanganeh's view that oil prices would touch a target $50-55 per barrel well in 2017 should OPEC hits a deal; "if we fail to keep the deal alive, prices will plummet well below $50 per barrel", he added.
Saudi Arabia, once seen as fabulously wealthy, is projecting a budget deficit of $87 billion in 2016.
Oil prices regained some ground after steep losses made since Friday in choppy trading ahead of a planned producer meeting on Wednesday aimed at reining in global oversupply. President-elect Donald Trump has promised to reduce restrictions on shale oil, which would further increase global supply.
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Saudi-Iran rivalries could scuttle tentative OPEC deal
Still, a deal is not out of the question , and even a remote possibility that it will be backed is an exciting prospect. And the desert kingdom, which accounts for about a third of OPEC's output, normally prevails at ministerial meetings.
Market Currents: OPEC deal still in the balance
If OPEC agreed a production cut to 32.50 million bpd, crude prices would likely rise to the low $50s a barrel, Goldman said. In addition, OPEC doesn't have the authority to make members comply with their production assignments.
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