UAE energy minister: Qatar's exit from OPEC will not affect production

US investment banks see low oil prices despite OPEC cut

US investment banks see low oil prices despite OPEC cut

Located north of Iran and south of Russian Federation, it is home to seven billion barrels of proven oil reserves, most of it trapped beneath the Caspian Sea, putting it at number 20 in global rankings for volume of proven crude deposits. But amid mounting global uncertainty on everything from trade and monetary policy to politics, that forecast is far from consensus.

"Recently, due to the political and economic factors, the price of oil has dropped, and the process has got a continuous character", Shahbazov said on December 7 according to Sputnik.

The Saudi minister noted before the meeting that the oil pumpers are looking for a sufficient cut to balance the market.

The oil cut agreement is expected to lower the glut of supply in the global oil market and bring crude prices up, which have fallen by more than 30 percent since October.

Crude oil prices fell early Monday as China-related tensions weighed on the market, while the impact of the OPEC plus production cut announced last week was offset by concern about US rising output.

Oil prices rebounded on Friday after OPEC and its allies including Russian Federation agreed to cut oil production by a total of 1.2 million barrels per day.

OPEC cuts: sufficient or not?

"Oil has opened the week lower as U.S".

Therefore, Kotak reiterated its positive view on GAIL, ONGC and Petronet LNG, expecting the first two to gain amid an environment of steady or gradual recovery in crude prices in the near term.

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Russian Federation too will enact modest oil cuts in January.

Commenting on US pressures, the UAE's Energy Minister Suhail al-Mazroui said OPEC "won't take instructions from anyone".

The production cut will tighten the oil market by the third quarter of 2019, and boost Brent prices back to more than $70 per barrel.

USA based Capital Economics, meanwhile, sees an average of $63 a barrel over the course of 2019.

USA crude futures rose 43 cents to $51.43 a barrel, after earlier rising more than 2 percent to $52.43. Richard Robinson, manager of Ashburton Global Energy Fund, believes the current dip is "transient" and that oil will recover to between $70 and $80 in the next three months, he wrote in a note earlier this month.

The Energy Information Administration (EIA) forecast US output would rise to a record 10.9 million bpd.in 2018 and 12.1 million bpd.in 2019. "As a result of that you could see the market getting quite scared", the strategist said.

Crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russian Federation. They could disagree on prices and upon the size of the cuts, but to really see inventories moving higher?

Brent crude was trading at $60.35, up.38 percent on the previous day, at 1 p.m. London time. WTI was at $51.55, up roughly half a percent.

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