Oil prices static on uncertainty over planned production cut

petrol-8

Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity during the U.S. Thanksgiving holiday kept traders from making big new bets.

At 1040 GMT (5:40 a.m. ET), Brent crude futures LCOc1 were trading at $48.89, down 6 cents from their close. U.S. West Texas Intermediate (WTI) crude CLc1 was down 2 cents at $47.94 per barrel.

Traders said market activity was low due to the U.S. holiday, and there was a reluctance to take on big price bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC is due to meet on Nov. 30 to coordinate a cut, potentially together with non-OPEC member Russia.

Russia could revise down its 2017 oil production plans if a global output freeze pact comes into force, effectively cutting output by 200,000-300,000 barrels per day, Energy Minister Alexander Novak said on Thursday.

OPEC will probably propose other producers cut their oil production by 880,000 barrels per day for six months starting from Jan. 1 2017, Azerbaijan Energy Minister Natig Aliyev wrote in a local newspaper on Thursday.

But an OPEC source told Reuters that OPEC was yet to make a final proposal to non-OPEC countries on joint production cuts, which will be discussed on Nov. 28 in Vienna.

Venezuela’s President Nicolas Maduro said on Wednesday an OPEC deal to cut output and hike oil prices was “imminent,” and dispatched his oil minister to Russia to help bring other producers on board..

Most analysts believe some form of production cut will be agreed, but it is uncertain whether it will be enough to prop up a market that has been dogged by a supply overhang for over two years, according to the International Energy Agency (IEA).

“We expect OPEC will reach an agreement at next week’s biannual meeting in Vienna… If OPEC does successfully reach an agreement, prices are likely to test the year high in Brent of $53 per barrel,” ANZ bank said in a note to clients on Thursday.

IEA Director Fatih Birol told Reuters in Tokyo on Thursday that even if production is cut, prices could soon come back under downward pressure again as the OPEC-led cut would enable U.S. shale oil drillers to massively increase their own output.

(Additional reporting by Henning Gloystein in Singapore; Editing by Elaine Hardcastle)
By Ahmad Ghaddar | LONDON

resource:http://www.reuters.com/article/us-global-oil-idUSKBN13J077

Related Posts

Araç Kiralama İhalesinde Yakıt Dahil Edilir mi?

KAMU İHALE KURULU KARARI Toplantı No : 2017/013 Gündem No : 34 Karar Tarihi : 15.03.2017 Karar No : 2017/UH.II-815 TOPLANTIYA KATILAN ÜYELER: Başkan: Hamdi GÜLEÇ Üyeler: II. Başkan Şinasi…

Araç Kiralama İşinde KDV Tevkifat Oranı Kaçtır?

2.2.2.13. 5018 sayılı Kanuna Ekli Cetvellerde Yer Alanların Hizmet Alımları 117 Seri No.lu KDV Genel Tebliğinin (3.2.13) bölümünde, KDV mükellefleri tarafından, 5018 sayılı Kanuna ekli cetveller kapsamındaki idare, kurum ve…

Bir yanıt yazın

E-posta adresiniz yayınlanmayacak. Gerekli alanlar * ile işaretlenmişlerdir

Bu site, istenmeyenleri azaltmak için Akismet kullanıyor. Yorum verilerinizin nasıl işlendiği hakkında daha fazla bilgi edinin.

Kaçırdığın Haberler

Arabulucunun Görev Atamasını Müteakip Gerçekleştireceği UYAP İşlem Basamaklarinda Dosya Kabul ve Dosya Bilgilerine Erişim

  • By admin
  • Aralık 22, 2024
  • 45 views
Arabulucunun Görev Atamasını Müteakip Gerçekleştireceği UYAP İşlem Basamaklarinda Dosya Kabul ve Dosya Bilgilerine Erişim

Yapım işlerinde yaklaşık maliyetin güncellenmesi

  • By admin
  • Aralık 22, 2024
  • 46 views
Yapım işlerinde yaklaşık maliyetin güncellenmesi

Derneklere Nasıl Üye Olunur?

  • By admin
  • Aralık 22, 2024
  • 53 views
Derneklere Nasıl Üye Olunur?

İkametgah Senedi Nasıl Alınır?

  • By admin
  • Aralık 22, 2024
  • 103 views
İkametgah Senedi Nasıl Alınır?

İş Denetleme Belgesi Verilebilmesi İçin Gerekli Olan Sözleşme Bedeli Denetim Oranı Nedir?

  • By admin
  • Aralık 22, 2024
  • 57 views
İş Denetleme Belgesi Verilebilmesi İçin Gerekli Olan Sözleşme Bedeli Denetim Oranı Nedir?

Son Dakika…Maliye Bakanlığı Kurum İçi Uzmanlık Sınavı Açılacak

  • By admin
  • Aralık 22, 2024
  • 53 views
Son Dakika…Maliye Bakanlığı Kurum İçi Uzmanlık Sınavı Açılacak