"Russia and Saudi Arabia will agree to curb production but by less than is needed to prevent a supply imbalance in early 2019, " mentioned by an energy analyst, Stephen Brennock. The provincial government of Alberta, home of Canada's oil sands deposits, has ordered a production cut of 325,000 barrels a day (about 8.7% of daily production) beginning in January in an effort to drain the amount of crude the province's producers now hold in storage. However, OPEC members, alongside Russian Federation would be meeting on December 6th-7th in Austria for discussing the terms of "cut supply" to support the market and Russian Federation happened to show interest in joining OPEC. "We are going to survey together the market situation with Saudi Arabia and respond to it operationally".
The Organization of the Petroleum Exporting Countries, of which Saudi Arabia is a key member, and Russian Federation and other leading oil producers will meet in Vienna on Dec 6-7 to discuss the oil market, as prices have been declining due to oversupply.
"Markets are expecting for the OPEC+ deal to be renewed, which should be healthy for consumers and producers and the global economy as a whole". Yet the view that the oil market is oversupplied is a signal the cartel is laying the groundwork for action.
On Friday, oil prices extended losses as piling stockpiles further dampened entrenched concerns over supply surplus, offsetting to some extent market expectations on potential output cut from OPEC and its allies.
Brent for February settlement rose as much as 5.3 percent to $62.60 a barrel on London's ICE Futures Europe exchange. Oil trading has been volatile over the last week as traders took positions ahead of the OPEC gathering.
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"From Argentina to Alberta, the oil market news is about supply curtailments", said Norbert Rücker, head of commodity research at Swiss bank Julius Baer.
The global benchmark, Brent crude, steeply increased on the same day to $59.26 per barrel after closing at $58.12 last Wednesday. Prior to the collapse in oil prices, the kingdom was responsive to Trump's demands. This could also lead to increased foreign demand for dollar-denominated crude oil. Its November production surged to an all-time record above 11 million barrels a day as prices swooned, prompting a jubilant response on Twitter from the White House.
That growing belief saw oil prices trim early falls on Friday. Despite pressure from angry senators and other Washington power players, the Trump administration has maintained its support for the Saudi leader.
OPEC will meet on December 6 in Vienna to deliberate on the output cut after the oil price slumped to the biggest monthly drop since the global financial crisis in 2008. Off-topic, inappropriate or insulting comments will be removed.