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Oil prices decrease after solid gains

Oil prices decrease after solid gains”

It's thought the Saudi crown Prince will support keeping the cap in place, as higher oil prices are required for his economic plans.

Kuwait will sell crude to its Asian customers at a discount of $0.50 a barrel to the average of the Oman/Dubai benchmark prices in December, compared with a discount of $1.10 in November.

Last month, Saudi Aramco trimmed supplies to at least three Japanese buyers and one in South Korea by up to 10 percent across different Saudi crude grades for November loading as maintenance at oil fields reduced output.

A number of former and current Saudi officials, including 11 princes and four incumbent ministers, were detained by authorities over the weekend as part of an anti-corruption operation launched by the government, resulting in an increase of oil prices to their highest levels in over two years.

London:Oil markets were little changed on Friday, supported by ongoing supply cuts and strong demand which have resulted in a tightening market, although the prospect of rising U.S. output capped prices. Realistically, if gold can't rally while Saudi Arabia is undergoing a real-life "Game of Thrones", I'm not sure what is left to provide a tailwind.

If the cartel wants to target a higher price (which it won't officially communicate to the market), it will likely trigger a new wave of U.S. shale production next year.

"OPEC is good at holding the line when oil prices are low, but when prices are strong, the discipline can break down both in OPEC and non-OPEC", Fereidun Fesharaki, chairman of industry consultant FGE, told Bloomberg.

The price of oil rose above $60 per barrel, following high compliance to the agreed output cap between OPEC and major non-OPEC producers.

IRAQ: Iraq will be the last Middle East producer to announce its monthly prices this month.

On this front, after a slow start to the year, the OPEC cuts are paying off. But it's also the demand growth that is reducing the global overhang.

China's October oil imports fell to just 7.3 million bpd from a near record-high of about 9 million bpd in September, according to data from the General Administration of Customs.

Russia's Energy Minister Alexander Novak has already hinted that the decision would likely come at a later stage.

"The most notable thing in the EIA report was that production increased".



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