Oil jumps 5% as traders await OPEC+ meeting on extending supply cuts

OPEC allies meet to discuss output cuts

OPEC allies meet to discuss output cuts

On Saturday, Iraq Oil Ministry spokesman Assem Jihad said in statement that Baghdad had "renewed its full commitment" to the OPEC+ deal. "We saved that industry (US oil) in a short period of time, and you know who helped us? We have already complied", Lopez Obrador said at an event held in Villahermosa, Tabasco, where he is now on an official tour.

Under the terms of the agreement, the historic cuts would be gradually relaxed from July with 7.7 mbd taken off the market from July to December.

In Friday afternoon deals, WTI oil prices were up 2.3 percent at $38.27 per barrel, while London Brent crude was 3.0 percent higher at $41.19. Those increased offset a larger-than-expected decline in crude stockpiles, dragging West Texas Intermediate crude futures down by one per cent. The problems of the oil market can not be solved by simply cutting production rates as the demand side of the supply/demand balance should improve in order to stabilize the market. It's a particular vindication for the kingdom's Energy Minister Prince Abdulaziz bin Salman, who has consistently pushed fellow members to stop cheating on their quotas since his appointment a year ago.

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"The conditions right now warrant hopefully successful meetings".

"Prices are up with the meeting scheduled for tomorrow".

According to an official, the prince was expected to stress the need for vigilant monitoring by OPEC+ of supply limits.

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Friday's news boosted oil prices as producers appeared to move towards agreement on extending their huge output cuts, which are aimed at soaking up surplus crude. It [WTI] was down to zero, it was worthless and that's 5 million jobs. probably much more than that, indirectly probably close to 10 million jobs. but we got Saudi Arabia and Russian Federation and others to cut back substantially. Analysts said the organisation is also looking to prevent a recovery of the ailing USA shale oil market.

The meeting decided that an OPEC and non-OPEC Ministerial Meeting would convene in Vienna, Austria, on December 1, 2020.

Cutting production is always painful for oil-dependent states. This surprisingly strong report is a sign that the economy is improving much faster than previously expected, meaning that demand will pick up at a much faster pace than now estimated. The recovery has eased pressure on the budgets of oil-rich nations, while also reviving the fortunes of energy companies from Exxon Mobil Corp.to shale drillers such as Parsley Energy Inc. Instead, the Paris-based organization now expects global investment in energy to plunge by 20 percent this year - the equivalent of $400 billion.

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