Published: Sat, December 01, 2018
Finance | By Jaime Brady

WTI Crude Oil and Natural Gas Forecast

WTI Crude Oil and Natural Gas Forecast

Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets.

Yet Russia is becoming increasingly convinced it needs to reduce oil output in tandem with OPEC even though it is still bargaining with Saudi Arabia over the timing and volume of any reduction.

"Over the last week, we had bilateral consultations with Iraq, Libya, Russia, all that will lead us to reach a consensus".

Russian President Vladimir Putin, whose country is the world's second-biggest oil producer, said on November 28 he was in touch with OPEC and ready to continue cooperation on supply if needed, but he was satisfied with an oil price of $60. With fears of a scarcity now giving way to worries about oversupply, the Organisation of Petroleum Exporting Countries and allies such as Russian Federation are preparing to discuss more cuts when they meet next week in Vienna.

John Hancock Financial Services' Adam Wise, a strategist who takes care of a $9 billion oil and gas portfolio, stated that everyone was now looking towards the OPEC meeting next week to get a sense of which direction oil prices were going to take. Putin previously said Russian Federation would be content with oil at $70.

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Oil prices on both sides of the Atlantic reversed the Asian gains and fell sharply in the European trading this Thursday, with the USA oil (WTI) tracking the losses in its European peer, Brent.

There is need of a cut, but Russian Federation doesn't want to chip in with a large cut, a second source told Reuters. By the next fall had caused a constant rising demand in the oil market in the United States, as well as the statement of Saudi Arabia that it will not cut production alone.

Nigerian oil minister Emmanuel Ibe Kachikwu echoed the comments of his Saudi counterpart. "I think people know that leaving the market to its own devices with no clarity and no collective decision to balance the market is not helping".

But Naimi warned repeatedly that the burden of OPEC and non-OPEC production cuts would fall most heavily on Saudi Arabia and the main beneficiaries would be USA shale producers, and time has proved him correct.

He said at the time that supply could exceed demand by as much as 1 million barrels per day (bpd), or 1 percent of global demand, suggesting that OPEC and its allies may try to reduce production by that amount. That's an area that should be resistance based not only upon a large, round, psychologically significant figure, but the fact that it was a major negative candle that formed last Friday at that level is also a sign that there will be a lot of selling pressure there. To this end, the group will be contemplating cutting oil output by 1 million barrels of oil per day.

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