Oil trims losses as OPEC advisory committee recommends production cut
Seeking Alpha
Published Nov 30, 2018 12:58PM ET
Oil trims losses as OPEC advisory committee recommends production cut
- OPEC's main advisory group recommends cutting production by 1.3M (NYSE:MMM) bbl/day from October 2018 levels to bring supply and demand into balance next year, lifting crude oil prices from sharp earlier lows; U.S. WTI -0.6% at $51.15/bbl, Brent -1.3% at $58.74/bbl.
- The recommendations are only advisory and OPEC ministers, who will meet in Vienna on Dec. 6, often choose a different path but the view that the oil market is oversupplied is a signal that OPEC may be preparing for a production cut.
- OPEC pumped 32.9M bbl/day in October, as Saudi Arabia raised production sharply, compared with 32.3M bbl/day in January.
- Crude prices were sharply in the red earlier on doubts about Russia's commitment to an output cut, but at least in public, Saudi Arabia's Mohammed bin Salman and Russian Pres. Putin look like best buddies.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
- Now read: Clarifying The Linkages Between Oil Price, Production, And Oil Inventories (Not As Clear-Cut As You May Think It Is)
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