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Oil slightly up, but markets in wait-and-see mode ahead of OPEC meeting

By A/S Global Risk Management.



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Updated on 20 Nov 2017 08:39 GMT

Saudi Arabia continues to promote the sentiment of extending the current oil production cut deal beyond March 2018 where the deal is set to expire. The deal has allegedly resulted in a 50% reduction in surplus of global inventories, but the target of the deal was to bring the inventories down to a 5-year average. Saudi Arabia's oil minister last week repeated that OPEC should extend the output cuts. The huge oil producer is also attempting to eliminate doubts over Russia's participation in an extension. Russia is not member of OPEC, but a huge oil producer and also contributed to the current oil production cut deal. The parties will meet on 30 November to discuss policy matters and a potential extension of the deal which included a cut of 1.8 mio. barrels of oil (OPEC + non-OPEC oil producers).

Friday's weekly oil rig count from Baker Hughes came out unchanged at 738 active drilling rigs in the U.S. Compared to a year ago, the number is up by 267, Due to the coming holidays later this week, the data is released on 22 November; i.e. on Wednesday instead of Friday which is the "normal" release day.

Turning to economic data, this week will be affected by the U.S. Thanksgiving followed by "Black Friday". Wednesday sees Fed meeting minutes, Thursday sees ECB meeting along with European PMIs.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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