OPEC Pushes for Oil Deal as Saudis Open Door for No Output Cut - Bloomberg

OPEC Pushes for Oil Deal as Saudis Open Door for No Output Cut - Bloomberg:
"OPEC is embarking on a last-ditch diplomatic push to reach a production cut, with ministers flying to Russia for talks, as Saudi Arabia for the first time suggested the oil-club doesn’t necessarily need to curb output.

The Organization of Petroleum Exporting Countries will meet on Wednesday in Vienna to try finalize the terms of its first production decrease in eight years. Yet the group remains divided about how to share the curbs internally and Khalid Al-Falih, the Saudi oil minister, has opened the door to leave the group’s production unchanged.

“We expect demand to recover in 2017, then prices will stabilize, and this will happen without an intervention from OPEC,” Al-Falih said in Dhahran, eastern Saudi Arabia, on Sunday, according to the Saudi newspaper Asharq al-Awsat. “We don’t have a single path which is to cut production at the OPEC meeting, we can also depend on recovery in consumption, especially from the U.S.”"

'via Blog this'

UPDATE 1-Saudi energy minister: oil market would balance even without output cuts | Reuters

UPDATE 1-Saudi energy minister: oil market would balance even without output cuts | Reuters:
"Saudi Arabia's energy minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, and that keeping output at current levels could therefore be justified.

Under a preliminary agreement reached in September in Algeria, the Organization of the Petroleum Exporting Countries would reduce its production to between 32.5 million and 33 million barrels per day, its first supply curb since 2008.

OPEC oil ministers meet in Vienna on Wednesday in an effort to finalise that deal; OPEC also wants non-OPEC producers such as Russia to support the intervention by curbing their output."

'via Blog this'

MIDEAST STOCKS-Gulf consolidates in quiet trade | Reuters

MIDEAST STOCKS-Gulf consolidates in quiet trade | Reuters:
"Gulf stocks consolidated in a quiet market on Sunday with little corporate news to prompt trading, and with Friday's sharp pull-back in oil prices offsetting strength in bourses worldwide.

The Saudi stocks edged up 0.1 percent to 6,806 points in the first half hour. The index tested and failed to break technical resistance on its April peak of 6,876 points on Thursday.

The petrochemical index underperformed, dropping 0.4 percent, while the cement sector was also weak."

'via Blog this'

Opec oil deal dominates market tone for the week

Opec oil deal dominates market tone for the week:
"All eyes are on Vienna and Opec’s annual gathering with a keenly awaited decision on production levels. An Opec deal on Wednesday that delivers a concrete supply reduction of at least 1m barrels a day, with non-members such as Russia on board could boost oil beyond its recent $40-$50 range.

While traders pushed Brent towards $50 a barrel earlier last week, news on Friday that Saudi Arabia would not attend a meeting with Russia and Kazakhstan on Monday, prompted a pullback in the crude benchmark below $48.

The price action underscores the high stakes for oil traders should Opec stumble in trying to distribute a production cut among members before ministers convene their meeting. A sticking point appears to be Iran, recovering after years under western sanctions, and which believes it should be treated as a special case without any output restraints."

'via Blog this'

Gulf markets consolidate in subdued opening trade | The National

Gulf markets consolidate in subdued opening trade | The National:
"Gulf stocks consolidated in a quiet market on Sunday with little corporate news to prompt trading, and with Friday’s sharp pull-back in oil prices offsetting strength in bourses worldwide.

The Saudi stocks edged up 0.1 per cent to 6,806 points in the first half hour. The index tested and failed to break technical resistance on its April peak of 6,876 points on Thursday.

The petrochemical index underperformed, dropping 0.4 per cent, while the cement sector was also weak."

'via Blog this'

Saudis sink Russia oil talks as Opec deal hangs in the balance | GulfNews.com

Saudis sink Russia oil talks as Opec deal hangs in the balance | GulfNews.com:
"Saudi Arabia pulled out of planned talks with non-Opec nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna.
Opec officials were scheduled to meet with non-members including Russia on Monday before a ministerial meeting in Vienna two days later. The meeting was later cancelled entirely after the Saudis decided not to take part.
Instead, the group called another internal meeting to try to resolve its own differences, particularly the question of whether Iran and Iraq are willing to cut production, said two delegates, asking not to be identified because the deliberations are sensitive. Saudi Arabia wants an Opec deal in place before conversations with other producers such as Russia, one delegate said."

'via Blog this'

MIDEAST STOCKS-Technicals weakening for some major markets | Reuters

MIDEAST STOCKS-Technicals weakening for some major markets | Reuters:
"The short-term technical outlook for some major Middle Eastern stocks markets appears to be weakening, which could weigh on share prices on Sunday.

Saudi Arabia's index, last at 6,797 points, closed on Thursday well off its intra-day high, failing an initial test of resistance on its April peak of 6,876 points. That level could be a ceiling for the market, at least in the short term.

Dubai's index, last at 3,324 points, failed a test on Thursday of minor resistance on its late October peak of 3,368 points."

'via Blog this'