OPEC likely to extend cuts

OPEC likely to extend cuts”

But stronger demand for oil is also creating a sense among crude producers that more ambitious gains in price can be achieved.

"We expect global oil demand to surpass 100 million barrels per day by 2020", Barkindo told the audience of oil industry leaders.

This strengthening in global oil demand meant that there was "no peak demand for the considerable future", Barkindo said.

USA output slumped by 11 percent from the previous week to 8.4 million barrels per day (bpd), its lowest since June 2014 as production was shut in by a hurricane.

As such, continued investment within the oil industry was crucial, he said, as was a continued working partnership with non-OPEC producers.

Pouyanne sees Russian Federation and Saudi Arabia extending production cuts. The bullish sentiment in the market reflects four major developments: higher global demand, the rising likelihood that OPEC will extend its production cuts until the end of 2018, the fading impact of hurricanes in the USA and heightened geopolitical risks in Iraq and Iran.

"OPEC is expected to roll over output restrictions for another nine months, supplies are at risk in the Middle East and USA inventories are falling".

A sharp fall in investment since oil prices collapsed in 2014 has led to a drop in development of new projects, which could spark an oil supply shortage after 2020, Pouyanne said.

In November 2016, the Organization of Petroleum Exporting Countries and 11 non-members, including Russian Federation, agreed to scale back production by 1.8 million barrels per day (bpd), in order to keep a lid on prices.

In June, Iran's oil minister Bijan Namdar Zanganeh said that Iran aims to increase crude oil production by around 200,000 bpd, or from 3.8 to four million barrels, by March.

"There is no doubt that the market is rebalancing at an accelerating rate", he said. "There is light at the end of the dark tunnel we've been traveling down the last three years", he said, alluding to low oil prices that have plagued oil markets since 2014.

Barkindo said it wasn't yet clear if the decision would be made on Nov.30 and, asked whether another meeting could be held in early 2018, said that Falih and Novak would consult and decide.

On Wednesday, both WTI and Brent crude futures were trading up, at $51.93/Bbl and $58.02/Bbl, respectively, at 11:59 a.m. (EDT).

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