Economy

Russian oil output rises in October after maintenance at Pacific fields

Russian oil output rises in October after maintenance at Pacific fields”

Brent is now trading at $60.8 per barrel and WTI at $6.1 per barrel discount to Brent. WTI is about 31% above its 2017 low hit June. Brent has risen about 38% since its 2017 low reached in June.

Oil cartel Opec meets at the end of November to discuss further action after it agreed almost a year ago with Russian Federation and other producers to hold back 1.8-million barrels per day of oil supply. Saudi Arabian Energy Minister Khalid al-Falih said supply and demand balances were tightening and oil inventories falling, while compliance with the OPEC-led pact to curb supplies had been "excellent".

"China's oil demand growth appears to be accelerating", investment bank Jefferies said. "Now that we've flipped the calendar to November we have the OPEC meeting at the end of the month. There's expectation that there will be positive comments about extending the cuts past March". The producer group is coping with a global glut of crude oil after seeing prices halved and revenues drop sharply in the recent past. The energy ministers of Russian Federation and Saudi Arabia, the world's top oil producers, were expected to travel to Tashkent, Uzbekistan, on Thursday night, two sources told Reuters.

Furthermore, global crude inventories, especially in the USA, have drawn down as oil markets have been slightly undersupplied during the past quarters, although the outlook for next year is uncertain.

"With the US oil surplus increasingly exported.it may be hard for Brent to hold on to $60 per barrel in 2018", Tchilinguirian said, adding that he expected WTI and Brent to average $50 per barrel and $55 per barrel, respectively, in 2018.

The latest figures show Russian Federation cut its oil output by around 317,000 barrels per day from 11.247 million bpd reached in October 2016, the baseline for the global agreement to reduce oil production.



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