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That landmark deal shored up falling prices, pushing Brent crude at one point to more than $86 a barrel. Prices have since dropped almost a third since October, and Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to keep prices lower. Oil prices jumped on the news. U.S. crude futures CLc1 surged 4.5 percent to $53.77 a barrel while Brent crude LCOc1 rose 5.3 percent to $63.24 a barrel things remembered cufflinks uk online. ARTEM ABRAMOV, VICE PRESIDENT OF SHALE ANALYSIS WITH RYSTAD ENERGY, OSLO, NORWAY..
“It’s not very clear what kind of pricing this will eventually lead to. We’ll probably see over the next few months how OPEC and Russia follow through. I think overall the mood now is very positive.”. RANDY OLLENBERGER, MANAGING DIRECTOR, BMO CAPITAL MARKETS, CALGARY things remembered cufflinks uk online. “While the agreement was expected, the 1.2 million b/d cut was slightly less than hoped for heading into the meetings; however, the cuts came in above the 1.0 million b/d suggested figure from delegate interviews over the past 24 hours. We view the agreement as positive for oil prices as well as oil-linked equities. Incorporating OPEC’s cuts into our supply and demand outlook, we anticipate a relatively balanced market in 2019 and 2020. The threat of a further escalation in the trade dispute between the U.S. and China could negatively impact demand; however, we do not believe that it will slow growth enough to result in surplus supply.”..
ANN-LOUISE HITTLE, VICE PRESIDENT, MACRO OILS, WOOD MACKENZIE, BOSTON. “The decision is likely to be met with support from some U.S. producers who were concerned that without a deal, WTI prices would fall further, possibly curtailing 2019 drilling activity. “A production cut of 1.2 million b/d would tighten the oil market by the third quarter of 2019 and cause prices to rise back above $70 per barrel for Brent. “It would help producers contend with the strength of U.S. supply growth in 2019 when we expect a year-on-year increase of 2.4 million b/d in non-OPEC production as U.S things remembered cufflinks uk online. supply continues to gain sharply..
“That compares to our forecast for oil demand to increase by just 1.1 million b/d in 2019, leaving little room for a significant increase in OPEC production next year and making a production cut necessary to stabilizes prices.”. JON ANDERSSON, HEAD OF COMMODITIES AT VONTOBEL, ZURICH, SWITZERLAND. “Many are likely to take the recent OPEC meeting outcome as a bullish signal for crude oil in general. This harbors opportunities but also risks. This is because we might see a price divergence between the price of Brent and WTI and with it a widening of the spread between the two in the course of Q1 2019 things remembered cufflinks uk online. Inventory levels in the Cushing area in the US could rise due to pipeline constraints which prevents oil supply being produced form reaching the main market. Should this happen, the price of WTI is set to underperform Brent. However, eventually this could be reversed if new pipelines resolve the congestion in the Cushing and Permian Basin areas towards Q4 2019.”..
MICHAEL TRAN, COMMODITY STRATEGIST AT RBC CAPITAL MARKETS, TORONTO things remembered cufflinks uk online. “While the 1.2 mb/d cut may lack the shock-and-awe factor that many in the market were hoping for, the strong show of unity at the press conference should stem the recent downward spiral and inject some renewed optimism into the market.”. SANDY FIELDEN, DIRECTOR OF RESEARCH IN COMMODITIES AND ENERGY AT MORNINGSTAR, AUSTIN, TEXAS. “I think the 1.2 mmb/d is a little shy of convincing the market that the oversupply is under control. The devil is in the compliance and how the Iranian sanction waivers pan out in the next 6 months. They’ve done enough, but only just!”..