Published: Wed, November 15, 2017
Economy | By Shawn Conner

Oman to attend OPEC meeting on November 30, supports oil cuts extension


Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles.

"I am optimistic about the whole of 2018", which will be a "recovery year" for oil markets, he said in a speech at the Abu Dhabi conference.

The price of Iran's light crude oil in the week ended on November 3 rose $2.59 to stand at $60.04 per barrel, IRIB reported on Sunday.

Investors were confident that OPEC's output curbs would continue to support upside momentum in crude oil prices ahead of the upcoming Nov, 30 Opec meeting.

On whether Oman will continue to be a member of compliance committee to oversee output cuts, H E Rumhi said, "The agreement that we signed will end in November but was recently extended till March 2018".

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The level of inventories held by industrialized above the five-year average "has fallen by more than 50 per cent in 2017, with inventories now at around 160 million barrels", consultancy Timera Energy said. Strong Support holds at $56.21.

In a related development, OPEC yesterday increased the forecast for 2018 demand for its crude by 360,000 bpd, from last month's report to 33.42 million bpd.

Crude oil stocks in the USA are seen down 2.850 million barrels, while distillates are expected to post a drop of 1.775 million barrels and gasoline inventories are seen down 1.025 million barrels.

OPEC Secretary-General Mohammad Barkindo, speaking at the same event, said participants in the deal were committed to achieving market stability.

The West Texas Intermediate for December delivery was up 0.02 USA dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.36 dollar to close at 63.16 dollars a barrel on the London ICE Futures Exchange.

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Oil prices held steady in a tight range Monday after briefly testing lower, with support from Middle East tensions and record long bets by fund managers balanced by rising US production.

OPEC has sought to push stocks to the five-year average.

On the supply side, tensions in the Middle East raised the prospect of disruptions, traders said, adding it was unclear whether a strong quake that hit Iran and Iraq on Sunday had affected the region's oil production.

Bahrain said over the weekend that an explosion which caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role in the incident.

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