Oil prices rose Thursday morning in Asia despite a jump in crude stocks and ahead of OPEC meeting next week in Vienna. As oil prices rose Thursday after falling yesterday, as concerns over demand continued as trade tensions awaited.
Data from the Energy Information Administration showed yesterday that crude inventories in the United States rose 3.6 million barrels last week, exceeding expectations.
On the other hand, the Nigerian Minister of State for Petroleum Resources and his counterpart in Saudi Arabia, Khaled Al-Faleh, said that the stability of oil prices is a priority before the December 6 meeting of the Organization of the Petroleum Exporting Countries (OPEC).
"OPEC is a very strong voice, not only in terms of meeting the needs of members but also to stabilize the fundamentals of the market ... Saudi Arabia has more than 35% of the size of OPEC So anything that happens in Saudi Arabia is very important for what happens to an organization "We need to work together regardless of size."
Saudi Arabia is pushing for production cuts from 1 million to 1.4 million bpd to avoid oversupply, according to Reuters. The OPEC meeting is expected to reach a decision in the next six months.
In the meantime, the agency "Far News" Iran that Iran and China have resolved the issue of oil payments. China will start importing oil from Iran next week and will be produced within a month. Washington has given Beijing a waiver of sanctions so it can continue its imports of crude oil about 360 thousand barrels per day from Iran.
Meanwhile, US President Donald Trump and his Chinese counterpart, Xi Jinping, will meet at the G-20 summit amid hopes for a quiet trade tension between the two countries.
- Brent crude for January delivery rose 0.2% to $ 58.8 a barrel at 7:53 am, after falling more than 2% yesterday.
- US crude futures for January delivery to Western Texas were 0.5% higher at $ 50.53 a barrel, after falling 2.5% on Wednesday.
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