Oil prices stabilized after falling in yesterday's trading session to move towards a weekly loss, following the warning of the International Energy Agency in its monthly report of facing a surplus in the market next year. In its monthly oil market report released on Thursday, the International Energy Agency said increasing oil supplies from the United States would make the market balance "daunting" in 2020.
OPEC seeks to prevent abundance amid rising US production and slowing global economy.
On the other hand, OPEC + on average exceeded the agreed reduction of 1.2 million barrels per day due to the collapse of Iranian and Venezuelan exports due to sanctions in this regard, Venezuelan President Nicolas Maduro said Thursday that he would not travel to New York to attend the UN General Assembly later this month, two of his envoys will join in denouncing US sanctions on his OPEC member.
OPEC and its allies at a meeting in Abu Dhabi on Thursday did not discuss further production cuts but stressed the need for all countries to comply fully with the agreement to cut production. Thursday's OPEC meeting failed to consider larger supply cuts but agreed to cut Nigerian and Iraqi output to their agreed quotas. Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said OPEC and its allies would maintain the current production agreement and agreed to postpone any changes to the deal until they meet in December.
In its monthly oil market report released on Thursday, the International Energy Agency said increasing oil supplies from the United States would make the market balance "daunting" in 2020.
Oil Trading
- Brent crude futures settled at $ 60.37 a barrel, at 08:56 am CET,
- US crude rose marginally to $ 55.15 a barrel, after Thursday fell 66 cents to $ 55.09 a barrel, still down 2.7% this week
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