OPEC's decision Friday to retain its production ceiling of 30 million barrels a day came as no surprise to the oil markets, with the lack of movement having been heavily flagged in the runup to the producer group's meeting.
OPEC's decision Friday to retain its production ceiling of 30 million
barrels a day came as no surprise to the oil markets, with the lack of movement
having been heavily flagged in the runup to the producer group's meeting.
Benchmark Brent, the widely-accepted global oil price, has traded lower since
the Intercontinental Exchange opened Friday, and the price didn't move on the
Organization of the Petroleum Exporting Countries' decision.
GFT Markets technical analyst Fawad Razaqzada said given the excess supply in
the
U.S.
and
all else remaining the same, the oil price should fall further over the coming
months.
Although OPEC made no mention of
U.S.
oil
production in its official communique, a senior Gulf OPEC delegate told Dow
Jones Newswires that the group has agreed to study the impact of growing
U.S.
shale
oil production on its members.
"
Algeria
,
Iran
,
Venezuela
and
to some extent
Nigeria
were
quite worried in the meeting about growing shale oil supplies," said the
delegate.
OPEC said it will meet again Dec. 4. Julian Jessop, head of commodities
research at Capital Economics, said the group's next move will probably be an
output cut.
"Demand remains weak and non-OPEC supply ample," Mr. Jessop said. "This
might prevent prices from falling as far as they would otherwise have done, but
fundamentals should remain soft and the trend should remain down."
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