Opec move to boost oil production will ensure market stability

Traders work on the floor of the NYSE in New York

Traders work on the floor of the New York Stock Exchange in New York U.S

He noted that many market participants agree with increasing oil production and within the framework of the forthcoming meeting of OPEC+ there will be many willing to comment on the recommendation of the monitoring committee to increase oil production by 1 mln barrels per day in the framework of the OPEC + agreement.

As tensions mounted, the Iranian and Saudi ministers huddled for bilateral talks on Friday morning, holding up the start of the closely watched OPEC meeting.

Now among OPEC members, Venezuela is the country whose production is well below the amount allowed under the 2016 agreement.

Russia welcomes OPEC's decision to increase oil production by 1 mln barrels per day withing the OPEC+ deal, Russian Minister of Energy Alexander Novak told reporters.

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However, what the deal does is effectively reduces a large upside risk to prices related to supply shocks (i.e. falling output from Iran and Venezuela) with OPEC now setting a mechanism which opens the way for other countries to increase production correspondingly.

The European Union imposed tariffs on $3.4 billion in USA exports, and President Donald Trump threatened to put a 20 percent tax on cars made in Europe. The crash in oil prices since mid-2014 has virtually dried up investments, which peaked at $900bn in early 2014.

President TrumpDonald John TrumpCNN analyst Kirsten Powers: Melania's jacket should read "Let them eat cake" CNN's Cuomo confronts Lewandowski over "womp womp" remark Sessions says Federal Bureau of Investigation agent Peter Strzok no longer has his security clearance MORE has been repeatedly pressuring OPEC to increase production.

The Organization of the Petroleum Exporting Countries had announced an OPEC-only production agreement on Friday, also without clear output targets. The expectation that the increase will fall short of the 1 million bpd figure boosted the market.

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Overall, Crude oil prices may show weakness through the second half of 2018, with the prospect of OPEC production growth mostly influencing market psyche into a "Bearish" mode. With pressure likely to be exerted on buyers of Iranian crude in Europe and elsewhere in Asia, Iran's output could easily drop by a million barrels a day by the end of the year.

OPEC's official statement said members agreed to return to 100 percent compliance with the 2016 deal beginning on July 1.

The performance of the United Arab Emirates' oil minister and OPEC President Suhail Mazrouei was a master class in how to avoid a question. Iran said the real increase could amount to as little as 500,000 bpd.

Saudi Arabia and Iran stood side by side, and proved that politics can take a back seat when it comes to serving the best interests of OPEC members.

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Much of the current production shortfall has come from Venezuela, where an economic crisis has savaged petroleum production. "OPEC is set to hold the next biannual meeting on 3 December", wrote analysts at Danske Bank.

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