"The OPEC meeting on 3rd December will set the agenda for the next year's price mark".
Crude oil prices are now rallying.
Global outright crude prices have also maintained a bullish tone in recent weeks with front-month ICE Brent futures consistently testing the $80/b this month amid growing concern over the loss of Iranian barrels and the lack of spare capacity amongst its OPEC partners outside Saudi Arabia.
Among the signatory countries of the agreement by the end of 2016, are saudi Arabia and Russian Federation, two of the three largest producers in the world with the United States. The meeting was attended by 20 participating producing countries of the Declaration of Cooperation (DoC), demonstrating their commitment to sustainable oil market stability, said the final communiqué.
U.S. dismisses Iran's accusations over Ahvaz deadly attack
Ahvaz is in the centre of Khuzestan province, where there have been sporadic protests by the Arab minority in mainly Shi'ite Iran. The statement said those sponsoring "terrorism in the region won't be able to achieve their plots using these sordid crimes".
Major oil trading houses are predicting the return of US$100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for USA sanctions on Iran's exports.
"We don't believe OPEC can actually raise output significantly in the near term, as the physical spare capacity in the system is not that high". Analysts say that the Saudis are anxious about Trump's potential willingness to support such bipartisan legislation, which was rejected by Presidents George W Bush and Barack Obama.
Oil has rallied since the lows of August as speculation swirls over whether OPEC and its allies will boost output as the sanctions on the Middle East nation's exports nears. Output fell below those targets this year, and in June the same countries agreed to boost the oil supply.
Brent crude futures were at $81.32 per barrel at 0209 GMT, up 12 cents, or 0.2 percent, and not far off the $81.48 a barrel peak reached the previous day, the highest since November 2014. If Brent prices climb past $82 a barrel, he said prices up to $90 would be a near-term possibility. Few details about how much output could be increased or when were released.
Weather Authority: Rain showers likely on Tuesday
Rain chances at 30% for Sunday with a high of 85, so the temperatures will drop a few degrees on Sunday compared to Saturday . You'll notice an uptick in dew points tonight when temperatures are in the mild upper 60s with a spotty shower around.
He added that Saudi Arabia can increase output by 1.5 million barrels per day.
The JMMC also reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects for 2019.
The sanctions are expected to have an immediate impact on exports from OPEC's third largest producer. Higher gasoline prices for U.S. consumers could create a political headache for Republican Trump before mid-term congressional elections in November. In her view, the market does not focus enough on how Iran will react.
OPEC's reticence, combined with signs of accelerating supply losses from Iran, created a bullish mood the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday. This would inflame tensions in the region and increase geopolitical risks reflected in oil prices.
Manchester United dumped out of cup by second-tier Derby County
The exchange left Pogba with a quizzical expression and he proceeded to walk past his coach offering further observations. Manchester United manager Jose Mourinho has confirmed that Paul Pogba will no longer serve as the club's vice-captain.