Oil extends losses amid spectre of faltering demand

Representatives from here major oil producers met in Abu Dhabi at the weekend

Representatives from here major oil producers met in Abu Dhabi at the weekend

Most analysts expect US output to climb above 12 million bpd within the first half of 2019.

Brent dropped $4.03, or 5.8 per cent, to $66.09 a barrel.

OPEC revised downward the forecast on oil production growth in 2018 by 40,000 barrels per day to 1.5 mln barrels per day and by 70,000 barrels to 1.29 mln barrels a day in 2019. This sharp drop not only marks the end of the current twelve-day decline streak but also is the lowest mark for the last twelve months as well, furthering the plunge into a bear market.

"Opec and Russian Federation are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next Opec meeting on December 6", said Andersson. "I believe that this uncertainty which affected the oil price was largely due to Iran".

Such a shift could anger U.S. President Donald Trump, who urged OPEC on Monday not to cut supply.

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As a result, oil inventories are rising.

Meanwhile, cartel President Suhail Al Mazrouei said Wednesday that supplies will be curtailed as needed to balance the market. Oil has now fallen roughly 30 percent for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries, with expectations for increased supply from the U.S. and OPEC. The talks are preliminary, and the size of the final cut will largely depend on the starting point they use, said one of the people.

He eschewed a direct response on Wednesday on whether curbs were needed, saying oil prices were adjusting after being hit by initial uncertainty about production in Iran, which later benefited from export waivers from USA sanctions.

Global benchmark Brent crude oil futures were down 9 cents at.38 per barrel.

He urged the Federal Government to put in place measures to improve oil production, adding that OPEC will soon exempt Nigeria from crude oil cut imposed on the country and Libya since past year.

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Oil prices posted the deepest plunge in more than three years in the global market.

A supply cut of up to 1.4 million bpd was one of the options discussed by energy ministers from Saudi Arabia, non-OPEC Russia and other nations at a meeting in Abu Dhabi on Sunday, the sources said.

Oil's slide accelerated on Tuesday, with USA futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and selloffs across other asset classes, including equities.

Since early October, oil prices have lost around a quarter of their value as supply soars just as demand is expected to slow down along with an economic downturn.

Oil began to climb Monday when Saudi Arabia said that it would boost prices.

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