Trump tweet snuffs oil rally as OPEC and markets warn of oversupply

Trump tweet snuffs oil rally as OPEC and markets warn of oversupply

United States crude stocks climbed by 7.8-million barrels in the week ending November 2 to 432-million as refineries cut output, data from industry group the American Petroleum Institute (API) showed on Tuesday.

Worldwide benchmark Brent crude dropped nearly 7% to $65.11 (£50.24) a barrel, its lowest level since March.

OPEC+ is considering cutting oil output by more than the 1 million barrels a day Saudi Arabia proposed earlier this week, according to people familiar with the matter.

Oil prices look set to break their record losing streak, with both major benchmarks trading higher on Wednesday.

Oil clung to its rebound as tension over US sanctions against Saudi Arabia overshadowed a jump in American crude stockpiles. That helped send prices lower.

President Donald Trump put pressure on OPEC not to cut supply to prop up the market. U.S. The group's strategy is to lower oil inventories to their five-year average.

The head of Libyan state oil firm NOC said in a statement on Thursday that it was important for OPEC and non-OPEC producers to co-operate to maintain oil market stability.

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In its monthly report earlier this week, OPEC revised its forecast for 2019 oil demand lower for the fourth consecutive month.

The slump in spot prices has turned the entire forward curve for crude oil upside down. 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.

OPEC is comprised of most of the world's top oil producers, meaning its decisions about production sway the prices of gas across the planet.

Global oil supply will outpace demand throughout 2019 as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency (IEA) said on Wednesday. Every dollar per barrel change in crude oil prices impacts the import bill by Rs 823 crore ($0.13 billion).

Supplies have also been boosted by surging output from USA shale fields, which has lifted the US past Saudi Arabia and Russian Federation as the world's largest crude producer, Morse said.

"Next year, there is expected to be even less need for OPEC oil due to relentless growth in non-OPEC supply", the IEA said, adding that it had cut its forecast for demand for OPEC crude by 300,000 bpd to 31.3 million bpd in 2019. He's kept at it even as prices have plunged, tweeting on November 12 that he hoped Saudi Arabia and OPEC wouldn't cut output.

"During October, shipments of Iranian oil fell 90 kb/d to 1.8 mb/d with waiver countries - China, India, Korea, Turkey, Japan, Italy, Greece and Taiwan - loading more than 70% of the volume, according to Kpler data".

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