SOLIDARITY WITH OPEC
BOE wrote, many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia's Minister of Energy and Industry Khalid Al-Falih.
Oil producing countries can secure a "healthy" price gain with a small percentage output cut, Al-Falih said at the Oil and Money conference in London Wednesday. Both the Organization of Petroleum Exporting Countries and producers outside the group are aiming for a deal by the end of November, he said.
Crude futures extended gains after the minister's comment, with West Texas Intermediate advancing 1.4 percent to $51 on the New York Mercantile exchange at 9:52 a.m. London time.
The Saudi Minister painted an upbeat view of the oil market, saying the industry was finally at the end of a considerable downturn. Although the recovery took longer than expected, U.S. crude inventories are declining and supply and demand clearly are coming back into balance, he said.
Oil has fluctuated near $50 a barrel amid uncertainty about whether OPEC will be able to implement an accord to reduce supply when they gather at an official meeting in November. A committee will meet later this month to try and resolve differences in the group over how much individual members should pump.
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U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.
U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.
WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".
ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.