OIL SUPPLY & DEMAND

BLOOMBERG  -  Global crude inventories are declining and supply and demand are in balance, according to the head of Saudi Aramco, while the United Arab Emirates energy minister said U.S. shale oil doesn't threaten OPEC's efforts to support the market.

Demand for crude is continuing to rise and oil inventories are returning to the levels of the past five years, Aramco Chief Executive Officer Amin Nasser said Sunday in the eastern Saudi city of Dhahran. "This is helping prices improve," he said, as the Organization of Petroleum Exporting Countries and allied suppliers prepared to gather this week in Vienna to assess the market. 

U.A.E. Energy Minister Suhail Al Mazrouei said he's optimistic the producers will extend their deal on output cuts when they meet on Nov. 30. Shale oil represents only a fraction of global production and "is not an enemy to OPEC," he told reporters in Abu Dhabi, referring to the U.S. output that contributed to a worldwide glut. 

OPEC and Russia have outlined a deal to extend their oil production limits to the end of next year, though both sides are still working out crucial details, according to people involved in the conversations. The cuts, which took effect in January, will expire in March unless OPEC and its fellow producers extend the historic accord. Participants in the deal collectively pump 60 percent of the world's oil. 

Aramco's 'Optimism' 

"The balance between supply and demand is very good," said Nasser, head of the state producer known formally as Saudi Arabian Oil Co. "What we are seeing today is that prices are in continuous improvement." 

Benchmark Brent crude has gained 12 percent this year and was trading in London at $63.82 a barrel, down 4 cents, at 6:45 a.m. local time. Prices tumbled from more than $115 a barrel in 2014 amid a surge in supplies, including U.S. shale oil. 

Oil markets are on track to come into balance next year, Al Mazrouei said. The U.A.E., which takes over OPEC's rotating presidency for 2018, will seek to ensure that members adhere to any decision on cuts that they may agree to at their meeting in Vienna, he said. 

The U.S. produced about 8.9 million barrels a day of crude, nearly half of it from shale, last year, according to Energy Information Administration data. U.S. fields are set to pump about 9.2 million barrels a day this year, before raising output to a record 9.9 million in 2018, the EIA said in its short-term energy outlook earlier this month. 

By contrast, OPEC pumped 32.6 million barrels a day in October, according to data compiled by Bloomberg. Russia produced 10.2 million barrels a day in September, according to OPEC data.

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Earlier:

November, 24, 09:45:00 OIL PRICE: ABOVE $63 TOO BLOOMBERG - WTI for January delivery was at $58.43 a barrel on the New York Mercantile Exchange at 1:25 p.m. in Singapore, up 41 cents. The contract added $1.19 to $58.02 on Wednesday. There was no settlement Thursday because of the Thanksgiving holiday in the U.S. and all transactions will be booked Friday. Brent for January settlement lost 14 cents, or 0.2 percent, to $63.41 a barrel on the London-based ICE Futures Europe exchange. Prices rose 23 cents to $63.55 on Thursday. The global benchmark crude traded at a premium of $4.98 to WTI.

November, 24, 09:20:00 OPEC WILL REDUCE REUTERS - The Organization of the Petroleum Exporting Countries, non-member Russia and nine other producers agreed to curb oil output by about 1.8 million barrels per day until March 2018. They are expected to extend the deal at a Nov. 30 meeting in Vienna.

November, 22, 11:35:00 OIL PRICE: ABOVE $63 AGAIN BLOOMBERG - West Texas Intermediate for January delivery gained as much as 97 cents to $57.80 a barrel on the New York Mercantile Exchange and was at $57.72 at 1 p.m. in Hong Kong. The contract added 41 cents to $56.83 on Tuesday. Brent for January settlement added 44 cents, or 0.7 percent, to $63.01 a barrel on the London-based ICE Futures Europe exchange after climbing 0.6 percent on Tuesday. The global benchmark traded at a premium of $5.31 to WTI.

November, 20, 09:35:00 OIL PRICE: ABOVE $62 YET REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

November, 20, 09:25:00 ЦЕНА URALS: $59,62182 Средняя цена на нефть Urals за период мониторинга с 15 октября по 14 ноября 2017 года составила $59,62182 за баррель, или $435,2 за тонну.

November, 1, 13:40:00 OIL PRICE: ABOVE $61 Brent crude futures LCOc1 were up 59 cents at $61.53 per barrel at 0905 GMT, having hit a session peak of $61.70 earlier, the highest since July 2015. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 a barrel, up 74 cents. Русский | English

October, 11, 12:50:00 OIL PRICES 2020: $50 - $60 Based on a “lower-for-longer” base-case scenario, global oil prices will remain in the $50-60/bbl range until late 2020, due to increasing supply that breaks even at $50/bbl, according to to the most recent global oil supply and demand outlook from McKinsey Energy Insights (MEI).