Oil prices steady, focus turns to G20 gathering

Oil prices were steady on Friday, with focus shifting to the G20 summit where a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping has stirred hopes that trade tensions could ease.

Brent crude futures were up 5 cents, or 0.08%, at $66.60 per barrel by 0043 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.03%, at $59.41 a barrel.

The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between Trump and Xi on Saturday.

A trade dispute between the world's two biggest economies has weighed on oil prices, fanning fears that slowing economic growth could dent demand for the commodity.

"While there are no expectations of a truce between the two parties, it will set the scene for the OPEC meeting a couple of days later," ANZ Bank said in a note.

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Crude oil trading range for the day is 3639-3941

Crude oil on MCX settled up 3.75% at 3820 after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a step set to severely curb the OPEC member’s crude exports to the United States. 

 

Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said. 

 

Despite the move, which comes as the U.S government looks to pile pressure on sitting President Nicolas Maduro to step down, ample global oil supply and an economic slowdown especially in China were keeping crude prices in check.

Trading Ideas:

* Crude oil trading range for the day is 3639-3941.

* Crude oil prices crept up after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA.

* Despite its huge reserves, Venezuela’s exports declined to little more than 1 million barrels per day in 2018 from 1.6 million bpd in 2017, according to data.

* Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit.

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After Trump calls, Gulf OPEC members cover most of Iran oil loss: Reuters survey

OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump.

The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016.

The survey adds to indications that OPEC output remains ample despite U.S. sanctions imposed on Iran this month. Oil prices have slid 30 percent since early October on worries a new glut may emerge. OPEC and its allies including Russia meet on Dec. 6-7 in Vienna to discuss cutting supply.

With Saudi Arabia and Russia pumping at record rates, U.S. output surging and forecasts pointing to lower demand in 2019 due to a slowing economy, some analysts are sceptical the producers will avoid generating a surplus.

"The most likely outcome of next week's OPEC meeting is a fudge," said Stephen Brennock of oil broker PVM. "Russia and Saudi Arabia will agree to curb production but by less than is needed to prevent a supply imbalance in early 2019."

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Venezuela`s declining crude exports squeeze India`s refiners

Venezuela's crude shipments to India, its third largest export market, fell 21 percent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports.

Venezuela's production decline to a 30-year low and export woes stemming from mismanagement, lack of investment and payment delays are affecting almost all of the OPEC-nation's customers.

But the impact on India is notable and comes as its refiners are now preparing for a "drastic reduction to zero" of oil imports from U.S.-sanctioned Iran.

Last week, PDVSA officials met with executives from India's Reliance Industries and Russia's Rosneft , which owns a majority stake in India-based Nayara Energy , to discuss trade issues.

The talks focused on how to remedy export delays, according to a person familiar with the matter.

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Oil falls amid rising Saudi output, Asian economic slowdown

Oil prices fell by more than 1 percent on Monday as supplies from top exporter Saudi Arabia rose and as signs of an economic slowdown in Asia dented the outlook for demand.

Brent crude oil futures were at $78.16 per barrel at 0316 GMT, down $1.07, or 1.35 percent, from their last close.

U.S. West Texas Intermediate crude futures were down 94 cents, or 1.3 percent, at $73.21 a barrel, after rising more than 8 percent last week.

U.S. President Donald Trump wrote in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later walked back on the president's comments, saying the king said his country can raise oil production if needed.

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey found on Friday, and close to its 10.72 million bpd record from November 2016, more than making up for disruptions elsewhere within the Organization of the Petroleum Exporting Countries (OPEC).

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