Oil prices rise as Saudi Arabia pushes for further supply cuts

Content image- Phnom Penh Post

However, Iraq's Ghadhban said to the reporters in Baghdad earlier on Sunday (December 1st) that the OEPC members alongside its allies were sketching out a plan to incline further output cut at their scheduled meet in Vienna on December 5th and 6th.

Brent for February settlement gained 22 cents, or 0.4 percent, to $61.14 a barrel on the London-based ICE Futures Europe Exchange.

Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering of state-owned Saudi Aramco, the sources said.

Saudi Arabia requires the deeper cuts in order to support oil prices and maintain them within a "comfort level" range of $60-$70 per barrel which is closer to the kingdom's fiscal budget break-even level, Malek told Reuters.

Meanwhile, world's leading investment bank, Goldman Sachs noted on Monday that OPEC+ is keen on extending output cuts till June with the hope that the three-month window of extension would aid prices in the market.

OPEC and its allies, including Russian Federation, are to meet on Thursday and Friday in Austria's capital Vienna to discuss the glut of supply in the global oil market and low oil demand around the world.

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Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging USA economic data.

"(The) oil price is little moved today, suggesting that traders are skeptical about the additional 400,000 BPD cut on top of the extension of (the) current production cut agreement", said Margaret Yang, market analyst at CMC Markets in Singapore.

But U.S. production keeps rising, filling the gaps left by OPEC, with output in September increasing to a new record of 12.46 million barrels per day (bpd), the U.S. government said in a monthly report on Friday.

U.S. crude oil inventories likely declined by 1.8 million barrels last week, according to six analysts polled by Reuters.

Crude has climbed since early October on signs the USA and China were edging closer to an initial trade deal.

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