Global oil market faces surplus throughout 2019 as demand slows: IEA

Kazakhstan said on Tuesday its oil output rose 4.8 per cent to 74.5 million tonnes in the first 10 months of 2018, equivalent to 1.82 million bpd.

If the so-called OPEC+ group agrees again to reduce output, the baseline should be a recent production level, Saudi Energy Minister Khalid Al-Falih said when ministers met on November 11 in Abu Dhabi.

Whilst the new USA sanctions could in fact be driving momentum in the short-term tanker markets, the outcome of the upcoming OPEC meeting will no doubt be an important determinant as to the future of oil prices and supply further down the line and consequently the demand for tankers in the longer-term.

Next, President Trump signed waivers allowing the continued purchasing, albeit temporary, of Iranian oil by eight countries in spite of sanctions.

"The rebound in prices yesterday was weak as President Trump could criticize OPEC again when oil approaches $60, and that may force the group to weaken its production cuts again", Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National Corp said by phone from Tokyo.

The BSE oil and gas index was among the top sectoral gainers rising 2.16% or 292 points to 13,852 level.

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At the moment the barrel of WTI is gaining 0.62% at $56.36 and a breakdown of $54.76 (2018 low Nov.14) would open the door to $54.54 (monthly high Sep.28 2017) and then $48.92 (monthly low Oct.6 2017). Futures in NY were 0.8pc higher yesterday morning after plunging 7.1pc in the previous trading session, in the biggest one-day drop in more than three years. Total volume traded was about 58 per cent above 100-day average. The contract gained 65 cents to $66.12 on Wednesday. At Alibra we have noted month-on month increases in the crude sector since September with period rates continuing their upward trajectory this month. Alternatively, Russia may propose not to increase output further, instead of a cut, the source said.

Oil prices posted the deepest plunge in more than three years in the worldwide market. United States output outstripped the production of Saudi Arabia and Russian Federation.

Later on Wednesday, investors will get the opportunity to react to the latest inventories report from the American Petroleum Institute. Analysts predict a rise of 3.2 million barrels, according to a Bloomberg survey.

The sources, who declined to be identified by name as the talks are confidential, said a cut of up to 1.4 million bpd was one option discussed by energy ministers from Saudi Arabia, non-OPEC Russia and other nations in Abu Dhabi on Sunday. The kingdom will reduce shipments by about half that amount next month. However, I am expected in the December OPEC meeting to be the catalyst to give some relief to the falling Oil market as they announce production cuts.

Stocks of oil marketing companies too gained in value.

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