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That landmark deal shored up falling prices, pushing Brent crude at one point to more than $86 a barrel. Prices have since dropped almost a third since October, and Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has faced demands from Trump to keep prices lower. Oil prices jumped on the news. U.S. crude futures CLc1 surged 4.5 percent to $53.77 a barrel while Brent crude LCOc1 rose 5.3 percent to $63.24 a barrel. ARTEM ABRAMOV, VICE PRESIDENT OF SHALE ANALYSIS WITH RYSTAD ENERGY, OSLO, NORWAY.

“It’s not very clear what kind of pricing this will eventually lead to, We’ll probably see over the next few months how OPEC and Russia follow through, I think overall the mood now is very positive.”, RANDY OLLENBERGER, MANAGING DIRECTOR, BMO CAPITAL MARKETS, CALGARY, “While the agreement was expected, the 1.2 million b/d cut was slightly less dolphin cufflinks hand painted | uk than hoped for heading into the meetings; however, the cuts came in above the 1.0 million b/d suggested figure from delegate interviews over the past 24 hours, We view the agreement as positive for oil prices as well as oil-linked equities, Incorporating OPEC’s cuts into our supply and demand outlook, we anticipate a relatively balanced market in 2019 and 2020, The threat of a further escalation in the trade dispute between the U.S, and China could negatively impact demand; however, we do not believe that it will slow growth enough to result in surplus supply.”..

ANN-LOUISE HITTLE, VICE PRESIDENT, MACRO OILS, WOOD MACKENZIE, BOSTON. “The decision is likely to be met with support from some U.S. producers who were concerned that without a deal, WTI prices would fall further, possibly curtailing 2019 drilling activity. “A production cut of 1.2 million b/d would tighten the oil market by the third quarter of 2019 and cause prices to rise back above $70 per barrel for Brent. “It would help producers contend with the strength of U.S. supply growth in 2019 when we expect a year-on-year increase of 2.4 million b/d in non-OPEC production as U.S. supply continues to gain sharply.

“That compares to our forecast for oil demand to increase by just 1.1 million b/d in 2019, leaving little room for a significant increase in OPEC production next year and making a production cut necessary to stabilizes prices.”, JON ANDERSSON, HEAD OF COMMODITIES AT VONTOBEL, ZURICH, SWITZERLAND, “Many are likely to take the recent OPEC meeting outcome as a bullish signal for crude oil in general, This harbors opportunities but also risks, This is because we might see a price divergence between the dolphin cufflinks hand painted | uk price of Brent and WTI and with it a widening of the spread between the two in the course of Q1 2019, Inventory levels in the Cushing area in the US could rise due to pipeline constraints which prevents oil supply being produced form reaching the main market, Should this happen, the price of WTI is set to underperform Brent, However, eventually this could be reversed if new pipelines resolve the congestion in the Cushing and Permian Basin areas towards Q4 2019.”..

MICHAEL TRAN, COMMODITY STRATEGIST AT RBC CAPITAL MARKETS, TORONTO. “While the 1.2 mb/d cut may lack the shock-and-awe factor that many in the market were hoping for, the strong show of unity at the press conference should stem the recent downward spiral and inject some renewed optimism into the market.”. SANDY FIELDEN, DIRECTOR OF RESEARCH IN COMMODITIES AND ENERGY AT MORNINGSTAR, AUSTIN, TEXAS. “I think the 1.2 mmb/d is a little shy of convincing the market that the oversupply is under control. The devil is in the compliance and how the Iranian sanction waivers pan out in the next 6 months. They’ve done enough, but only just!”.

ETHAN BELLAMY, SENIOR RESEARCH ANALYST, BAIRD, BOULDER, COLORADO, “Only two-thirds of our list is up in response to the latest news, meaning a cut of at least 1 million likely was priced into midstream stocks, 1.3 million was probably the best case, so 1.2 million is fairly positive, The moves are mostly lagging the 3.5-4% move in dolphin cufflinks hand painted | uk the crude oil strip, suggesting investor caution about trust in crude oil price stability or follow through with the cuts, “Statements are one thing, Compliance is another..

“U.S. production likely continues to grow at current price levels. The USGS assessment of the Permian at 46 billion barrels of recoverable reserves reinforced our domestic oil bounty. We have no shortage of resource. Full cycle lifting costs, infrastructure, global demand, and policy will govern the call on U.S. crude oil, not geology.”. BILL FARREN-PRICE, DIRECTOR, RS ENERGY GROUP, LONDON. “The scale of the cuts is more or less in line with our expectations although the credibility of the new deal will only be judged by the extent to which OPEC+ offers metrics by which the market can judge delivery in 2019.

“The Iran sanctions and subsequent waivers remain one of the largest moving parts, Until the US plans for those sanctions becomes clearer, it will be difficult for producers to set policy appropriately, “This deal on the face of it looks like a holding strategy, aimed at stabilizing Brent above $60, As ever, the devil is in the detail and we are not quite there yet.”, “A collective sigh of relief was felt dolphin cufflinks hand painted | uk across oil markets after OPEC+ delegates successfully reached an agreement to cut production by 1.2 million barrels per day, OPEC nations have agreed to trim production by 800,000 barrels while non-OPEC members will handle the remainder..

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