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Oil Price Rises To $57 …As OPEC Plans Output Cuts
26 September 2017, 12:18 | Tara Lloyd
Brent weekly chart
"The uptrend in oil prices it taking another leg higher after the Opec meeting on Friday reported high compliance with output cuts and implied an extension of the cuts beyond March", said Jasper Lawler, head of research at London Capital Group.
Oil has advanced this month on forecasts of strong demand and as U.S. Gulf Coast refineries resume operations after Hurricane Harvey.
The WTI crude front month discount to the same month of Brent futures hit 6.28 dollars, the widest since August 2015, as U.S.crude was pressured by hurricane damage to USA refineries.
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Opec, which counts Iran, Iraq, Kuwait, Saudi Arabia and Venezuela among its 14 members, agreed with Russian Federation and several other producers previous year to cut production by about 1.8m barrels a day from the start of 2017.
Russian Federation says no decision about the oil deal extension is expected before January. OPEC has also jumped on the opportunity to push prices higher, with the Saudis and Iraqis cutting more supplies recently than initially committed within the cartel.
In the week ahead, market participants will eye fresh weekly information on US stockpiles of crude and refined products on Tuesday and Wednesday to further weigh what the impact of recent storm activity was on supply and demand.
Iraq's production in August reached 3.216 million barrels per day. The U.S. government on Wednesday announced a build of 4.6 million barrels for the week ended September 15. At Wednesday' session, Brent and WTI were up about 16% for the third quarter - on track to their largest quarterly gain since 2004.
Markets were also eyeing developments in North Korea.
Even so, some market observers felt the price spike was overdone.
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Those risks have risen in the past two days after Iraq on Sunday urged countries to stop oil trade with its autonomous Kurdistan region in retaliation for the vote, and Turkish President Tayyip Erdogan threatened on Monday to cut off the Ceyhan pipeline that carries the Kurdish region's entire oil output to the outside world. Shale has been the main culprit the oil glut of the past three years, often proving a bane to OPEC attempts to push the market higher.
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