Crude Oil Price Movement to 17/12/18

Posted On December 17th, 2018 - 1:26 pm | by Oil and gas press

The price of OPEC basket of fifteen crudes stood at $59.07 a barrel on Friday, 14 December 2018, compared with $58.67 the previous day, according to OPEC Secretariat calculations.

WTI CRUDE 51.83

BRENT CRUDE 61.12

Production cuts agreed by OPEC and its allies are on track to balance global oil markets in the first half of 2019, but more work may be needed after that.

Russia’s central bank is not convinced that OPEC and its allies’ supply cuts can revive the oil market as it’s being countered by surging U.S. production.

U.S. oil production is expected to top 12 MMbpd next year, up from 10.88 MMbpd in 2018, according to the Energy Information Administration.

Unplanned supply losses from members Iran and Venezuela could effectively double the intended cutback of 800,000 bpd the cartel pledged last week, according to the International Energy Agency.

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