Oil falls to lowest price in 12 months

Will Gas Prices Go Up? Saudi Arabia to Cut Production

Oil prices have extended its record losing run, having dropped for a 12th consecutive session with yesterday seeing the biggest price decline (Over 7%) since 2014.

Crude extended an earlier decline after the release of the OPEC report, trading as low as $66.65 a barrel, the lowest since March.

Saudi Arabia is considering pushing through curbs on crude at next month's Opec meeting, on signs that supply is starting to outpace demand.

Three sources familiar with the matter told Reuters on Wednesday that OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million bpd for 2019 to avert an oversupply that would weaken prices.

Brent Crude has now fallen over 25% since hitting a four-year high in early October, while USA oil has lost 28% since its October peak. UBS Group AG., which also predicts a similar decrease, said the size of curbs will likely depend on demand growth, Iranian supply and US production.

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There has been a lot of backlash against Saudi Arabia in the past month, but one voice that was all too quiet was the White House. John Abizaid as the United States' next ambassador to Saudi Arabia , a position that's been vacant for almost two years.

"This tweet certainly did not help prices", said Warren Patterson, a senior commodities strategist at ING Bank NV. Since early October, the oil price has fallen by a quarter to below $70 a barrel, its lowest in eight months, which may protect demand to an extent, the IEA said. USA crude had declined for a record 12 consecutive sessions to the lowest since November 2017.

This week Saudi Arabia's energy minister called for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December.

Brent prices rose 0.6 per cent on Wednesday to $65.86 at 1115 GMT (6:13 a.m. EST).

Oil markets are being pressured from two sides: a surge in supply from OPEC, Russia, the Unites States and other producers; and increasing concerns about a global economic slowdown.

The dollar also put pressure on oil, hovering near 16-month highs, making crude more expensive for importers using other currencies. An industry report was said to show United States stockpiles rose 8.8 million barrels last week, more than double the increase forecast in a Bloomberg survey before government data due on Thursday.

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Also, the former President, International Association of Energy Economist ( IAEA), Prof Adeola Akinnisibu, said many barrels of Iranian crude would still get to the market, as long as the U.S. allows some countries to buy the product.

"OPEC and Russian Federation are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next OPEC meeting on December 6", said Andersson.

Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019. USA light crude was US$1.55 lower at US$58.38.

At the same time, supply has been surging, especially due to a 22 percent rise in USA crude oil production this year to a record 11.6 million barrels per day (bpd).

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