OPEC's Deal To Slash Oil Production Gets Support From Azerbaijan's Government

US investment banks see low oil prices despite OPEC cut

Oil futures edged higher on Tuesday after paring most of their gains as stock markets turned negative on worries about a possible US government shutdown.

Crude oil prices fell early Monday as China-related tensions weighed on the market, while the impact of the OPEC plus production cut announced last week was offset by concern about us rising output.

Oil producers were under heavy pressure to slash production following a sharp fall in oil prices over the past few months.

Futures in NY were little changed, after Monday's 3.1 percent drop erased gains following last week's pact between Saudi Arabia, Russia and other major producers to curb output. "Today's decision is a very important step for the oil producers, the oil market and the future of the oil industry", he said.

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On Wednesday, oil prices showed losses as U.S. President Donald Trump once again tried to dampen OPEC's efforts to tackle falling oil prices amid market expectations on further output cut.

He said that the producers chose to meet in April instead of June "to allow us to take the required decision", before the six months are up.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day.

Saudi Arabia will be the country to witness the most significant drop in oil production among OPEC member countries.

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US based Capital Economics, meanwhile, sees an average of $63 a barrel over the course of 2019.

US West Texas Intermediate (WTI) crude futures were at $51.19 a barrel, up 19c, or 0.4%, from their last settlement. Richard Robinson, manager of Ashburton Global Energy Fund, believes the current dip is "transient" and that oil will recover to between $70 and $80 in the next three months, he wrote in a note earlier this month. But Goldman Sachs has a much darker forecast, expecting the U.S.to slow down to less than 2 percent by the end of next year, one of its senior strategists told CNBC on Monday. "We expected there will be a slowdown in demand for oil and accordingly chose to cut production", Mazrouei said.

Before landing in Saudi Arabia, Secretary Perry was in Qatar, which said just last week that it was quitting OPEC as of January.

In the previous week ending November 30, WTI increased 1.01 percent, while Brent crude lost 0.15 percent.

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