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Oil stability after Barkindo comments on the positive market reaction to the OPEC meeting

2019-03-19 08:16 am | Resource: News | No Views : 58



 Oil prices stabilized during morning trade on Tuesday amid optimistic comments from OPEC and Russia on compliance with a production cut agreement to curb supply overshooting.

Barkindo: Market reaction positively on OPEC meeting +

The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohamed Barkindo said on Tuesday that the oil market was reacting positively to yesterday's meeting of the OPEC-OPEC ministerial oversight committee in Baku. JMMC said all participating countries had pledged to cut production cuts "in the coming months" and decided to cancel the April meeting in Vienna and instead set a date for June in Jeddah, Saudi Arabia.

With regard to the United States, Barkindo said any sanctions imposed by Washington on OPEC would be "counterproductive" and added that the NOPEC would not serve the interests of the United States. The NOPEC bill was supposed to remove state immunity and pave the way for the United States to sue OPEC and its national oil companies under the US antitrust law on the basis of limiting global oil supplies. Barkindo also said the oil shale industry in the United States was "challenging its own production expectations."

In dealing with other issues, Barkindo said it would be "virtually impossible" to cut Iranian oil imports to zero as planned by the United States

The markets are also looking for data on US crude oil inventories released by the American Petroleum Institute today and an official released by the Energy Information Administration on Wednesday,

 Oil contracts
 
  •  WTI crude futures fell 0.14% to $ 59.02 a barrel at 8:20 am CET.
  •  Brent crude for May delivery settled at $ 67.58 a barrel after closing the London session at $ 67.54 a barrel.


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