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US light oil fell below $ 50 on Thursday morning. At the bottom, the price dropped to $ 49.41, while at the time of writing it was $ 49.86 according to MEC. The last light oil was less than $ 50 was October 9, 2017.
The Brent fell to $ 57.52 on Thursday morning, while the price was $ 60.01 at the Oslo Stock Exchange on Wednesday. It has not decreased since October 25th.
This drop follows an increase in US oil inventories of 3.6 million barrels last week, while an increase of 0.8 million barrels was expected. According to TDN Direkt, oil prices have fluctuated after the release of the numbers, but after a slight rise, they dropped about a dollar during the evening.
Complete fresco in Saudi
Many are eagerly awaiting the weekend G20 meeting and the OPEC meeting on December 6, but the uncertainty is great and, even if we expect it at what the OPEC is reducing from 500,000 to 1.4 million people, many doubt it. New figures showed earlier this week that, for example Saudi Arabia pumps suspenders and clothes.
According to the news agency, as part of the G20 meeting, the general market will follow, among other things, comments on the evolution of the trade dispute between the United States and China. Opec / non-Opec will hold a meeting in Vienna on December 6, and senior analyst Tamas Varga of PVM Oil Associates says the meeting could be a formality.
"It is possible that when the oil ministers of the producing countries install a week later in Vienna, they officially do what was agreed this weekend at the G20 summit," he said. he told CNBC, according to TDN Direct.
In addition, analysts believe that, despite the geopolitical influence of the United States on Saudi Arabia after the Khashoggi affair, the Saudis still want to defend their own financial interests instead of complying with the wishes of US President Donald Trump, CNBC reports.
Saudi will not cut alone
Saudi Energy Minister Khalid al-Falih said yesterday that he could not and did not want to reduce production alone and that 2019 would be a year in which the oil markets would be very stable. He also said that he was certain that a solution to stabilize the market would be found.
The question now is who will reduce production and how much will be reduced.
"Saudi Arabia is likely to review pressures and not meet President Trump's demands and cut back on production." The key question now is the size and extent of actual cuts for each member. from Opep, says the director of analysis and strategy for the MENA region, Ehsan Khoman, from MUFG to CNBC, according to TDN Direct.
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