{"id":2003,"date":"2017-11-29T20:51:07","date_gmt":"2017-11-29T21:51:07","guid":{"rendered":"http:\/\/madaresharghi.com\/crude-prices-slip-ahead-of-key-meeting-to-discuss-cuts\/"},"modified":"2017-11-29T20:51:07","modified_gmt":"2017-11-29T21:51:07","slug":"crude-prices-slip-ahead-of-key-meeting-to-discuss-cuts","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/crude-prices-slip-ahead-of-key-meeting-to-discuss-cuts\/","title":{"rendered":"Crude Prices Slip Ahead of Key Meeting to Discuss Cuts"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil prices slipped on Wednesday as doubts set in about Russia\u2019s willingness to substantially extend a deal to curb output between some of the world\u2019s biggest exporters aimed at tackling global oversupply and bolstering prices.<br \/> \tBrent crude futures were down 34 cents on the day at $63.27 a barrel, while US light crude fell 31 cents to $57.68 a barrel, CNBC reported.<br \/> \tOil prices have rallied by 40% since the middle of the year, supported by a deal between the Organization of Petroleum Exporting Countries and other major exporters, such as Russia, to reduce crude oil production by 1.8 million barrels per day.<br \/> \tThe deal expires in March 2018 but is widely expected to be extended at OPEC\u2019s next meeting on Nov. 30.<br \/> \tBut the length of the extension remains an open question and this has kept the market on its toes.<br \/> \tOPEC&#8217;s \u201clong-awaited meeting was meant to be a formality &#8230; This narrative has, however, not gone according to the script,\u201d said Stephen Brennock, analyst at broker PVM.<br \/> \tWhile the group is expected to extend supply cuts to the end of 2018, it is likely to include an option to review the deal in June, OPEC sources said on Tuesday, after Moscow expressed concerns the market could overheat.<br \/> \t\u201cThey plan to extend for 2018 but with the option to review the decision in June, i.e. they agree not to agree anything,\u201d said Ralph Leszczynski, the head of research at shipping brokerage Bancosta in Singapore.<br \/> \tRussia is concerned that a more robust extension could lead the oil price to rally too sharply, analysts said, which would send its currency higher and harm exports. It is also worried that a steep price rise could trigger an increase in US production.<br \/> \tThe growth in US output has partly offset the boost from the OPEC supply deal.<br \/> \tA report from the American Petroleum Institute late on Tuesday showed US crude inventories rose by 1.8 million barrels in the week ended Nov. 24 to 457.3 million barrels, confounding expectations for a 2.3-million-barrel drop.<br \/> \t\u201cThe market had been looking forward to a supportive number due to the pipeline disruption from Canada,\u201d said Ole Hansen, senior manager at Saxo Bank.<br \/> \t\u201cBut nevertheless the overall level of inventory still managed to climb.\u201d<br \/> \tThe price lift given by the shutdown of the Keystone pipeline, which supplies Canadian crude to the United States, turned out to be short-lived, with an announcement on Tuesday of a gradual restart to operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil prices slipped on Wednesday as doubts set in about Russia\u2019s willingness to substantially extend a deal to curb output between some of the world\u2019s biggest exporters aimed at tackling global oversupply and bolstering prices. Brent crude futures were down 34 cents on the day at $63.27 a barrel, while US light crude fell [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude Prices Slip Ahead of Key Meeting to Discuss Cuts - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/crude-prices-slip-ahead-of-key-meeting-to-discuss-cuts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Prices Slip Ahead of Key Meeting to Discuss Cuts - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil prices slipped on Wednesday as doubts set in about Russia\u2019s willingness to substantially extend a deal to curb output between some of the world\u2019s biggest exporters aimed at tackling global oversupply and bolstering prices. 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