mcx crude oil fundamentals

mcx crude oil fundamentals · Opec’s first planned output cut in eight years would make a substantial dent in the global crude glut. · OPEC reached agreement to limit its production to a range of 32.5-33mbpd in talks held on the sidelines of the September 26-28 International Energy Forum in Algiers. OPEC estimates its current output at 33.24mbpd. · India’s federal cabinet last Wednesday approved two deals worth over $3.26bn that will allow a consortium of Indian state-run oil companies to buy stakes in two Russian oil fields. · The Gulf States were the weak performers in WEF’s global competitiveness index, with only three economies in the top 30: The UAE (16), Qatar (18) and Saudi Arabia (29). · OPEC reached a consensus on Wednesday to scale back production to between 32.5 million and 33 million barrels a day, down from 33.2 million barrels a day in August. The cartel said it would complete details at its November meeting. · It remains unclear which countries would cut and whose production numbers would be used as a reference point. OPEC members have a history of failing to comply with output quotas. · Big U.S. shale producers have resiliently hung on and even begun investing in new acreage this year, Saudi Arabia found itself with a huge hole in its budget. A fiscal deficit of 16 per cent of GDP in 2015 that is projected to slightly narrow to about 13 per cent this year forced spending cuts, including on wages and fuel subsidies. · demand growth for petroleum slowing far more rapidly than previously predicted, the success of the production curbs in reviving oil prices will significantly hinge on cartel discipline — something that has often been lacking in the past. · A strong rebound in the US ISM manufacturing data would boost confidence in the US and global growth outlook, which would tend to provide support for crude prices.

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