Why OPEC's new supply deal will add little crude oil to markets

Why OPEC's new supply deal will add little crude oil to markets

Why OPEC's new supply deal will add little crude oil to markets

Major oil producers agreed Friday to a nominal increase in crude production of about 1 million barrels per day, a bid to put a damper on high oil prices.

Saudi Arabian Oil Minister Khalid al-Falih talks to journalists before the Opec meeting in Vienna on Friday.

Analysts estimate that when the additional production from non-OPEC oil producers such as Russian Federation is added in, the deal will likely result in an additional million barrels of oil hitting the market.

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Russian Energy Minister Alexander Novak said on Saturday he was happy with the decision even though he had previously pushed OPEC and non-OPEC to raise output by as much as 1.5 million bpd.

USA crude rose 4.76 per cent to $68.66 per barrel and Brent was last at $75.50, up 3.35 per cent on the day.

"This means that Saudi Arabia can increase its production by less than 100,000 bpd, Qatar can produce an additional 70,000 bpd", Zanganeh told Argus Media.

"It will be enough for now but not enough for the fourth quarter to address a decline in Iranian and Venezuelan exports", said Gary Ross, head of global oil analytics at S&P Global. Venezuela's production has dropped amid domestic political instability.

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After OPEC's deal on Friday, Trump tweeted: "Hope OPEC will increase output substantially".

OPEC and partners including Russian Federation and Oman have since a year ago cut output by 1.8 million bpd. It can be regarded as a victory for Saudi Arabia and Russian Federation, which had pushed to boost output to alleviate high prices.

"Zanganeh can go back to his country and say "I won", because we are keeping the original agreement unchanged". Apart from the OPEC meet market will also take cues from movement of dollar index, recent strength in dollar index from 92/93 to 95 has pressured oil prices and now dollar index is approaching a resistance area of 95.50/96 and has turned lower from there towards 94.50 which could provide support to oil prices and we could expect a pullback rally.

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