Oil Stable After OPEC Suggests Extraordinary Measures

A flag with the Organization of the Petroleum Exporting Countries logo is seen during a meeting of OPEC and non-OPEC producing countr

Oil prices were steady on Tuesday as OPEC said there were clear signs the market was rebalancing and as USA production remained offline following Hurricane Nate, APA reports quoting Reuters.

WTI crude futures are up 0.1% to $49.65/barrel, while Brent crude is up 0.13% to $55.86.

Brent crude and West Texas Intermediate started the week with gains after yesterday OPEC's Secretary General, Mohammed Barkindo, said the cartel may have to take some "extraordinary measures" to restore the oil market stability.

Prices drew support when the International Monetary Fund projected global economic growth of 3.6 percent this year and 3.7 percent for 2018, indicating fuel demand would rise. "I don't think there are many losers out there".

OPEC said the world would need 33.06 million barrels per day (bpd) of its crude next year, up 230,000 bpd from its previous forecast.

Saudi Arabia said it pumped 9.97 million barrels per day in September, up from August, but still below target.


Mr Barkindo said consultations were under way for the extension of the OPEC-led pact beyond March 2018 and that more oil producing nations may join the supply pact, possibly at the next meeting of OPEC in Vienna on November 30.

US output was curtailed during last year's market downturn, though shale oil production in general has been more resilient to lower crude oil prices than anticipated.

API said crude inventories rose 3.1 million barrels in the week to October 6. The U.S. Department of Energy reports official data on Thursday.

The figures mean Opec has complied 98 per cent with the cutback pledge, according to a Reuters calculation, up from 83 per cent initially reported in August as the September rise was led by Nigeria and Libya which are exempt from the cut.

Iraqi government forces and Iranian-trained Iraqi paramilitaries are "preparing a major attack" on Kurdish forces in the oil-rich region of Kirkuk and near Mosul in northern Iraq, the Kurdistan Regional Government (KRG) said.

Monroe Energy, a subsidiary of Delta Air Lines Inc DAL.N , was shutting its 185,000 barrel-per-day Trainer, Pennsylvania, refinery due to a fire on Wednesday, a source familiar with the plant's operations said.

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