Advertisement
Advertisement
Advertisement
24option
BREAKING NEWS : $500 - $5000 No Deposit Bonus Hurry up, Join Now!
Written by experienced traders and professional market analysts, our Forex technical analysis is just what you need to get an edge in your Forex trading
Advertisement

Saudi Arabia will push for an extension to OPEC oil output cuts through mid-2020 - WSJ

Written by By Ross J Burland | 2019-12-02 18:17:42 GMT

Saudi Arabia will push for an extension to OPEC oil output cuts through mid-2020, an effort to prop up Aramco’s IPO share price, officials say in the Wall Street Journal.

Lead paragraph

Saudi Arabia will push for an extension of oil-production cuts through mid-2020 at a producers’ summit this week in an effort to prop up Saudi Aramco’s initial public offering share price, Persian Gulf officials said. But talks over boosting compliance to agreed cuts—a key condition for the kingdom to deepen its efforts—are being overshadowed by growing unrest in the Middle East.

Market implications

Last week, the Saudi comments that they were no longer willing to compensate for OPEC cheaters roiled markets. However, comments over the weekend from Iraq suggesting OPEC+ will consider deeper cuts, in the area of an extra 400k bpd, have been also supporting the market. with Saudi Arabia looking to push for an extension to OPEC oil output cuts through mid-2020, WTI can remain better bid. WTI is currently trading 1.30% higher at the time of writing, having travelled from a low of $55.2 to a high of $56.65. "So long as WTI prices remain below $56.50/bbl, trend followers are set to target a net short position once again," analysts at TD Securities argued. 

 

Author

By Ross J Burland

Start Trading With Top Industry Brokers

Broker Profile Open Account
Capital Index
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • HotForex
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    Tickmill
  • Offer: 30USD No Deposit Bonus
  • Minimum Deposit: 25 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FSA SD008
  • Tickmill

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    Capital Index
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:500
  • Broker Type : STP
  • Regulation : FCA (UK), ASIC, SCB
  • HotForex
    XM
  • Offer: 30 USD No Deposit Bonus - 50% Deposit Bonus
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    FBS
  • Offer: 50USD No Deposit Bonus
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS

    Contact us
    fxvnpro@gmail.com