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OPEC Meeting: Oil Prices Fall As Iran, Iraq Disagree With Production Cuts

OPEC Meeting: Oil Prices Fall As Iran, Iraq Disagree With Production Cuts

Oil futures headed lower on Friday, deepening their loss for the week, as uncertainty surrounded a weekend meeting of major oil producers who are expected to discuss a proposal to curb crude production.

Oil has fluctuated near $50 a barrel amid doubts about whether OPEC can implement the first supply cuts in eight years at its November 30 summit.

In U.S. crude markets, West Texas Intermediate (WTI) futures received early support from a 553,000-barrel draw in crude inventories to 468.16 million barrels.

He added that a cut or production freeze was the best option to stabilize oil prices.

The price should recover back again to the $50 level if a positive development in the production cut be announced by this weekend as there is now an ongoing talk regarding the details of the oil production freeze between both OPEC and non-OPEC member countries and experts.

The worsening OPEC equation presents Saudi Arabia with a hard choice after its Algiers U-turn: carry a greater burden within the group, ceding market share to other producers, or lose credibility by softening the terms of the deal.

Not only are five cartel members pushing for exemption from production cuts, but four of them - Libya, Nigeria, Iran and Iraq - are now increasing amount of oil they are putting onto the global market.

Most female cancer deaths 'occur in developing countries'
If cervical cancer rates remained unchanged, they estimated that as many as 700,000 women per year could be diagnosed by 2030. Where is the fund for women's cancer in the developing world? None of this requires an oncologist or high-level cancer centre.

That would leave Saudi Arabia and Russian Federation, the second and third largest producers to take the brunt of any production move to stem the pressure on the oil market, and with the rampant cheating that goes on within OPEC, that outcome is not likely either. Reuters reported Saudi Arabia and its Gulf OPEC allies are willing to cut 4% from their peak oil output, citing sources familiar with the matter.

ConocoPhillips reported a loss of US$1billion for the third quarter, slightly less than previous year but the company continues to cut its 2016 capital spending plan.

Oil services company Baker Hughes Inc said two rigs were cut this week, ending a 17-week recovery in the number supplying the market.

It could be a "watered down" version, compared with the original proposal of curbing the group's production by 200,000 to 700,000 barrels a day, said BMI Research.

These include how OPEC accommodates potential increases from Iran, Libya and Nigeria, reluctant to restrain their output which has been hit by sanctions or conflict. "If the meeting participants are not be able to agree, we will see a rebound to $48-49 per barrel - the level that was before the informal OPEC meeting", Ivan Kapitonov said.

Sterling rose 0.12 percent against the dollar to $1.2198, coming off Monday's trough of $1.2081, which was the lowest level since the October 7 "flash crash". The contract slid 78 cents to $49.18 on Wednesday, the lowest close since October 4.

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