BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

IF you are a Platts Market Center subscriber, to reset your password go to the�Platts Market Center to reset your password.

In this list
Oil

Crude remains lower amid OPEC's indecision on output cuts

LNG | Tankers

Any relief for soaring LNG tanker rates as global supply set to jump?

Oil

Platts Rigs and Drilling Analytical Report (RADAR)

Agriculture | Electric Power | Natural Gas (North American) | Oil | Metals | Petrochemicals

North American Digital Commodities Summit, 2nd Annual

Oil

Outlook 2019: Indonesia aims fuel self-sufficiency as rupiah remains weak

Crude remains lower amid OPEC's indecision on output cuts

Singapore — Crude oil futures remained lower during mid-afternoon trade in Asia Friday as no decisions pertaining to OPEC/non-OPEC production cuts were reached following the OPEC meeting on Thursday in Vienna. At 2 pm Singapore time (0600 GMT), ICE February Brent crude futures fell 45 cents/b (0.75%) from Thursday's settle to $59.61/b, while the NYMEX January light sweet crude contract was 38 cents/b (0.74%) lower at $51.11/b. Saudi energy minister Khalid al-Falih said Thursday after the group's meeting ended: "I am not confident of an agreement." Ministers said members continue to haggle over how much output to cut and who should get an exemption.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"There were growing expectations of a production cut before Thursday, and despite the meeting, nothing was concluded. I guess it's just the uncertainty playing out now," said Janu Chan, senior economist at St George Bank.

"Surely OPEC must know, the more that prices fall, the higher the pressure on OPEC/non-OPEC to cut production," Chan added.

OPEC had been expected to reach an agreement in principle among itself Thursday, before inviting Russia and nine other non-OPEC allies to talks Friday to seal the deal.

S&P Global Platts reported that the OPEC producer group pumped 40,000 b/d more in November with Saudi Arabia was largely accountable for the uptick in production, having pumped 11.02 million b/d in November, marking a 350,000 b/d rise month on month.

"Today's [Friday] meeting with other non-OPEC oil producing countries would be crucial for the near term oil prices, said Jayden Loh, sales trader at IG.

"That said, we do have to keep in mind that there may be political motivation for Saudi to not want a production cut. Last month we saw Trump standing by the Saudi Prince over the murder of [journalist] Khashoggi, when the rest of the world were calling out Mohammad Bin Salman for being responsible of the murder. The Saudi kingdom may reciprocate the favor by heeding Trump's call to keep oil prices low," he added.

As of 0600 GMT, the US Dollar Index was 0.11% higher at 96.840.

--Ng Jing Zhi, jz.ng@spglobal.com

--Edited by Irene Tang, irene.tang@spglobal.com