OPEC removed uncertainty from the market by delivering an output cut deal, but crude price volatility is likely to persist. » Read More
By: Luke Graham
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Russia will cut its oil output from November-December levels, Energy Minister Alexander Novak told reporters on Thursday.
OPEC's decision to cut production gave an immediate boost to oil prices, but the impact on consumers and the U.S. economy is likely to be more modest and gradual.
Russia is not going to comply with its side of the OPEC agreement and cut production by 300,000 barrels a day, an analyst told CNBC.
There may be further upside in both U.S. oil major stocks and the underlying commodity, says a chief investment officer at Credit Suisse.
OPEC on Wednesday agreed to its first oil output limits in eight years, triggering an oil rally, but market watchers were asking whether members will cheat.
Cashin says, "When nobody can see what's going on, the cheating begins almost immediately."
The kingdom wrangled OPEC ministers into a tougher-than-expected oil production deal — a maneuver critical for its own long-term plans.
Investors should be overweight integrated oil companies, independent drillers and oilfield services, Evercore's Doug Terreson said.
Saudi Arabia has fought a hard-won battle to secure output cuts from OPEC members, but many challenges lie ahead in 2017.
With OPEC deal falling into place and other market forces at work, the new norm for crude could be $50 to $60, says trader Naeem Aslam.
In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq.
Financial markets are on edge Wednesday as OPEC wavers on a plan announced nearly two months ago to cut crude oil output.
Justin Trudeau approved his first major oil pipelines, including the Trans Mountain pipeline expansion to Vancouver Harbour in Burnaby.
Documents propose the group cut production by 1.2 million barrels per day from October levels, an OPEC source familiar with the papers said.
Praxair and Linde stopped merger talks in September, ending a deal that would have created a company with a value of more than $60 billion.
With OPEC deal hopes fading, oil prices have nowhere to go but down ... for now, says John Kilduff.
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