Oil Edges Up Ahead of OPEC Report

Oil Edges Up Ahead of OPEC Report

The oil price crash drove many US shale operators out of profitability, but it was OPEC-and-partners' production cut deal that gave support to oil prices late last year and early this year, prompting USA drillers to return to grow production.

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. The cuts have helped revive crude, which had fallen to half its 2014 peak.

"Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward", the top OPEC man said without elaborating on what these measures might include, although he mentioned that OPEC would welcome more participants in the production cut deal.

"This news shortly follows the historic visit of the Saudi King to Moscow, and we know that both of these nations are among the highest contributors to global oil production", said Ahmad.

For 2017, it forecast a rise of 380,000 bpd to 9.24 million bpd.

The bank further added that by the end of this year Brent is expected to average around $53 per barrel, which so far averaged $52.70.

Opec now sees the global economy growing by 3.6 per cent this year and by 3.5 per cent in 2018, an increase by a tenth of a per centage point.

Let's take a closer look at five oil-related stocks that you may want to consider ahead of next month's OPEC meeting.

OPEC's reluctance to cut output was also seen as a key reason behind the fall.

However it doesn't see prices climbing soon.

The Organization of the Petroleum Exporting Countries (OPEC) is trying to reinstate its dominance in the oil industry by trying to maintain crude prices at a sustainable level.

Oil futures fell more than 2 per cent on Friday, ending Brent crude's longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling.

A sharp increase in oil prices would tend to discourage consumption and thus growth. The main U.S. contract, WTI, was at $51.30.

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