OPEC chief says oil market may have upside potential in 2020

Crude Oil Prices See Some Profit Taking As US European Data Approach

Crude Oil Prices See Some Profit Taking As US European Data Approach

"Non-OPEC supply prospects have been revised up sharply, as US tight oil, in particular, has again outperformed expectations", said Opec secretary general Mohammad Barkindo.

Brent for January settlement fell 37 cents, or 0.6%, to $62.59 a barrel on the London-based ICE Futures Europe Exchange.

However, hopes remain for a breakthrough on trade in talks between the USA and China, the world's two biggest oil consumers, keeping price falls in check.

However, Russian Energy Minister Alexander Novak said the current oil price of more than $60 per barrel showed that markets were stable.

American crude inventories probably rose by 2 million barrels last week, according to a Bloomberg survey, which would be the highest level since early August.

Improved US jobs growth numbers in October and the upward revisions of the two previous months, reported on Friday, also eased fears of a global economic slowdown that would slow crude demand, oil-market analysts said.

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OPEC cut its outlook for global oil demand for the medium-term and long-term citing a "challenging" 12 months for energy markets. S. shale and other rival sources expanded. "Non-OPEC supply prospects have been revised up sharply, as USA tight oil, in particular, has again outperformed expectations", OPEC Secretary-General Mohammad Barkindo wrote in the foreword of the report, using another term for shale. Total energy demand is expected to increase by 72 million barrels by 2040, at about 1% per annum.

OPEC's Barkindo says a deeper output cut is possible in December. December U.S. crude futures was up $1.10 cents, or nearly 2%, at $57.30 a barrel.

Opec oil supply is expected to fall to 32.8 million barrels per day (Mmbpd) by 2024, from 35 Mmbpd in 2019.

But Jim Ritterbusch, president of Ritterbusch and Associates, warned in a report that "While such a development could accommodate a signing of a Phase 1 deal that would allow for a further increase in risk acceptance and hence, bullish spillover from the equities and into the oil complex, a major long term agreement still appears elusive well into next year". "And you have the Federal Reserve leaning into this better-looking economic situation, which lifts all boats", said John Kilduff, a partner at Again Capital LLC.

The report projects that global crude consumption will continue to grow until at least 2040, rejecting the idea increasingly circulating among investors and oil companies that demand will "peak" as countries move away from fossil fuels to avert catastrophic climate change.

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