Angolan oil production grows to 1.533 million barrels per day in October

Will Gas Prices Go Up? Saudi Arabia to Cut Production

Oil prices collapse as OPEC sees production outpacing demand

The prior estimate was 2.2 million bpd and 1.8 million bpd, respectively.

US light crude fell $2.15, or 3.7 per cent, to $57.78, hitting its lowest level since December 2017. The oil cartel expects oil demand to grow by 1.29 million barrels per day in 2019, down 70,000 bpd from its projection last month.

A steep slide in prices has surprised many oil market participants. OPEC crude output rose by 200,000 bpd in October to 32.99 million bpd, up 240,000 bpd on a year ago, as losses of 400,000 bpd from Iran and 600,000 bpd from Venezuela were easily offset by increases from others, such as Saudi Arabia or the United Arab Emirates.

"This tweet certainly did not help prices", ING commodities strategist Warren Patterson said.

OPEC's biggest producer, Saudi Arabia, said on Monday that oil producers need to cut 1 million barrels a day, reversing a June decision to boost supply to contain a price rally. America's increasing inventories suggests "the nation's crude exports could become more active, resulting in excess global supplies".

Other oil-market news: OPEC and allied oil producers will cut or adjust production as needed to balance the market, the group's president, United Arab Emirates Energy Minister Suhail Al Mazrouei, said on Wednesday.

Even as the Saudis floated the possibility of a cut in production, the selling has not abated.

Merrill Lynch says USA crude production will break through 12 million bpd in 2019, supporting oil exports to the rest of the world.

Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note.

US crude oil output from its seven major shale basins is expected to hit a record 7.94 million barrels per day (bpd) in December, the US Department of Energy's Energy Information Administration (EIA) said on Tuesday.

As for the justification for the cuts, the International Energy Agency on Wednesday pointed out that global oil supply will outpace demand due to a "relentless" rise in output and slower economic growth in some countries.

Russia prefers to stay out of any fresh oil production cuts led by OPEC's leader Saudi Arabia, Reuters reported on Thursday, quoting two high-ranking Russian sources. US crude was up 60 cents at $56.29.

However, earlier this month, the USA government agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposed sanctions on Tehran. He's kept at it even as prices have plunged, tweeting on November 12 that he hoped Saudi Arabia and OPEC wouldn't cut output.

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