Oil falls as OPEC mulls raising output

Oil fell more than $1 on Monday, reversing the previous session's rally, after OPEC kingpin Saudi Arabia said the cartel would discuss boosting oil output at an upcoming meeting to cool surging oil prices.

U.S. light crude for December delivery fell as much as $1.08 to $95.24 a barrel in early electronic trading before recovering slightly to be down 90 cents at $95.42 by 0100 GMT.

U.S. oil, which struck a record $98.62 a barrel last Wednesday, settled 86 cents higher at $96.32 a barrel on Friday due to winter supply concerns and a falling U.S. dollar.

London Brent crude fell 67 cents to $92.51 a barrel.

"The OPEC uncertainty does provide some downward pressure this morning but the market may shift its focus to the expiring December options contract later in the day and start rising again," said Gerard Burg, a resource analyst at the National Bank of Australia.

Saudi Arabia, the world's top oil exporter, said on Sunday the exporter group would discuss an increase in output at an upcoming meeting in a bid to cool record prices nearing $100 a barrel.

Saudi Oil Minister Ali al-Naimi didn't make clear whether he was referring to an OPEC heads of state meeting in Riyadh later this week or its next formal policy meeting on December 5 in Abu Dhabi. Qatari Energy Minister Abdullah al-Attiyah said later on Sunday that he did not expect an output decision in Riyadh.

But the fact that al-Naimi, the cartel's most influential voice, raised the possibility of an increase put traders on alert after a more-than 40 percent surge in prices since mid-August, which most ministers have blamed on speculation, politics and a weak U.S. dollar.

"This (increase in output) is premature but we will discuss the issue when we meet," Naimi told Reuters in Kuwait in what appeared to be his first public comments since oil vaulted above $80 for the first time two months ago.

The rally has barely paused since then, despite the 500,000 barrels per day (bpd) increase in production that Naimi persuaded his peers to accept at their last meeting in September.

Analysts said the decline in Asia's stock markets, led by Wall Street's sharp losses on Friday, could also be weighing down on oil prices.

Oil's fall on Monday was also helped by comments from Nigeria's oil minister Odein Ajumogobia, who said there was no fundamental reason for oil to be at $100 a barrel, and he expects record prices to be shortlived.

Analysts said they expected oil prices to be highly volatile this week, influenced by the expiry of NYMEX December options contracts, a weak U.S. dollar and the restart of production at North Sea fields following storms.

About 42,000 options contracts to buy oil at $100 were still open on Friday despite the expiration on Tuesday. Experts said speculators may try to push oil into triple digits ahead of the expiration, but prices could tumble once the options expire.

A falling U.S. dollar could also boost oil prices. The dollar extended its slide to hit an 18-month low against the yen on Monday on jitters about bigger credit-related losses at U.S. financial firms.

Oil production has restarted at a number of North Sea fields that had been affected by storms, but Nexen Inc said on Friday it had temporarily halted production at its 200,000 barrels per day Buzzard oil field after storms damaged one of its power generation turbine exhaust stacks.

Russian, Tajik presidents to discuss bilateral ties, Tajik-Kyrgyz border clashes
Russian, Tajik presidents to discuss bilateral ties, Tajik-Kyrgyz border clashes
Tajikistan official confirms the death of 19  citizens in the recent border clashes
Tajikistan official confirms the death of 19 citizens in the recent border clashes
OIC states increase import of Turkish products
OIC states increase import of Turkish products
Loading Bars
Australia installs record number of solar panels
Bitcoin down more than 15% to $46,800
EU launches zero pollution action plan
Norway removes AstraZeneca from COVID-19 vaccination program
NCOC looking to commence Marine Access Channels Project implementation
Israel reports 30 new COVID-19 cases, 839,030 in total
Germany lifts quarantine requirement for COVID-vaccinated travelers
UK records another 2,284 coronavirus cases, 11 deaths
Gaza Strip death toll from Israeli strikes rises to 65 - Health Ministry
Lavrov, Blinken discuss Russia-US summit, agree to meet in Reykjavik
Airbus to supply Uzbekistan with four H125 and H130 helicopters
Iran’s non-oil exports up 80% in current year: Industry min.
Sinovac allows its COVID-19 vaccine to be made in Turkey
FM Zalkaliani confirms one Georgian injured in Israel
Azerbaijani President made post on Ramadan Holiday (PHOTO)
WHO records over 643,000 new daily cases of COVID-19 worldwide
First Vice-President Mehriban Aliyeva shared footages of fireworks organized in Shusha on her Instagram page (VIDEO)
President Ilham Aliyev lays foundation stone for school No1 in Shusha
President Ilham Aliyev views work done at Shusha Art Gallery
Azerbaijani president, first lady view administrative building for Special representation in Shusha
Azerbaijani president, first lady view building for Shusha Creative Center
President Ilham Aliyev inspects Khan gizi Natavan’s palace
President Aliyev views conditions created at block and cottages under “Khari Bulbul” hotel
Azerbaijani president, first lady inaugurate “Khari Bulbul” hotel after renovation (PHOTO)
Holiday prayers will be held in Yukhari Govharagha mosque tomorrow - President of Azerbaijan
I never seen city like Shusha elsewhere in world. There probably isn’t one - President of Azerbaijan
For all these years, we lived with one goal – to liberate our lands, says Azerbaijani president
Azerbaijani culture, prominent representatives of Azerbaijani culture returned to Shusha today - President Aliyev
Next year we will celebrate 270th anniversary of Shusha - President Aliyev
44-day war is our glorious history - Azerbaijani president
“Kharibulbul” festival will now be held in Shusha every year - President Aliyev
After long break, “Kharibulbul” festival being held in Jidir Duzu, we have been looking forward to this day for 30 years - President Aliyev
Montenegro eases COVID-19 restrictive measures
Senior Hamas commander killed as Israel strikes Gaza, Palestinians fire rockets
Anti-Trump Cheney removed from House Republican leadership
Transport Ministry shares data on ships received in southern Turkish port in 1Q2021
Ministry discloses volume of cargo from Israel handled by Turkish ports
Volume of cargo from Greece handled by Turkish ports revealed
Wix reports higher Q1 revenue, lower profit
BMW plans limited series hydrogen fuel cell SUV in 2022
Georgian economy expected to grow
Iran’s Bahar Azadi gold coin price continues to increase
More data needed before COVID-19 vaccine booster decisions - EU regulators
Azerbaijan shares data on number of vaccinated citizens for May 12
European Court of Human Rights to examine Convention violations by Armenia against Azerbaijan
Oil production volumes down in Kazakhstan
Bayati Shiraz mugham performed on Jidir Plain in Azerbaijan’s Shusha (VIDEO)
Deputy Governor of Iran’s Ilam Province talks about energy sector
Construction of Georgian Namakhvani HPP to be suspended
WB supports Georgian MSMEs and promotes digitalization of country’s economy
Azerbaijan confirms 558 more COVID-19 cases, 1,454 recoveries
Collection of notes of works by Azerbaijani composers prepared by Heydar Aliyev Foundation presented at Shusha Music Festival (PHOTO/VIDEO)
Iran discloses volume of bony fish caught in Caspian Sea
Kazakhstan's oil output below plan for 4M2021
Need to restore transport route to Azerbaijan’s Nakhchivan Autonomous Republic - obvious - Russian expert
Activities in Iran’s Bushehr Province increase
Turkey’s export of clothes to Azerbaijan up from January through April 2021
Turkmenistan, China to consider opportunities for developing co-o in number of areas
Iran to manufacture local equipment in drilling sector
Fuel costs in Georgia increase
I was thinking about architecture of new mosque in Shusha for almost few months - President Aliyev
There used to be 17 mosques in Shusha, hated enemy destroyed all of them - President Aliyev
Georgia reports 1,409 new cases of coronavirus for May 12
We returned to Shusha and we returned forever - President Aliyev
Business activity index slows down in Kazakhstan
Geostat reveals TOP-5 suppliers of oil in Georgia
Iran’s PMO declares data of cargo transportation in Bandar Lengeh Port
Turkey’s export of steel to Kazakhstan decreases
Iran reveals COVID-19 data for May 12
Azerbaijani president, first lady attend opening of “Kharibulbul” festival in Shusha (PHOTO)
Trade ministry discloses volume of electrical goods exported by Turkey to Iran
Turkey’s export of cement to Turkmenistan down
President Ilham Aliyev visits restored “Khan gizi” spring in Shusha (PHOTO)
President Ilham Aliyev lays foundation stone for new mosque in Shusha (PHOTO)
President Ilham Aliyev and First Lady Mehriban Aliyeva attend inauguration of 110/35/10 kV Shusha substation (PHOTO)
French Development Agency to support economic dev't of Kazakhstan
Azerbaijan holds Kharibulbul music festival (VIDEO)
UAE to help Sudan secure all petroleum needs through flexible agreement
Similarweb completes NYSE IPO, at $1.6b valuation
Kazakhstan observes slowing down of food inflation
Azerbaijan’s export of plastics doubles
Turkey sees increase in export of cement to Iran
Russia reports over 8,200 daily COVID-19 cases
Norway will not use AstraZeneca COVID-19 vaccine
Turnaround timeframe at Kazakhstan's Kashagan field unveiled
Turkish airline companies to launch direct flights to Kazakhstan
Dostlug field to allow Turkmenistan to export natural gas to Western countries
Kazakhstan-Latvia trade plummets y-o-y
Refining volume remains practically unchanged in Kazakhstan
Gazelli Group standing beside Azerbaijani nation both in hard and good times (PHOTO)
Kazakhstan’s largest logistics terminal operator to buy fuel via tender
Iran plans to increase exports of non-oil products – Deputy Minister
Turkmenistan, Azerbaijan's SOCAR have huge potential for developing co-op
Kazakhstan boosts goods import from Afghanistan
Azerbaijani PM expresses condolences to Russian counterpart
Volume of loaded, unloaded cargo in Iran’s Shahid Bahonar port up
EIA increases forecast for oil extraction in Kazakhstan
Iran's trade turnover with EAEU member states announced
Baku to host Aerobic Gymnastics World Age Group Competitions for first time (VIDEO)
Kazakh KazMunayGas decreases oil transportation volumes y-o-y
All news