Oil slips to $71, hit by talk of higher OPEC+ production

Oil slips to $71, hit by talk of higher OPEC+ production

Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts, reports Trend referring to Reuters

Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute.

“We have already seen these inventories going higher in the last week’s print,” said Naeem Aslam, chief market analyst at TF Global Markets in London.

“The rising inventory data has raised many questions for investors - no one wants to see the oil glut again.”

Brent crude, the global benchmark, was down 4 cents at $71.14 a barrel at 1104 GMT. U.S. West Texas Intermediate (WTI) crude gained 6 cents to $63.46.

While OPEC-led supply cuts have boosted Brent by more than 30 percent this year, gains have been limited by worries that slowing economic growth could weaken demand for fuel.

Oil also fell on Monday after comments from Russia raised concern the OPEC-led supply-cutting pact may not be renewed. Russia and the producer group may decide to boost output to fight for market share with the United States, TASS news agency сited Finance Minister Anton Siluanov as saying.

The Organization of the Petroleum Exporting Countries and other producers including Russia, an alliance known as OPEC+, have been cutting output since Jan. 1. They decide in June whether to continue the arrangement.

“There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, senior market analyst at OANDA.

Russian officials sent mixed signals over renewal of the deal with OPEC last time it was being renegotiated in December, before finally agreeing to remain on board.

Iran talks agricultural exports to Iraq despite restrictions
Iran talks agricultural exports to Iraq despite restrictions
Iran to allocate funds for projects in Malayer city
Iran to allocate funds for projects in Malayer city
Khaf-Herat railway between Iran, Afganistan to commence by mid-November
Khaf-Herat railway between Iran, Afganistan to commence by mid-November
Loading Bars
Latest
Central Bank of Azerbaijan decides to keep discount rate unchanged
Kazakhstan increases export to China despite COVID-19
Military tribunal must be organized to assess Armenia’s crimes – Assistant to Azerbaijani president
SOS Children’s Villages International to do everything to support children during Karabakh conflict
7 families killed as result of Armenian terror against Azerbaijan – Azerbaijani prosecutor general
Armenia commits environmental terror against Azerbaijan - Ministry of Ecology (PHOTOS)
Macroeconomic stability remains steady in Azerbaijan - Central Bank chairman
Azerbaijan raises import of cars in 9M2020
Azerbaijan confirms 480 more COVID-19 recoveries
President Aliyev: Azerbaijani troops liberate several villages of Jabrayil, Zangilan and Gubadli districts
Passenger transportation decreases in Azerbaijan due to COVID-19 pandemic
STAR Refinery’s investment value to near $7B
Azerbaijani prosecutor general reveals civil casualties, injuries inflicted by Armenia
Kazakhstan's KazMunayGas reports decrease of oil transportation volumes
General Prosecutor's Office discloses crimes committed by Armenian Armed Forces against Azerbaijan
Temporary special administrations to be established in Azerbaijan`s territories liberated from occupation
Azerbaijani army destroys missile-artillery warehouse of Armenian Armed Forces - MoD (VIDEO)
Iran talks agricultural exports to Iraq despite restrictions
Kazakhstan's national oil company faces output decrease at country's major oilfields
Euro zone GDP jumps more than expected in third quarter q/q, prices fall
OSCE MG meeting on Karabakh conflict in Geneva to be closed for media
Permissions granted for building construction down in Georgia
Uzbek Ministry of Finance projects revenues, expenditure of consolidated state budget
Turkmenistan privatizing number of facilities to increase private sector's share in economy
Iran to allocate funds for projects in Malayer city
Khaf-Herat railway between Iran, Afganistan to commence by mid-November
Azerbaijan doesn’t succumb to provocations, responding to aggressor on battlefield - Israeli expert
Azerbaijani Prosecutor General's Office assesses damage done from Armenian vandalism
Iran's IRGC provides support to COVID-affected families
Fish production in Iran's Amlash city increases on annual basis
UK condemns continued shelling of civilian areas following attack on Azerbaijani Barda
Russian Export Center talks about exports to Azerbaijan
Glencore reports copper extraction volume decrease in Kazakhstan
Azerbaijan may expand business loan programs - Central Bank
MoD says Armenia's info on shooting down Azerbaijan's UAV - lie
Azerbaijan to develop its lands liberates from occupation via its own sources
World Bank to fund modernization of national innovation system in Uzbekistan
Azerbaijani oil prices decline
Azerbaijani currency rates for Oct. 30
Azerbaijani parliament grateful to Pakistan’s National Assembly for condemning Armenia's aggression
Some int'l organizations remain silent on Armenia shelling Azerbaijani civilians - expert
Gas exports from Azerbaijan to Turkey down month-on-month
New hotel opened within state program 'Produce in Georgia'.
MP Nagif Hamzayev: Azerbaijan will not give up fight for justice
Armenia subjecting Azerbaijani Gubadli district to artillery fire - MoD
Kazakhstan, Bulgaria trade turnover down twofold amid COVID-19
Turkmenistan to increase volumes of deciduous, coniferous, fruit trees and grapes
Armenian troops must leave Azerbaijani occupied lands today - Diaspora Committee
Kazakhstan's coal extracting venture to buy spares via tender
Kazakhstan’s Ulba Metallurgical Plant to buy diesel fuel via tender
Around 177 mb of ACG oil shipped from Ceyhan terminal
The Arab press writes about Azerbaijan's just struggle
Turkmenistan to extend suspension of train operation amid COVID-19
Azerbaijani Community in Geneva organizes protests against terrorist acts of Armenia (PHOTO)
Azerbaijan’s superior military wrests control of several districts abutting Karabakh - Washington Post
EU to send over 70 teams to visit polling stations in Georgia on election day
SCO member states in talks over trade, economic co-op in transport and logistics fields
Total sees decline in hydrocarbon production
Azerbaijan names number of schools heavily damaged by Armenian shellings
Azerbaijani House in Austria condemns terrorist attacks on Barda and Ganja
Malaysia eyes importing high-quality Uzbek textile
Georgia reports 1,696 new coronavirus cases
Azerbaijani MoD denies accusations of carrying out offensive attack
Armenia bombards forests, continuing environmental terror against Azerbaijan - Ministry of Emergencies
Total expects increase in LNG selling with higher oil prices
Azerbaijan using taken as booty military equipment against Armenian Armed Forces (VIDEO)
Azerbaijani social media users uncover another Armenian disinformation - PHOTOFACT
Shell’s Upstream production down due to OPEC+ restrictions
Footage of destroyed house due to Armenia's missile strike on Goranboy (PHOTO)
Turkmenistan to build new greenhouses for growing bananas, citrus fruits
Doubleu merges with Georgian digital marketing agency
Industrial gas flow received at Kashkadarya well in Uzbekistan
Another high-ranking Armenian serviceman who committed war crime eliminated
Azerbaijan Red Crescent Society volunteer died when rocket hit his car in Barda – IFRC (EXCLUSIVE)
Georgian TBC Capital publishes macroeconomic sector overview of country
Azerbaijani, Turkish FMs exchange views on current situation within Karabakh conflict
Oil edges up, but set to post second monthly fall on virus spread
Special temporary administration to be applied in liberated Azerbaijani territories
Uzbekistan’s 9M2020 volume of agricultural production revealed
Albania, Azerbaijan has other investment opportunities apart from TAP
Azerbaijan hands over bodies of combatants to Armenia through ICRC
Azerbaijan destroys Smerch missile launcher of Armenian troops used to shell Barda - MoD (VIDEO)
Azerbaijani FM leaves for Geneva to hold Karabakh talks
Turkmenistan, South Korea aim to intensify co-op within intergovernmental commission
Uzbekistan reveals its COVID-19 data for October 30
New fruit processing plant built in Georgia
Human Rights Watch confirms use of cluster munitions by Armenia to attack Barda
Several Azerbaijani districts under fire of Armenian Armed Forces
Latest situation on battlefield on October 30
Azerbaijan expands persimmon export geography
Denmark repeatedly increases import of Azerbaijani products
Azerbaijan's State Service to hold auction for five vehicles
Combat operations continued in direction of Aghdara, Khojavend and Gubadli - MoD
Several items of military equipment of Armenian Armed Forces destroyed - LIST
Every second operation in Azerbaijan carried out contactless - Visa
FM: Boosting cooperation with Iran priority of Afghan foreign policy
President Tokayev addresses International Forum on Northern Economic Cooperation
Turkey reports over 2,300 new COVID-19 patients
S. Korea reports 114 more COVID-19 cases, 26,385 in total
US to sell F-35 fighter jets to UAE, White House tells Congress
All news