• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 4 hours China's Blueprint For Global Power
  • 5 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 1 hour IMO 2020:
  • 1 hour World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 9 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 9 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 6 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 2 hours Deepwater GOM Project Claims Industry First
  • 9 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 3 hours Brexit agreement
  • 11 hours Why don't the other GOP candidates get mention?
  • 11 hours Bloomberg: shale slowing. Third wave of shale coming.
Alt Text

The End Of The Asian Oil Product Glut

Trafigura, one of the world’s…

Alt Text

OPEC’s No.2 Prepares For Oil Export Boom

Iraq’s oil export capacity is…

Alt Text

US Shale Production Is Set For A Steep Decline

The once-booming U.S. shale revolution…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Set To Book Worst Month In A Decade

Oil prices dropped early on Friday, on course to finish their worst month since 2008, as fears of oversupply and slowing demand growth dragged oil down into a bear market in November with prices off by some 30 percent from four-year highs in early October.

At 07:10 a.m. EDT on Friday, WTI Crude was down 1.81 percent at $50.52, and Brent Crude traded down 1.47 percent at $59.03.

On Thursday, oil prices jumped on reports that Russia had conceded that it needs to reduce oil production and join a new Saudi-led OPEC cut to balance the market.

The rise didn’t last long—prices headed down again on Friday, pressured by rising U.S. oil production and comments by Russia’s Energy Minister Alexander Novak, who said in an interview with the TASS news agency that “To me, the current price range is comfortable for producers and consumers.”

Earlier this week, Russian President Vladimir Putin also signaled that Moscow is okay with oil prices at their current levels.

Russia is comfortable with oil at around $60, Putin said, a week ahead of the OPEC+ meeting in Vienna and just two days before the G-20 summit in Buenos Aires.

In his interview with TASS published on Friday, Novak, as usual, was elusive about Russia’s position about a new production cut, and said that Moscow will have its stance ready by the December 6-7 meeting.

Before the OPEC/non-OPEC meeting, the oil market will be looking for clues about global economy and trade at this weekend’s G-20 summit. U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet on the sidelines of the event to discuss the trade war. Putin, for his part, is expected to meet with Saudi Crown Prince Mohammed bin Salman and the two may discuss the OPEC-Russia oil cooperation, days ahead of the OPEC+ meeting.

The next few days could provide some major catalyst for oil prices.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • EHLipton on November 30 2018 said:
    Couple of thought provoking saying's; be careful what you THINK you want,, you just might get it, you mess with the BULL'S,, you get the horn's,,, or bear's, take nothing for granted,, cause nothing tangible ever last's, never get to big fer your britches,, cause they'll rip leaving you showing you are an ass. What is, soon will pass. And,, you can't move forward while hanging onto past wishes or realities.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play