The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce the price of crude.
Middle East
Slowing Demand and a Supply Glut to Drain Oil’s Gains in 2019: Reuters Poll
A survey of 38 economists and analysts forecast Brent crude LCOc1 to average $74.50 a barrel in 2019, lower than the $76.88 outlook last month. The poll predicted Brent would average $73.20 in 2018, mostly in line with the $73 average for the global benchmark so far this year.
Breaking News – Crude Oil Prices Dip on Swelling U.S. Supply – OPEC Output Cuts Loom
U.S. West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.
Trump Wants Saudi Arabia As An Ally Despite ‘Vicious’ Khashoggi Murder
Gold Silver Reports (GSR) – Under pressure to punish Saudi Arabia for Khashoggi’s death inside the Saudi consulate in Istanbul on Oct. 2, Trump questioned the alleged role of Saudi Crown Prince Mohammed bin Salman, who is known as MbS and is the kingdom’s de facto ruler.