Adds trend change, analyst, context
London (awp/afp) – Oil prices oscillate on Friday, due to lower production in September in the United States, after starting in the red due to the postponement of the biannual OPEC+ meeting, suggesting internal divergences.
Around 4:55 p.m. GMT (5:55 p.m. CET), the price of a barrel of Brent from the North Sea, for delivery in January, which is the last day of trading, lost 0.20% to $73.13.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, gained 0.20% to $68.85.
The consensus of analysts is still aligned with a continuation of additional voluntary cuts by the Organization of the Petroleum Exporting Countries (OPEC) and their allies, united in OPEC+.
But the postponement of the meeting instilled the idea that “a shock decision” to increase the cartel's production, “in a price war to defend its global market share”, was still possible, says analyst Han Tan at Exinity.
Some countries, such as the United Arab Emirates and Kazakhstan, would like to develop new oil projects and are pushing to produce more.
The meeting of 22 OPEC+ ministers, initially scheduled online on Sunday, was postponed until next Thursday, officially because “several ministers are participating in the 45th Gulf summit” this weekend in Kuwait, OPEC said in a statement. press release.
But, according to analysts, it would above all be a question of gaining time for member countries to agree.
On the geopolitical level, the truce between Israel and Hezbollah in Lebanon, in force since Wednesday, helped to bring down part of the risk premium which was driving up the price of black gold.
However, “any developments in the Middle East could change this situation,” warn Energi Danmark analysts.
Furthermore, data published on American production in September shows a slight decline of 157,000 barrels per day compared to that of August, according to data from the American Energy Information Agency (EIA).
Additionally, “US crude inventories fell by 1.8 million barrels last week,” ending a three-week streak of increases, according to the EIA.
The decline in crude oil reserves is a factor supporting black gold prices.
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