Organization of Petroleum-Exporting Countries

US equity futures in the green ahead of critical Senate debate on US tax reform and a much anticipated testimony from Yellen replacement Jerome Powell for Fed’s current policy approach.  European stocks advance, led by oil and gas stocks after Shell fully restored its cash dividend and unveiled a bullish outlook. Asian shares slide despite the reappearance of the Chinese "National Team" which stabilized the SHCOMP selloff in the last hour. USD recovers gradually from overnight lows against G-10, pushing GBP/USD and EUR/USD to session lows, while oil and treasuries edged lower.

One year after OPEC pulled off what many considered impossible, and on November 30, 2016 in Vienna the cartel managed to reduce oil production by most OPEC and several key non-OPEC nations by 1.2 million barrels daily in an effort to reduce the global oil glut, this time things are looking far more shaky, at least according to Goldman Sachs which in a Monday afternoon note writes that the outcome of OPEC’s November 30 meeting is far more uncertain than usual for two main reasons: i) Russia has yet to endorse Saudi Arabia’s proposal for a 9-month extension to production cuts and ii) fundamen

Authored by Tsvetana Paraskova via OilPrice.com,

Saudi Arabia and Russia have agreed that OPEC and non-OPEC allies should announce an extension of the cuts at the highly-anticipated meeting in Vienna on November 30, Bloomberg reported on Friday, quoting people involved in the talks.

Authored by Irina Slav via OlPrice.com,

As the November 30 meeting in Vienna of OPEC and its partners in the oil production cut deal nears, worry has returned among traders: one of the brokers of the deal might decide to walk out on the deal instead of participating in another extension.

We’re talking about Russia, the world’s top producer and exporter, who many believe played OPEC and specifically its leader, Saudi Arabia, by agreeing to a relatively minor production cut from its nearly record-high rate of production.

WTI/RBOB bounced today in anticipation of a reversal of the last two week's builds in crude inventories, and bulls were not disappointed by the API print.  Jan '18 WTI pushed above $57 and RBOB rose after a big crude draw (though gasoline build).

“It looks like we are going to get a draw in crude oil inventories. That’s somewhat supportive,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone.