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No OPEC output cut this month – Kuwait Oil Minister

FXStreet (Mumbai) - Kuwait Oil Minister Ali Al-Omair contradicted market expectation yesterday by stating that the Organization of Petroleum Exporting Countries (OPEC) will not cut its output in order to stabilize the falling Crude prices.

Speculations have been rife that the OPEC group, at its Nov. 27 meeting, may announce an output cut due to the rout in Crude prices. However, Saudi Arabia cut its price of Oil to the US, which did signal that the OPEC members do not intend to cut their output.

As per Bloomberg data, the OPEC, which has a production target of 30 million barrels a day, pumped 30.974 million barrels a day in October. “I don’t think there will be any cut in the production,” Al-Omair said at a conference in Abu Dhabi in the United Arab Emirates. “We feel prices will settle down once surplus oil is absorbed.”

The Oil Minister also stated that Kuwait has no plans to cut its own crude production. As per Bloomberg data, Kuwait produced 2.85 million barrels a day in October.

WTI Crude is trading 0.08% lower at USD 77.36/barrel, while Brent Crude for December delivery is trading 0.38% lower at USD 82.64/barrel. Brent futures fell to a four-year low earlier today on the increased threat of a supply glut.

Brent Crude Technical Levels

Brent has an immediate support located at 82.20, under which the prices can fall to 81.85 (daily low). Meanwhile, Brent may rise to 83.38, if the immediate resistance at 82.80 is breached.

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