Oil prices on shaky ground amid global financial market worries

US investment banks see low oil prices despite OPEC cut

"In April, we will have a meeting to review the decision", United Arab Emirates Energy Minister Suhail Al Mazrouei told reporters on the sidelines of a conference in Dubai.

He said that the producers chose to meet in April instead of June "to allow us to take the required decision", before the six months are up. "The decision was a very important step for the oil producers, the oil market and development of the oil industry in general".

The Organization of Petroleum Exporting Countries (OPEC) and other major oil producers have slashed oil production by 1.2 million barrels per day in a concerted bid to hike prices to $70 per barrel while eliminating oversupply. It produces 270,000 barrels of oil per day, more than a quarter of Libya's daily oil production.

OPEC Joint Technical Committee was created on January 22, 2017 to monitor the implementation of countries' commitment to cut oil production.

Malaysia is not an OPEC member. "On top of this, Saudi Arabia also needs higher oil revenues to fund domestic Saudi spending".

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The oil cartel is to negotiate with its allies including Russian Federation on Friday. Iran has been compromised as well as Libya and Venezuela, considering USA sanctions.

That sentiment was echoed by commodity hedge fund Philipp Oil, which said in an investor letter that while Brent has found a floor of around $60 a barrel after the supply limits were announced, weaker oil demand and booming USA shale output will keep markets oversupplied. While analysts from Goldman Sachs Group Inc.to Morgan Stanley are optimistic the OPEC+ curbs will bring some relief to the market, they raised concerns over the effectiveness of the pact in the longer term.

Meanwhile, American oil drillers including Hess Corp. are planning a spending hike next year, while ConocoPhillips pledged to maintain its 2018 level, the companies said in separate statements on Monday.

Kotak Institutional Equities expects a gradual recovery in crude prices from the recent lows, as the proposed curtailment by OPEC and Canada will balance the global oil supply demand in the near term, especially as seasonally weak demand season gets over in Q1CY19.

This was determined by Reuters based on data from Petro-Logistics, which put Saudi oil exports at 8.105 million bpd in November up from 7.491 million bpd in October, and taking into account that the kingdom's shipments next month are set to fall by more than 1 million bpd under the OPEC cutbacks.

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