Will oil price shoot up again?

Oil Price Enters Bear Market Even as U.S. Crude Output Hits Record-High

Addressing an energy conference in the United Arab Emirates, Falih, head of the rotating presidency of OPEC, said Saudi Aramco would commit to a 500,000-bpd cut starting next month.

US West Texas Intermediate (WTI) crude oil futures were at $59.06 per barrel at 0115 GMT, down 87 cents, or 1.5 per cent from their last settlement.

Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.

Opec member states and allies led by Russian Federation could consider cutting up to a million barrels per day, if needed, after the group raised concern over higher global supply hitting the markets next year, the Saudi oil minister said on Monday.

Meanwhile, analysts believe OPEC, led by Saudi Arabia, of course, "is acting responsibly by reducing its production that it had earlier brought online to offset possible Iranian losses".

Crude oil futures have spiked in early trade on Monday, following reports that Saudi Arabia will cut production levels in December.

The Saudis are taking the lead in an attempt to counter a price slide of about 20% since early October, which reflected U.S. waivers that tempered the impact of sanctions on Iran, as well as signs of an emerging glut in America.

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Oil prices rose by more than one percent on Monday after top exporter Saudi Arabia announced a December supply cut, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October. The administration had been counting on Saudi Arabia to assure oil supply to prevent a run-up in prices.

Worldwide benchmark Brent crude oil futures were at $69.17 per barrel, down 95 cents, or 1.4 percent, from their last close. "Oil prices should be much lower based on supply!" he tweeted Monday.

This time, Saudi Arabia is urging allies to focus on the risk of rising oil inventories and forecasts for massive growth in rival supplies next year including USA shale.

"We want to enter 2019 with a minimum amount of stocks", Falih said.

Although there are signs of a glut emerging in the USA, the Saudi minister said Sunday it was too early to talk about coordinated production cuts within OPEC+. The rupiah's plunge to a 20-year low last month is spurring Southeast Asia's biggest economy to push forward with a plan to reduce pain from a growing dependence on imported crude oil.

"Hopefully, Saudi Arabia and OPEC will not be cutting oil production". But even just signalling that producers could cut production by 1% can make a huge difference in energy markets and beyond.

The market should be balanced by the middle of next year, though there are forecasts for a surplus of 1 million to 1.4 million barrels a day, he said.

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