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Crude oil futures traded marginally lower on Friday morning following speculation over the further production cuts by the oil-producing nations in the coming days. The ministerial meeting of OPEC (Organisation of the Petroleum Exporting Countries) and its allies, known as OPEC+, is likely to come out with a decision in its proposed meeting on November 30.
At 9.53 am on Friday, January Brent oil futures were at $81.52, up by 0.12 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $76.48, up by 0.12 per cent.
December crude oil futures were trading at ₹6,383 on the Multi Commodity Exchange (MCX) during initial trading, against the previous close of ₹6374, up by 0.14 per cent, and January futures were trading at ₹6,427, as against the previous close of ₹6,418, up by 0.14 per cent.
Output cut likely?
In a recent development, OPEC+ rescheduled its ministerial meeting from November 26 to November 30. Though it did not attribute any reason for rescheduling the meeting, some trade reports attributed this to disagreements over output cuts by some member countries.
These reports said African countries such as Angola, Congo and Nigeria had their production targets cut since they struggled to meet their 2023 targets. It was agreed in the OPEC+ meeting then that their targets would be revisited before the end of 2023 and possibly revised higher. The reports said they are reportedly unhappy about their production targets for next year.
However, the latest market reports indicate that the oil producers’ group could extend the production output cuts in its meeting on November 30. This helped boost the price of crude oil early on Friday morning.
There was not much action in the market on Friday morning following the Thanksgiving holiday in US.
December natural gas futures were trading at ₹257.80 on MCX against the previous close of ₹256.30, up by 0.59 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December turmeric (farmer polished) contracts were trading at ₹12580 against the previous close of ₹12428, up by 1.22 per cent.
December dhaniya futures were trading at ₹7818 on NCDEX against the previous close of ₹7878, down by 0.76 per cent.
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