Crude Oil Prices Mixed in Choppy Trade

Pradhan reiterates need for 'responsible crude pricing' to OPEC chief

OPEC's focus is on to jointly implement the supply adjustments in order to continue to accelerate the destocking to restore stability, Mohammed Barkindo said adding, if the balance is restored between demand and supply of crude oil, it would be in the best interest of the global economy.

While market rebalancing is progressing, producers may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said Sunday. Countries like India should actually be the "preferred destination", he added.

Yet they argue that the fact that the distillate market (i.e., diesel and heating oil) is very tight and should remain so during the important winter season means that demand for lower gravity products like Brent and others will be much stronger than that for shale oil. "These have been fruitful", he claimed. The jump follows a 3.3-percent decline last week, the sharpest weekly fall in four months.

Barkindo - who made no comments on the effect of the presence of new technologies like the electric auto on oil prices - made this revelation at the Reuters Global Commodities 2017 Summit, 9 October 2017, London, UK. OPEC however thinks demand will spike.

"Despite very strong demand from worldwide waterborne customers at more than 7.711 million bpd, they were allocated only 7.150 million bpd", the spokesman said in a statement. From January to now, we have seen 100 per cent conformity to supply adjustments, coupled with positive response and robust demand growth.

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Barkindo also clarified that discussions are ongoing of the OPEC with potential candidates or producers to achieve its resolve to jointly act together for the industry, which is improving through the commitment and conformity shown by member countries.

Pradhan highlighted that in the now oversupplied crude market, it is important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres, and suggested that the OPEC at its ministerial meetings give wider consideration to Indias requests.

The minister hoped that OPEC will understand India's point of view.

During 2000 to 2015, India's imports from OPEC nations increased from $2 billion to almost $140 billion.

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