Russian, OPEC ministers to meet this week on oil output cuts

FUTURES: Crude steady after 8% overnight surge on OPEC deal

Both contracts have lost almost 1 percent so far this week. Slightly more (43 percent) see prices closer to $50, while 35 percent see them closer to $60. The announcement ended a strategy of high supply that had aimed to cripple the USA energy industry, but also led to decade-low prices and drained the budgets of crude-oil producing nations.

Meanwhile, OneNewsNow did ask if this is all the more reason to go after more North American oil and say Farewell, OPEC.

Brent crude rose as high as $55.26 in late morning trading, up 1.4 per cent, while West Texas Intermediate crude rose one per cent to $52.19.

Meantime, expectations are that gasoline prices will also rise in 2017, though by a smaller margin than diesel and crude oil.

Rallying oil prices on the heels of OPEC's production cut decision began to lift gas prices this past week, raising Houston's regional retail price average for the first time in several weeks. Also global oil inventories are expected to build next year at a rate that is expected to be just more than half of this year.

Indonesian output rose by 10,000 bpd. Analysts point out that was the highest pre-sanctions production figure for the country.

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The market remained leary that cuts by non-OPEC members, in tandem with the OPEC cuts, would be sufficient.

"We remain skeptical that non-OPEC producers will line up to pledge their own reductions when OPEC's announcement last week already largely took responsibility for rebalancing the market", said Tim Evans, energy futures specialist with Citigroup in NY.

And then there is what appears to be the Angola fudge (Angola is broke). But Opec does not appear to have added Angola's 200,000 bpd production to its starting point for the overall deal. At last week's meeting, Indonesia suspended its membership again.

Libya and Nigeria, both of which are exempt from the supply cut due to the impact on their output from conflict, boosted production in November. "Approximately, 0.3-0.4 mbpd of production could return from these areas", the report said.

"Focus at the moment is on the key producers and Opec and growing doubts non-Opecproducers will be able to come up with 600,000 barrels of cuts", said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.

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