OPEC's assembly concludes with out yielding output reduce resolution

Kotak positive on GAIL, ONGC after OPEC production cut decision

Crude oil prices fell early Monday as China-related tensions weighed on the market, while the impact of the OPEC plus production cut announced last week was offset by concern about us rising output.

The 15-member cartel, led by Saudi Arabia, agreed with Russian Federation to cut production by 1.2 million barrels per day (bpd) by January to support prices amid a global supply glut and fears of waning demand.

"During the talks, the Secretary expressed that the United States continues to view Saudi Arabia as an important ally, particularly in the energy space".

But Al-Falih shrugged off the pressure last week, saying "we don't need permission from anyone to cut" production.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018.

He disclosed that his country would reduce oil supplies by 2.5% in January compared to the level of October.

It was the latest sign of how the shale boom has lifted the U.S. standing on global petroleum markets, prompting talk of "energy dominance" by Trump.

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There are also some doubts that all producers will follow through with their announced cuts.

"The near-term outlook for oil remains cloudy however as USA supply continues unabated, confirmed by news at the end of last week that for the first time in 75 years, America became a net oil exporter", Cawley added. "We're seeing volatility for now and there are some global uncertainties ahead of us such as trade tensions that may suppress demand coupled with potential American supply increase, both bearish for prices".

The government of Alberta province in Canada has also ordered a mandatory cut in production of crude oil and bitumen in their province by 0.325 million barrels per day starting from January 2019. Saudi Arabia is now the world's largest oil exporter.

Crude output has surged in the United States, set to end 2018 as the world's top oil producer, ahead of Russian Federation and Saudi Arabia. While analysts from Goldman Sachs Group Inc.to Morgan Stanley are optimistic the OPEC+ curbs will bring relief to the market, they're concerned over the longer-term effectiveness of the pact.

Some countries have been applied a compromise within the framework of the agreement on reduction of oil production. The price of oil has fallen 25 percent recently because major producers and the USA are producing oil at high rates.

All major oil producing nations, including Saudi Arabia, Russia and the U.S. have all substantially increased out and kept it high for a prolonged period of time, resulting in the creation of a oil environment that is reminiscent, and precepted, the 2014 downturn.

The oil cut agreement is expected to lower the glut of supply in the global oil market and bring crude prices up, which have fallen by more than 30 percent since October.

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