Oil prices fall in Asia ahead of OPEC meeting

SINGAPORE, Dec. 17 - Asian benchmark Brent crude fell on Thursday but remained above $44 a barrel as traders awaited OPEC's meeting on Friday to see if the group will cut output from the current high of 31 million barrels per day (bpd). Any cut would reduce the global crude surplus which has weighed on prices for more than a year. Most analysts expect the Organization of the Petroleum Exporting Countries (OPEC) to decide against cutting output as the cartel's biggest producer, Saudi Arabia, and its Gulf allies Kuwait, Qatar and the United Arab Emirates are more focused on defending market share. OPEC's decision in November last year to maintain high output accelerated the decline in oil prices from above $100 a barrel in mid-2014. `Saudi Arabia and its close Gulf allies, Kuwait, Qatar and the United Arab Emirates, between them account for well over half of OPEC's 31.5 million barrels per day of production, and the rest of OPEC cannot force them to cut,` energy consultancy IHS said in a report. `Without the Gulf group, no OPEC agreement is effective,` it said, as quoted by AFP. Iran is also expected to announce plans at the meeting to raise its oil exports once crippling Western sanctions are lifted under a landmark deal with world powers to curb Tehran's nuclear program. Iranian Deputy Foreign Minister Abbas Araghchi said last week his country expects the deal to be implemented in early January, once Tehran has implemented its commitments. `Certainly, it is almost inconceivable that Saudi Arabia would cut back its own output in order to make room for its rivals in general and Iran in particular, should sanctions be lifted,` IHS said. The market will also be watching weekly U.S. commercial crude oil inventory data due on Wednesday for clues to demand in the world's biggest oil consumer. (Reporting by Jacob Gronholt-Pedersen; Editing by Michael Perry)
Editor: Heppy Ratnahttp://www.antaranews.com/berita/532770/harga-minyak-turun-di-asia-jelang-pertemuan-opec