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Officials and experts from OPEC countries and non-OPEC nations
including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and
Russia met for consultations in Vienna on Saturday and only
agreed to meet again in November before a scheduled regular OPEC
meeting on Nov. 30, they said in a statement.
London Brent crude for December delivery <LCOc1> was down 38
cents at $49.33 a barrel by 1047 GMT after settling down 76
cents on Friday.
U.S. WTI crude for December delivery <CLc1> was trading down 30
cents, or 0.6 percent, at $48.40 a barrel, after closing down
$1.02 on Friday.
"Oil prices are starting the new week of trading down after a
meeting between OPEC and non-OPEC countries failed to produce
any agreement at the weekend," Commerzbank said in a note.
It added there could be more downward pressure later in the day
as it expected OPEC production surveys to show the cartel
produced "significantly more oil than necessary in October."
On Friday, OPEC members failed to agree how to put in place a
global deal to limit production, following objections from Iran
which has been reluctant to even freeze its output, sources
said.
OPEC and non-OPEC countries said in a joint statement that their
Saturday meeting was a "positive development" towards reaching a
global output limiting deal on Nov. 30.
Robin Bieber, director with PVM Oil Associates, said the OPEC
deal was "a shambles."
"If OPEC were in any doubt what awaits failure to agree a
production cut in November last week's price action should have
been a wake-up call," Bieber said.
Asian imports of Iranian crude oil jumped by 70 percent in
September on the year, a sign of its growing market share, while
Russia expects to increase its oil output by 0.7 percent next
year and a further 0.9 percent in 2018, the draft federal budget
showed.
Russia also expects crude production to hit a record-high 548
million tonnes in 2017, up from an estimated 544 million tonnes
this year.
In another bearish sign, money managers cut their net long U.S.
crude futures and options positions for the first time in five
weeks in the week ended Oct. 25, the U.S. Commodity Futures
Trading Commission (CFTC) said on Friday.
(Additional reporting by Aaron Sheldrick Osamu Tsukimori in
Tokyo; Editing by Mark Potter)
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