OPEC Chief Urges US Shale To Curb Oil Output

Why OPEC says'Extraordinary Steps are needed

Brent rose 2 percent the previous day.

OPEC and other oil producers may need to take "some extraordinary measures" next year to rebalance the oil market, the OPEC secretary-general said on Sunday.

U.S. West Texas Intermediate (WTI) crude futures were trading at $49.65 per barrel at 0327 GMT, up 7 cents, or 0.14 percent, from their last close.

OPEC is courting U.S. shale oil producers and other crude-producing nations to join the oil cartel to restore equilibrium price in the market, which would be advantageous for India as the country is one of the leading consuming countries.

Speaking of rising crude oil price, Mohammed Barkindo said that for India, which is dependent on OPEC countries for 90% of its imports, will require the active participation of both OPEC and other non-OPEC countries to restore balance.

In a deal aimed at clearing the glut, Opec is curbing output by about 1.2 million bpd, while Russian Federation and other non-Opec producers are cutting half as much, until March 2018. "I don't think there are many losers out there".

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Opec said it pumped 32.75 million bpd in September, up about 89,000 bpd from August. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd.

Later on Wednesday, the American Petroleum Institute will release weekly U.S. fuel inventory data, followed by official figures from the U.S. Department of Energy on Thursday.

"It would be ambitious to expect shale producers to join the current production cut agreement, but the same could have been said for OPEC working with non-OPEC members to limit production output, and this has actually taken place".

Iraqi government forces and Iranian-trained Iraqi paramilitaries are "preparing a major attack" on Kurdish forces in the oil-rich region of Kirkuk and near Mosul in northern Iraq, the Kurdistan Regional Government (KRG) said.

Monroe Energy, a subsidiary of Delta Air Lines Inc, was shutting its 185,000 barrel-per-day Trainer, Pennsylvania, refinery due to a fire on Wednesday, a source familiar with the plant's operations said.

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