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27 meeting, said Bjarne Schieldrop, chief commodity analyst at

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Canada Goose sale shale patch.

canada goose clearance sale An employee pumps gas into a car at a gas station of the state oil company PDVSA in Caracas December 16, 2013. REUTERS/Carlos Garcia Rawlins

canada goose But Saudi officials have given a different message in meetings with investors and analysts: the kingdom, OPEC largest producer, will accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two, according to people who have been briefed on the recent conversations.

The discussions, some in New York over the past week, offer the clearest sign yet that the kingdom is setting aside its longstanding de facto aim of holding prices at around $100 canada goose clearance a barrel for Brent crude LCOc1 in favor of retaining market share in years to come. shale patch or ultra deepwater, according to the sources, who declined to be identified due to the private nature of the discussions.

canada goose coats The conversations with Saudi officials did not offer canada goose uk shop any specific guidance on whether or by how much the kingdom might agree to cut output, Canada Goose Jackets a move many analysts are expecting in order to shore up Canada Goose Parka a global market that is producing substantially more crude than it can consume. Saudi Arabia Canada Goose sale pumps around a third of OPEC oil, or about 9.7 million barrels a day.

canadian goose jacket Asked about coming Saudi output curbs, one Saudi official responded cuts? according to one of Canada Goose online the sources.

Also uncertain is whether the canada goose uk black friday Saudi briefings to uk canada goose oil market observers represent a new tack it is committed to, or a talking point meant to cajole other OPEC members to join canada goose black friday sale Riyadh in eventually tightening the taps on supply.

One source not directly involved in Canada Goose Coats On Sale the uk canada goose outlet discussions said the kingdom does not necessarily want prices to slide further, but is unwilling to shoulder production cuts unilaterally and is prepared to tolerate lower prices until others in cheap canada goose uk OPEC commit to action.

canada goose deals OPEC ANGST With most other members of the cartel unable or unwilling to reduce their canadian goose jacket own output, the group next meeting on Nov. 27 is set to be its most difficult in years. OPEC has agreed to cut production only a handful of times in the past decade, most recently in the aftermath of the 2008 financial crisis.

Canada Goose Jackets On Friday, Venezuela one cheap Canada Goose of the cartel most price sensitive members became the first to call openly for emergency action even earlier. Foreign Minister Canada Goose Outlet Rafael Ramirez said doesn canada goose coats suit anyone to have a price war, for the price to fall below $100 a barrel

On Sunday, Ali al Omair, oil minister of Saudi Arabia core Gulf ally Kuwait, appeared to be the first to articulate the emerging view of OPEC most influential member, saying output cuts would do little to prop up prices in the face of canada goose store rising production from Russia and the United States.

don buy canada goose jacket cheap think today there is a chance that (OPEC) countries would reduce their production, state news agency KUNA quoted him as saying.

Canada Goose Outlet Omair said that prices should stop falling at around $76 to $77 a barrel, citing production costs in places such as the United States, where a canada goose coats on sale shale buy canada goose jacket oil boom has unexpectedly reversed dwindling output and pushed production to its highest level since the 1980s.

buy canada goose jacket cheap Saudi oil officials have made no public comments on the deepening swoon in markets. Senior officials did not reply canada goose uk outlet to questions from Reuters about recent briefings. shale production boomed and demand from Europe and China showed signs of flagging. [O/R]

Canada Goose online Brent fell below $88 a barrel on Monday, hitting its lowest in almost four years, after news of the Saudi and Kuwaiti statements.

canada goose coats on sale light of these comments, one should not expect any OPEC output cuts before the Nov. 27 meeting, said Bjarne Schieldrop, chief commodity analyst at SEB in Oslo.

An OPEC delegate from outside the core Gulf Arab group said he did not think canada goose OPEC would cut output at the November meeting but added he believed the Saudis should cut output unilaterally:

canada goose clearance question should be posed to Saudi Arabia

Canada Goose Parka The growing difference in opinions means OPEC is heading for its most tense meeting since mid 2011 when it failed to agree on an increase in output despite a loss of Libyan production.

Until recently, Gulf OPEC members have been saying that the price dip was a temporary phenomenon, betting on seasonal demand in winter to prop up prices. But a growing number of oil analysts now see the latest slide as something more than a seasonal canada goose factory sale downswing; some say it is the start of a pivotal shift to a prolonged period of relative abundance.

canada goose black friday sale Rather than fight the decline in prices and cede market share in the face of growing competition, Saudi Arabia appears to be preparing traders for a sea change in prices.

canada goose store The Saudis want the world to know that should be surprised with oil under $90 a barrel, according to one of the people. Another source suggested that $80 a barrel may now be an acceptable floor for the kingdom, although several other analysts said that figure seemed too low. Brent has averaged around $103 since 2010, trading mostly between $100 and $120.

While the latest discussions are the bluntest efforts yet to signal the shift in Saudi strategy, early signs had already begun sending shivers through the oil market. In early October the kingdom cut its official selling prices more sharply than expected in a bid to maintain customers in Asia, widely seen as the opening shots in a price war for Asian customers.

political floor on oil prices is weakening, Robert McNally, a White House adviser to former President George W. Bushand president of the Rapidan Group energy consultancy, coats wrote in a note to clients following a trip to Saudi last month.

As that message began to dawn last week, the price rout quickened, with Brent lurching to its lowest level since 2010.


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