OPEC and the oil price

Oil rose for a fourth session in a yesterday lifted by the prospect that top exporter Saudi Arabia will push OPEC and maybe Russia to cut supply towards the end of this year. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel. Despite yesterday's gains, Brent is almost 25 percent below early October's 2018 peak of eighty-six dollars, as evidence of slowing demand has materialised and output from the United States, Russia and Saudi Arabia hit historic highs.• Lukman Otunuga, Research Analyst at FXT • Chris Bredenhann Price water house Coopers Africa Oil & Gas Advisory Leader