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Buy the rumor sell the fact. Next big day? Nov. 30
October 19, 2016
Many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih.

The minister didn’t name any countries in his speech at the Oil & Money conference in London Wednesday, saying only that negotiations will continue until the scheduled Nov. 30 meeting of the Organization of Petroleum Exporting Countries in Vienna. So far, only Russia has said it’s considering an output freeze or a reduction, while other non-OPEC producers that cooperated with past supply curbs, including Mexico and Norway, said they won’t cut.
“We are going to work with our colleagues and the decision I think will be fair and equitable to all countries,” Al-Falih said in an interview after his speech. Saudi Arabia will not decide alone how much production it should cut because “this is a collective decision that we have to make.”

Al-Falih painted an upbeat picture, telling a packed audience that included the chief executive officers of Exxon Mobil Corp., Chevron Corp. and Total SA that the oil market is "clearly rebalancing," bringing the industry to the end of a "considerable downturn." U.S. crude inventories are declining and supply and demand are coming back into line, he said.

Oil has fluctuated near $50 a barrel amid uncertainty about whether OPEC will be able to implement an accord to reduce supply at an official meeting in November. A committee will meet later this month to try to resolve differences in the group over how much individual countries should pump. There’s no possibility that Russia will pull out of its agreement to cooperate, OPEC Secretary-General Mohammed Barkindo said Tuesday.

Oil producing countries can secure a "healthy" price increase with a small percentage output cut, Al-Falih said. Crude futures extended gains after the minister’s comments, with West Texas Intermediate advancing 1.3 percent to $50.95 at 7:08 a.m. on the New York Mercantile exchange.

The consensus among executives, traders and officials gathered at the annual Oil & Money conference was that the world should get used to oil prices between $50 and $60. Falling costs in America’s shale fields will counteract OPEC’s renewed commitment to supply management, keeping a lid on prices, they said.

http://www.bloomberg.com/news/articles/2016-10-19/saudi-arabia-says-many-nations-back-opec-move-to-boost-oil-price