Global oil prices projected to be stable in 2018: OPEC

Global oil prices projected to be stable in 2018: OPEC

Global benchmark Brent was up 7 cents, or 0.1 percent, at $63.90 a barrel, after settled down 1.4 percent on Thursday, also a two-week low.

Oil prices may find some support as the U.S.is considering oil-related sanctions on OPEC member Venezuela to pressure its socialist President Nicolas Maduro, a USA official said on Wednesday.

USA crude is on track for a 4 percent drop this week, its first weekly decline in three, having given up much of the gains in recent weeks when sentiment was boosted by a fall in inventories at the Cushing delivery point for WTI.

The Organization of the Petroleum Exporting Countries (OPEC) will hold a dinner on Monday in Houston with US shale firms, the latest sign of the producer group widening talks about how best to tame a global oil glut.

USA light crude CLc1 is forecast to average $58.88 a barrel in 2018, up from $58.11 in the January poll.

Global oil prices are one of the factors taken into account while formulating the Indonesian Crude Oil Price (ICP) issued by the Ministry of Energy and Mineral Resources through the Directorate General of Oil and Gas in the first week of the following month.

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Output from the 14 members of OPEC fell 80,000 barrels a day to 32.28 million a day in February, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

US crude output reached a record in November, although it slipped in the last month of 2017.

"One of the things that contributed to the strength of the (oil) market was the weakness of the United States dollar over the past couple months", said Gene McGillian, manager of market research at Tradition Energy in Stamford.

OPEC officials are expected to meet US shale executives next week in Houston, at the annual CERAWeek conference, presented by IHS Markit. "A transition of the deal is needed but not yet visible, with both an over-tightening and an orderly unwinding being potential scenarios", said Norbert Rucker, head of commodity research at Swiss bank Julius Baer. Friday's move came as stock indexes pared losses or turned higher.

The OPEC/non-OPEC cuts totaling roughly 1.8 MMBPD, which began in January 2017, have helped raise prices from lows around $26/Bbl in January 2016.

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