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The Organization of the Petroleum Exporting Countries (OPEC), de-facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 MMBD to 1.4 MMBD of supply to adjust for a slowdown in demand growth and prevent oversupply.

Leaders from 21 members of the Asia-Pacific Economic Cooperation group failed on Sunday to agree on a formal written declaration for the first time in their history.  "The leaders agreed that instead of a traditional leaders' declaration, they would leave it to the hands of PNG as the chair to issue a chair statement on behalf of all the members," said Zhang Xiaolong, a spokesman from the Chinese foreign ministry. Canada's Prime Minister Justin Trudeau admitted there were "different visions on particular elements with regard to trade that prevented full consensus on a communique document." Papua New Guinea Prime Minister Peter O’Neill, who was chairman of the meeting, said the sticking point was over whether mention of the World Trade Organization and its possible reform should be in the Leader’s Declaration. U.S. Vice President Mike Pence, who attended the summit instead of President Donald Trump, said in a speech on Saturday that there would be no end to U.S. tariffs on $250 billion of Chinese goods until China changed its ways.

A spokesman from Iraq’s Oil Ministry, Asim Jihad, said exports of Kirkuk oil restarted on Friday and that an agreement between the new central government of Iraq and Kurdistan’s semi-autonomous region had been reached to resume flows at 50,000-100,000 bpd. Baghdad and Erbil have yet to find a compromise over maximum flow levels as well as budget transfers from the central government to Erbil. U.S. State Department spokeswoman Heather Nauert said that resumption of Kirkuk oil was “another step in our efforts to reduce Iran’s oil exports.”

The U.S. oil rig count rose for a fifth time in six weeks, General Electric Co’s Baker Hughes energy services firm said in its report on Friday. Drillers added 2 rigs in the week to Nov 16, bringing the total count up to at 88, the highest level since March 2015.

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