Subtle signals from OPEC to European oil producers

As production in Russia is rising high to record levels, Norwegian oil is set to increase to 2-year high in production terms in Decemebr, OPEC is demanding that non-OPEC producers cooperate in discipline terms in volumes of production.

OPEC is indicating to oil producers in Europe, which are clear, while Saudi's prices for the Asian and US customers are relatively stable lately. Light Saudi Crude oil when compared to ICE Brent saw a record-high discounts of $4.75 per barrel, this is been agreed with Euro customers for December.

"Oil prices are treading water while they wait for equity and foreign exchange markets to indicate whether they should rise or fall. The oil market should expect no support from OPEC, however, unless the key non-OPEC producers are also willing to curtail production", says Commerzbank in a research note. 

Saudi Arabia's exported oil shipments to Polish refineries are also considered as signals, however Swedish refinery imported a delivery after decades.