>> Oil prices plunged to their lowest level in over a year on Friday. Crude now on a seven week losing streak, prices down by a fifth this month alone. US Light Crude off over 5% Friday to little more than $50 a barrel. A surge in production is the big factor.
That's outweighing any upward pressure on prices after Iran exports were cut by US sanctions. All eyes now turn to the December meeting of oil producers cartel, OPEC. Reuters', Ron Bousso is in London.>> What some members of OPEC, including Saudi Arabia, are definitely pushing for are cuts, significant cuts of maybe up to 1.4 million barrels per day.
Now other members are pulling in maybe a different direction or a smaller cut.>> It was a very different picture earlier this year, when oil prices hit four year highs. Then the worry was about too little supply.>> The bearish mood is not only because of the oil market.
It goes beyond to trade wars, issues of trade wars, the stronger dollar.>> Demand could sink, too, with global economic growth going soft. That means production cuts might need to be big to make much a difference. Non-OPEC production alone is actually forecast to rise by over 2 million barrels per day this year, demand up by little more than half that amount.
Now, Morgan Stanley predicts Brent will jump back to $70 or more if there is production cut. If there isn't, then it could be hard to call the bottom of oil's bear market.