WorldOil Oil prices near $50 on OPEC compromise, booming Asian demand The prompt timespread for global benchmark Brent crude moved further into backwardation, while the nearest December contract is trading at a higher level than the same contract for December 2022. OPEC’s deal fractures group unity, sets up future struggles After a split emerged between Saudi Arabia and the United Arab Emirates, the cartel couldn’t agree on what had been widely expected before this week: a full three-month delay to the scheduled January output increase. U.S. crude may be included in Brent global benchmark pricing The move reflects the growing importance of U.S. crude internationally -- the country five years ago ended restrictions on oil exports imposed during the energy crises of the 1970s -- and the fact that supplies of some of the North Sea’s key grades are dwindling. Oil prices slide ahead of OPEC+ output decision Futures in New York traded near $45 a barrel. Discussions are now focusing on proposals for a gradual easing of production cuts over several months, following talks between Russia, Saudi Arabia and the United Arab Emirates, said a delegate. OPEC+ narrowing in on deal to restore oil production gradually Discussions have focused on a gradual relaxation of output cuts over several months, and according to one delegate there could be a one-month delay before the tapering starts. Oil prices stabilize as OPEC focuses on diplomacy Expanding stockpiles, strong demand in Asia and a suddenly resurgent North Sea market highlight the problems faced by OPEC and its allies as they consider whether a bifurcated market can handle more supply. Dramatic meetings leave OPEC+ in relationship-mending mode Differences between the Saudis and the UAE prevented the cartel from reaching a clear agreement on whether to delay a planned production increase. Traditionally stalwart allies, a fissure has emerged between the two Persian Gulf exporters as Abu Dhabi pursues a more independent oil policy. OPEC’s credibility on the line as factional divides deepen OPEC ministers met on Monday and had been scheduled to talk to their non-OPEC partners on Tuesday. At one point, there had appeared to be a consensus building between ministers yesterday, but the meeting then became unusually fraught. Oil prices rise as OPEC+ delays a decision on output hikes OPEC+ ministers will now meet on Thursday rather than Tuesday to allow more time to deliberate on whether to delay a planned increase in output from January. Exxon faces multi-billion-dollar writedown as fossil fuel prices struggle Exxon disclosed it will write down the value of North and South American natural gas fields by $17 billion to $20 billion as cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales strain the balance sheet.