UPDATE 1-Oil drops as OPEC makes supply cut dependent on Russian support
* OPEC agrees supply cut but wants support from Russia
* Oil supply has surged, pulling down crude by 30 pct sinceOct
* OPEC, Russia & U.S. oil production: https://tmsnrt.rs/2QczFSp (Recasts with lower prices, comment; adds U.S. data, graphic)
By Henning Gloystein
SINGAPORE, Dec 7 (Reuters) - Oil prices fell on Friday,pulled down by OPEC's decision to delay a final decision onoutput cuts, awaiting support from non-OPEC heavyweight Russia.
International Brent crude oil futures LCOc1 fell below $60per barrel early in the session, trading at $59.50 per barrel at0144 GMT, down 56 cents, or 0.9 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 wereat $51.24 per barrel, down 25 cents, or 0.5 percent.
The declines came after crude slumped by almost 3 percentthe previous day, with the Organisation of the PetroleumExporting Countries (OPEC) ending a meeting at its headquartersin Vienna, Austria, on Thursday without announcing a decision tocut crude supply, instead preparing to debate the matter onFriday. urn:newsml:reuters.com:*:nL4N1YB17Ourn:newsml:reuters.com:*:nL8N1YB1II
"OPEC has decided to meet Friday again...(as) Russia remainsthe sticking point," said Stephen Innes, head of trading forAsia/Pacific at futures brokerage Oanda in Singapore.
Analysts still expect some form of supply reduction to bedecided.
"We are beginning to witness the outline of the nextiteration of production cuts, with OPEC conforming to cut itsown production by around 1 million barrels per day, with thecartel lobbying non-OPEC members to contribute more," Japanesebank MUFG said in a note.
SUPPLY SURGE, PRICE PLUNGE
Oil producers have been hit by a 30-percent plunge in crudeprices since October as supply surges just as the demand outlookweakens amid a global economic slowdown. urn:newsml:reuters.com:*:nL8N1Y105B
Oil output from the world's biggest producers - OPEC, Russiaand the United States - has increased by 3.3 million bpd sincethe end of 2017, to 56.38 million bpd, meeting almost 60 percentof global consumption. PRODN-TOTALC-RU-OUTC-OUT-T-EIA
That increase alone is equivalent to the output of majorOPEC producer the United Arab Emirates.
The surge is largely down to soaring U.S. crude oilproduction C-OUT-T-EIA , which has jumped by 2.5 million bpdsince early 2016 to a record 11.7 million bpd, making the UnitedStates the world's biggest oil producer.
As a result, the United States last week exported more crudeoil and fuel than it imported for the first time on recordsgoing back to 1973, according to data released on Thursday.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: OPEC, Russia & U.S. crude oil production https://tmsnrt.rs/2QdhkVc GRAPHIC: U.S. turns into net exporter of oil https://tmsnrt.rs/2QiW7cA ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Reporting by Henning GloysteinEditing by Joseph Radford) ((email@example.com; +65 6870 3263))
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