Oil producers agree to stabilise global market

27 September, 2018, 08:31 | Author: Manuel Hopkins
  • Saudi energy minister rips Trump tweet: 'I do not influence oil prices'

Oil benchmark Brent traded little changed on Wednesday after rising to its highest in almost four years in the previous session, while U.S. crude futures fell as United States' officials tried to assure that the market would be well-supplied before sanctions are re-imposed on producer Iran.

A decade ago, Brent crude surged to almost US$150 a barrel, only to crash just months later as high fuel prices and the global financial crisis triggered a slump in demand.

Brent crude futures were down 4 cents at $81.83 a barrel by 0342 GMT, after gaining almost 1 per cent the previous session.

Oil prices are now hovering uncertainly amid dwindling exports from Iran, poor production from other OPEC members and Brazil, decelerating output growth in the United States, and an uncertain consumption outlook.

The so-called "OPEC+" group, which includes the likes of Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output, but the upshot of the gathering was that the group was in no rush to do so.

"Fears that supply will be hit when the U.S. sanctions on Iran kick in come November are pushing up oil prices", said Madden. "We will remember. The OPEC monopoly must get prices down now!" he wrote on Twitter.

The United States is coordinating policy on sanctions and production closely with both Saudi Arabia and Russia; the US energy secretary has met both his Saudi and Russian counterparts in the last fortnight. That was the highest level since November 12, 2014.

Instagram co-founders resign after 'clash' with Facebook's Zuck
WhatsApp co-founder Jan Koum earlier this year left Facebook , which had bought the smartphone messaging service for $19 billion. Facebook's growth has started to slow, and Wall Street has been pushing the company to find new ways to increase revenue.

OPEC leader Saudi Arabia and its biggest ally outside the group, Russia, have pushed back against complaints by US President Donald Trump that oil prices are too high, Reuters reported.

In June this year, however, after months of cutting by more than their pact had called for amid involuntary reductions from Venezuela and other producers, they agreed to boost output by returning to 100 percent compliance.

The Saudi Arabian energy minister Khalid al-Falih told reporters at a gathering of energy ministers both from OPEC and non-OPEC countries in Algiers on Sunday, "I do not influence prices".

OPEC's reticence, combined with signs of accelerating supply losses from Iran, created a bullish mood the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday. But the American Petroleum Institute points out that during that time, exports fell 1.3 million barrels per day.

4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.

Worse, U.S. commercial crude oil inventories are at their lowest since early 2015. Furthermore, it leaves the market extremely vulnerable to supply disruptions.

"We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels", said Edward Bell, commodity analyst at Emirates NBD bank.


  • With bated breath, UN awaits another first for Trump

    With bated breath, UN awaits another first for Trump

    But Macron's harshest criticism had to do with the Paris climate agreement, which Trump withdrew the USA from in 2017. In his address past year to the UN, Trump insulted Kim as a "rocket man" bent on nuclear destruction.
    Trump calls allegations against his court nominee a 'con game'

    Trump calls allegations against his court nominee a 'con game'

    Ramirez told the magazine she was inebriated as well and admitted to holes in her memory, which Trump seized on in his remarks. Treasurer Rosario Marin is supporting the woman who accused Supreme Court nominee Brett Kavanaugh of sexual assault .
    Pellegrini explains that Yarmolenko needs time to adapt to the Premier League

    Pellegrini explains that Yarmolenko needs time to adapt to the Premier League

    The Austrian is struggling with a knock to his knee but his manager is hopeful the attacker will be available. And as such, Snodgrass says there is belief that West Ham can put rivals Chelsea to the sword.
  • Russian Federation  to provide Syria with new S-300 air defense missiles

    Russian Federation to provide Syria with new S-300 air defense missiles

    The United States should encourage a chorus of other countries to join in condemning Iranian military adventures in Syria. The incident comes a day after the opposition group announced rejecting to cooperate with the Russian-Turkish agreement.
    Iran appears to soften stance on OPEC oil output increase

    Iran appears to soften stance on OPEC oil output increase

    Kharg Island provides a sea port for the export of oil and extends Iranian territorial sea claims into the Gulf oil fields. One problem is the uncertainty over how much oil will be lost when the USA -led sanctions against Iran begin in November.

    Republican Congressman’s 6 Siblings Urge People To Vote - For His Opponent

    Paul moved to Arizona after college. "None of us even want to do it", brother David Gosar told the newspaper. Gosar's siblings appeared in other ads for Brill that were uploaded to his YouTube page .
  • Facebook announces Oculus Quest All-in-One VR System

    As part of those efforts, there will be over 50 titles available for the Quest at launch, including The Climb and Moss . So you can take it between your home, your office and your friend's home and it'll remember its guardian setup for each.
    New father John Isner falls at Laver Cup

    New father John Isner falls at Laver Cup

    The final singles battle saw David Goffin (Team Europe) edge out Diego Schwartzman (Team World) 6-4, 4-6, 11-9 in a thriller. Team Europe hold a 7-5 lead over Team World before the final day's action at the Laver Cup .
    Absolutely convinced PM Modi is corrupt: Rahul Gandhi

    Absolutely convinced PM Modi is corrupt: Rahul Gandhi

    Dassault Aviation, the makers of Rafale, had chosen Reliance Defence as its partner to fulfil offset obligations of the deal. He pointed out that Hollannde who is not in office any longer was under no serious political compulsion to make the remarks.
  • China 'outraged' by US sanctions over Russian weapons buy

    China 'outraged' by US sanctions over Russian weapons buy

    Ryabkov described the US sanctions as "futile" and said Washington "won't succeed in dictating terms" to Russian Federation . The Trump administration said such buying breach U.S. sanctions on Moscow imposed over Russian action in Ukraine in 2014.
    Jose Mourinho hails Jorge Mendes impact at Wolverhampton Wanderers

    Jose Mourinho hails Jorge Mendes impact at Wolverhampton Wanderers

    United have claimed three straight wins after a slow start to the season, but still sit eighth in the Premier League. The Premier League match between Manchester United and Wolves will be broadcast live on NBC Sports .
    Anthony Joshua knocks out Alexander Povetkin to retain titles

    Anthony Joshua knocks out Alexander Povetkin to retain titles

    Joshua appeared to be in control in the opener, but Povetkin caught Joshua with a sweet three punch combo at the end of the round.


Trump Brags About Progress with North Korea in UN Speech
Given the threat North Korean artillery poses to Seoul, this is an imminently reasonable, prudent and effective approach for Mr. "Standing up for America and the American people" and "standing up for the world" are not mutually exclusive, he argued .

Senate panel to interview Kavanaugh over new allegations
In a break from convention, Mitchell will question Ford and Kavanaugh on behalf of the committee's Republican senators, 11 men. Kavanaugh has denied Ford's accusation and his attorneys are expected to reinforce his claim he did not attend the party.

Heat again drawn into star speculation, this time with Jimmy Butler
From there, Thibodeau continued and stated that Minnesota's needs as a franchise will be the centerpiece of any trade discussion. The post-LeBron James Cleveland Cavaliers could use some proven star power, and Butler would fit that bill.

China Sets More Tariffs on US Food and Ag Imports
Chinese Premier Li Keqiang said Wednesday China will continue lowering its import tariffs on several products. Walmart also has committed to spending another $250 billion on products "that support American jobs" by 2023.

Patriots TE Rob Gronkowski almost traded to Lions, threatened to retire
Kenny Golladay caught six passes for 53 yards and a touchdown, and Marvin Jones caught four passes for 69 yards and a score for Detroit (1-2).

Jimmy Butler isn’t worth the price for the Toronto Raptors
Many at Friday's meeting believe Taylor wants to reach a resolution regarding Butler's request quickly, per ESPN . That's a lot to give up for any one player, especially a player they can sign outright in free agency next summer.

Rod Rosenstein investigation needed, Republicans say
The Associated Press also reported that Rosenstein was expected to be fired on Monday. He is now en route to the White House.

Man charged after Spanish golfer found dead on Iowa golf course
He was found with an illegally long knife during a traffic stop, and he injured a police officer during a scuffle. A 22-year-old homeless man named Collin Daniel Richards was identified as the suspect, police said in a release .

Amazon Alexa Adds New Music Skills, TIDAL
Echo Plus now includes an embedded temperature sensor, so you can set temperature-based routines using other smart home devices. Three other Echo products - Echo Auto , Echo Link , Echo Link Amp - were also launched but they aren't coming to India just yet.

Kerala nun rape accused Franco Mulakkal arrested, confirms police
Following the allegations, dozens of nuns, activists and advocates have protested outside a court demanding his prosecution. The Vatican's decision was welcomed by the nuns protesting against Mulakkal, reported PTI.