Oil prices rise as Saudi Arabia signals production cut

Oman oil minister says majority of OPEC and its allies support cut

Saudi Arabia's energy minister said oil-producing nations should cut output by one million barrels per day to re-balance the market.

Before the United States re-imposed sanctions on Iran, "fear and anxiety gripped the market", al-Falih said at the Abu Dhabi International Petroleum Exhibition & Conference.

However, market participants say the global energy market could see another period of excessive supply of crude oil as soon as next year - with oil bulls looking at Bakken anxiously.

"We're kind of back to square one: It must feel like November 2016 to them, a lot", said John Kilduff, a partner at Again Capital Management in NY, referring to the time period when OPEC and its allies agreed to initiate production cuts.

UAE energy minister Suhail Al Mazrouei said other factors such as a stronger dollar and the risk of trade wars posed significant threats to the global oil markets as much as an impending supply glut.

"I would not want to focus purely on production cuts", Russian Energy Minister Alexander Novak said in a Bloomberg television interview.

Note that although the Iranian sanctions have taken effect, the American Government has now given waivers to eight of the country's customers, thereby going against its earlier insistence on cutting off all of Iran's oil from the global oil market.

Producers implemented large cuts starting at the beginning of 2017 and managed to push up oil prices from below $30 a barrel to over $85 in October, strongly improving their revenues.

Читайте также: Trump Demands Journos to Respect White House After Revoking Acosta's Press Pass

The energy minister of the United Arab Emirates, Suhail al-Mazrouei, now the president of OPEC, said "changes" likely would be necessary as the oil cartel meets in December in Vienna.

The two countries have also clashed over the October killing of USA -based journalist Jamal Khashoggi at the Saudi consulate in Istanbul, with the Trump administration reportedly considering sanctions on some Saudi officials in response.

The kingdom's energy minister, speaking after a meeting of Opec at the weekend, said the cartel believed that production would need to fall by almost 1m barrels per day (bpd) on October levels.

Even as the Saudis floated the possibility of a cut in production, the selling has not abated.

He was asked if the group should act to stabilise oil prices when it meets with non-Opec member states on December 5 in Vienna, Austria to review the current world supply of oil.

US President Donald Trump, however, did not like the rhetoric coming from his political ally in Saudi Arabia.

Brent crude, the global benchmark, rose 1.2 percent to $70.99 a barrel at 10:55 a.m. Singapore time.

"I think we would have to wait and see how the market is unfolding because our ultimate goal is market stability". However, the USA has granted waivers to certain major importers of Iranian crude, diminishing the expected cuts.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related News:

  • Jada Pinkett Smith recalls terrifying racist confrontation with police

    Jada Pinkett Smith recalls terrifying racist confrontation with police

    Smith and Banfield-Jones then pointed out how they were harder on white women entering the family than white men. During the episode , Jada admitted to having biases against white women, particularly those with blonde hair.
    Arsenal give positive update on Welbeck injury status

    Arsenal give positive update on Welbeck injury status

    The 27-year-old was injured during Thursday's Europa League draw with Sporting Lisbon, and had to be carried off on a stretcher. Welbeck posted an image of himself giving a thumbs up on Instagram on Tuesday afternoon.
    Michelle Obama on why she'll never forgive Trump: Exclusive audio from memoir

    Michelle Obama on why she'll never forgive Trump: Exclusive audio from memoir

    Obama also made the heartbreaking confession that she suffered a miscarriage 20 years ago, leaving her feeling "lost and alone". The Associated Press purchased an early copy of 'Becoming , ' one of the most anticipated political books in recent memory.
  • North Korea hiding missile bases, USA  researchers say

    North Korea hiding missile bases, USA researchers say

    Trump has faced criticism that his approach to North Korea is allowing Kim to continue building his nuclear missile capability. The administration has said it is hopeful about eventually reaching an agreement with North Korea.
    Indian court to review women entering flashpoint temple

    Indian court to review women entering flashpoint temple

    As per the rules, the bench that delivers the original verdict considers the review petition. On January 22, the court will decide on whether to admit the 49 review petitions or not.
    BMW M340i is your 382-horsepower sport sedan sweet spot

    BMW M340i is your 382-horsepower sport sedan sweet spot

    Both rear- and all-wheel-drive models come with a standard M Sport limited-slip differential for improved traction and cornering. As is typical of German automobiles, top speed remains electronically limited to 155 miles per hour (249 km/h).
  • Is Hue Jackson actually a good hire by the Bengals?

    Is Hue Jackson actually a good hire by the Bengals?

    Just nine games into his tenure as defensive coordinator of the Bengals, Teryl Austin has been fired. "I got a plan", Lewis said. During Jackson's two years as the Bengals' offensive coordinator, Dalton had his most efficient years as a passer.
    Durant-Green exchange carries over into locker room

    Durant-Green exchange carries over into locker room

    They went on to lose the game in overtime, and afterward, Green and Durant got into an argument in the locker room. Therefore, the team has suspended Draymond without pay for tonight's game against the Hawks at Oracle Arena.
    Danny John-Jules 'lashes out' after being voted off Strictly Come Dancing

    Danny John-Jules 'lashes out' after being voted off Strictly Come Dancing

    The star's exit came after they admitted things got a "little intense" during their dance rehearsals. Amy got emotional as she spoke to Zoe about her time on Strictly Come Dancing with Danny.
  • Warriors to offer $100 tickets without view of the court

    Warriors to offer $100 tickets without view of the court

    They'll now offer a monthly "In The Building Pass" for admission to Oracle Arena for every home game at just $100 a month. Rovell claimed that the pass didn't include a seat, nor access to the seating bowl or even a view of the court itself.
    Black Ops 4: How to Unlock Nikolai in Blackout

    Black Ops 4: How to Unlock Nikolai in Blackout

    Hardcore multiplayer modes were also given a balance update to make SMGs more competitive. The map will be available for free and does not require the purchase of a Black Ops pass.
    Czech Republic beats U.S. 3-0 in Fed Cup final

    Czech Republic beats U.S. 3-0 in Fed Cup final

    The Americans have won 18 titles and showed on Sunday the younger players could carry on the tradition one day. At 3-0 down in the third set, Kenin needed treatment for what seemed to be a thigh muscle problem.

Most liked

Falcons flop in 28-16 loss to Browns
Chubb's run broke the previous team mark held by Bobby Mitchell, who had a 90-yard TD run against Washington on November 15, 1959. He's been scary over the past four weeks, throwing nine TD passes with just two interceptions and making better decisions.

Is Pippa Middleton's Baby's Name a Nod to Her In-Laws?
Rumours surfaced in April 2018 that Pippa was pregnant, shortly before Kate Middleton gave birth to Prince Louis . The inspiration for his other middle name is thought to be from the new mum's brother-in-law Prince William.

NFL Relocates Chiefs vs Rams From Mexico City To L.A.
Not many people are going to bat an eye if a game between, say, the Oakland Raiders and Buffalo Bills is played in Mexico City. Estadio Azteca in Mexico City has hosted soccer matches, concerts and three regular season National Football League games.

Apparent Nazi Salute In US High School Prom Photo Prompts Outrage
The Baraboo School District says the photo wasn't taken on school property or at a school-sponsored event. "Bullying. More than 50 boys from Baraboo High School in Wisconsin were pictured making the "Sieg Heil" gesture.

Brexit plan to limit foreign players at EPL clubs
Before the Brexit referendum the-then FA chairman Greg Dyke spoke of limiting "an terrible lot of bog- standard foreign players". Manchester City and Spurs both have 17 foreign players, Chelsea and Liverpool 16, Arsenal 15 and Manchester United 14.

Brexit Deal Possible In Next 24-48 Hours, Says PM May's Deputy
The pound surged on the news, rising by 1 percent against the dollar and 0.5 percent against the euro compared to late Monday. There will be particular focus on those who have laid down red lines in public, such as Andrea Leadsom and Penny Mordaunt.

Liverpool man could face lengthy suspension after charge from the FA
According to the Daily Mail , the FA have already conducted an eight-month investigation before announcing the misconduct charge. The England worldwide has been given until 18:00 GMT on Tuesday, 20 November to respond to the charge.

Wayne Rooney says he will finish playing career in USA
Rooney , who says the final decision on him playing against U.S. was made after his D.C. He added: "It is something I am looking forward to".

Fallout 76 release date countdown: Launch times, review scores, cheapest prices, more
With a final install size of 51 gigabytes, only 0.0048% of the game is actually on the disc you buy. The Xbox One and PS4 versions will still be available through their respective stores.

Pogba, Mendy, Lacazette withdraw from injury-hit France squad
France face Netherlands in the Nations League on Friday before a friendly match with Uruguay four days later. Martial played 90 minutes and scored United's goal against City from the penalty spot in the second half.

Arrest in hunt for David Schwimmer lookalike after image went viral
Despite the alleged theft taking place in the Lancashire town on 20 September, the suspect was arrested in west London . Thanks to our colleagues @ MetPoliceUK , a 36-year-old man was arrested in Southall last night on suspicion of theft.

Rohit Sharma as destructive as Sir Viv and Sehwag: Sunil Gavaskar
He was the second-highest scorer in the series, with 121 runs in three innings, including a record fourth T20I hundred. He was then initially slated to play in the first four-dayer against New Zealand A at Bay Oval from November 16 to 19.

Serena Williams named GQ Woman of the Year - but cover sparks controversy
It has been said I don't belong in Women's sports - that I belong in Men's - because I look stronger than many other women do. Serena's cover has "man of the year" written on it, with the word man crossed out and replaced with the word woman.

Manchester United players 'question Nemanja Matic selection'
Defenders, Chris Smalling and Victor Lindelof have been preferred to Bailly and Rojo in the heart of defence for the Red Devils. He told the Daily Mail : " Manchester United have to really improve their recruitment".

Flipkart CEO Binny resigns, quits immediately
Binny Bansal had co-founded Flipkart with his Indian Institute of Technology-Delhi batchmate Sachin Bansal a decade ago. This is published unedited from the PTI feed . "It did, however, surface a lack of transparency on Binny's part".