Wednesday, 17 July, 2019

Oil prices could jump to $100 regardless of Russia & Saudi Arabia

Rising Oil Prices Fading Modi Govt's Celebration Predictive Measures Oil prices could jump to $100 regardless of Russia & Saudi Arabia
Russell Knight | 30 May, 2018, 17:46

Lending some support to prices were expectations that US crude inventories probably fell by 1.8 million barrels last week according to a Reuters poll. USA stock markets sank more than 1 percent, while the dollar gained about 0.7 percent. Oman's Oil Minister Mohammed Al Rumhi may join, they said.

"The government is aware of the country's vulnerabilities to abrupt changes in the global oil situation and impending threats on the same, hence we are formulating various strategies to address those vulnerabilities to cushion the impact for our consumers", Cusi said on Monday.

Heightened geopolitical risks and market fears of a looming supply shock pushed oil prices to their highest level in May in almost four years. That "is a surprising divergence, as Brent is more exposed than WTI to higher production in Russian Federation and Saudi Arabia", said Michael McCarthy, chief market strategist at CMC Markets.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.

It is normal to have short-term blips in oil prices, which are driven by fear rather than fundamentals, Slaughter said.

Saudi Arabia, recently chose to do an initial public offering (IPO) of its state-owned company Aramco, and the future valorisation of the company will be based on the price of oil.

Defending champ, Venus knocked out in first round of French Open
Also safely through was reigning US Open champion Sloane Stephens , who needed just 50 minutes to dispatch Arantxa Rus 6-2, 6-0. Fourth seed Elina Svitolina recovered from 5-1 down, saving a set point, to blow away Ajla Tomljanovic of Australia.

Salah could be out for 'three to four weeks,' says physio
Egypt will certainly be holding their breath over Salah's fitness over the precious few days from now onwards. The Egyptian FA tweeted that a scan on their star player revealed a "sprain in the shoulder ligaments".

Israel hits dozens of Gaza targets after mortar barrage
But after Tuesday's flare-up, followed by sirens and explosions into the night, there were Palestinian claims of a ceasefire. Three members of Islamic Jihad were killed in an Israeli strike on Sunday, with the group vowing revenge.

"Some air is fizzling out of the market and position-squaring raises the likelihood of an overshooting to the downside in the run-up to OPEC's June meeting".

"They want stability in the market", said Slaughter. "Bekri expressed his support for Saudi Arabia's efforts and other major producers to stabilize the oil market". US crude CLc1 was up 40 cents at $67.13.

The shale revolution that started with the development of new technologies in oil extraction boosted USA oil production by 80 percent since 2012.

Here's the problem: "Middle Eastern crude oil producers could be one the biggest losers from the new regulation, because they pump high-sulfur crude, Amrita Sen, chief oil analyst at Energy Aspects", told CNBC.

To be certain of this, Saudi Arabia keeps advocating for the reduction of oil production from the Organisation of Petroleum Exporting Countries (OPEC), which for the first time, have been really effective through various agreements signed among the OPEC member states. Moreover, the success of Saudi Aaramco's IPO depends on higher oil prices as well.

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