Wednesday, 23 October, 2019

Oil Prices Slump As OPEC, Russia Consider Raising Oil Output

Saudi Arabia's Oil Minister Khalid al Falih talks to journalists at the beginning of an OPEC meeting in Vienna Austria Oil Prices Slump As OPEC, Russia Consider Raising Oil Output
Russell Knight | 27 May, 2018, 23:14

Only Russia produces more, at about 11-million barrels per day.

"Speaking at the St. Petersburg International Economic Forum in Russia, Al Falih said: "I think in the near future there will be time to release supply" smoothly to avoid shocking the market".

As a result of the news of the talks and rumoured cuts, Brent, the global benchmark, settled at $US76.44 a barrel on Friday, down nearly 3% for the day, 2.6% for the week and well below the three and a half year high of $US80.50 set 10 days ago.

The measures are likely to see producers with spare capacity raise output by as much as 1m b/d - or roughly 1 per cent of global oil demand - though the number could be lower depending on how they calculate production targets.

Oil prices got close to $80 per barrel in May, a level it has not seen since November 2014, on strong demand, ongoing supply cuts led by producer cartel OPEC and looming USA sanctions against major crude exporter Iran. The global benchmark for oil prices last week hit a 3½-year high of $80.50, also going back to November 2014, added CNBC.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $75.61 per barrel with $2.15 increase compared to the preceding week.

"But a decision will be made in June", he added, referring to meetings of OPEC and non-OPEC countries in Vienna on June 22-23.

Investment bank UBS says that a price spike to $100 per barrel is possible, which should be worrying because it could trigger an economic recession.

Police Probe Karius Death Threats After Champions League Misery
"We always found in our [United] teams, we needed a top goalkeeper, there's no doubt about that, and I think Liverpool are the same".

Daniel Ricciardo battles auto issues to secure Monaco victory
Having an early win under his belt was also a boost for confidence, but Ricciardo said he had also changed his preparations this season.

Elon Musk Has Plans to Shake Up the Media
A tweet from journalist Mark Harris linked to a filing that certified Pravda Corp.as a foreign corporation in October. Tesla CEO is threatening to take away employee stock options, they say.

Novak said OPEC and non-OPEC countries now plan to keep in place their deal to cut global oil output, the news agency reported.

Oil prices fell more than 2% on Friday as Saudi Arabia and Russian Federation said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014. Saudi Arabia is concerned about oil prices reaching above the Brent crude $80 mark and impacting huge consumers like China and India.

As a result, Russian Federation wants to boost the supply after meeting with OPEC countries next month.

Data last week showed the number of US oil rigs steadied after rising for five weeks in a row.

Without compensating supply from other members, this number looks likely to expand as the United States re-imposes sanctions on Iran and the collapse of Venezuela's oil industry worsens.

"In an environment of low inventories and rising geopolitical outages, raising some supply is prudent", said Amrita Sen, oil analyst at Energy Aspects.

So far, OPEC had said it saw no need to ease output restrictions despite concerns among consuming nations that the price rally could undermine demand.

Some oil market participants have expressed concerns about potential oil shortages amid a production decline in Venezuela and after US President Donald Trump announced plans to pull the United States out of a nuclear deal with Iran. It has been discussed that it could mean increase supply up to 1 million barrels per day to the market.

Recommended

  • Gamers are incensed that women will appear in ‘Battlefield V’

    Gamers are incensed that women will appear in ‘Battlefield V’

    Speaking of new storylines, for a long while fans were wondering if Battlefield 5 is going to have a single-player mode or not. Battlefield V will be available worldwide October 19 for PlayStation 4, Xbox One , and PC.
    Eating more fish could increase your sex drive, according to science

    Eating more fish could increase your sex drive, according to science

    What's even more interesting is that if both partners consumed seafood throughout the day, they were 39% more likely to have sex. The investigation was focused on 500 couples from the Longitudinal Investigation of Fertility and the Environment (LIFE) Study .
    Liverpool goalie Loris Karius sent death threats after Champions League blunders

    Liverpool goalie Loris Karius sent death threats after Champions League blunders

    Then scored another from distance as his dipping shot caught out Karius who had a nightmare to spoon it into his net. Take a look at the incident below as Salah's World Cup dream with Egypt is in serious doubt.
  • Netherlands, Australia holding Russian Federation  'accountable' for downing of MH17

    Netherlands, Australia holding Russian Federation 'accountable' for downing of MH17

    All 298 people on board were killed. "From the very beginning, we offered to work together on the investigation into the tragedy". The decision was announced in a statement from the Dutch government and by Australia's foreign minister Julie Bishop.
    Santa Fe school shooting: Hundreds at Sabika Sheikh funeral

    Santa Fe school shooting: Hundreds at Sabika Sheikh funeral

    Dimitrios Pagourtzis posted a photo of a T-shirt emblazoned with the phrase "Born to Kill" on social media, and Gov. Greg Abbott has said the teenager had journals with writings indicating he planned the attack.
    Paul exits game 5 with injury

    Paul exits game 5 with injury

    After Draymond Green hit a 3-pointer that took the Warriors within one point with 1:15 to play, Paul isolated on the other end. The Celtics' team offense and defense has been too much to overcome in TD Garden, even for a top three player of all time .
  • Steve Kerr Operating Under Assumption Andre Iguodala Won't Play in Game 7

    Steve Kerr Operating Under Assumption Andre Iguodala Won't Play in Game 7

    Patrick McCaw got to see his first game action since injuring his back on March 31, and the Golden State Warriors fans loved it. For the Warriors, Klay Thompson came up big once again in an elimination Game 6, dropping 35 points, including nine 3-pointers.
    Israeli strike on Gaza militant post kills 2

    Israeli strike on Gaza militant post kills 2

    The IDF used riot control measures as well as live fire "in accordance with the rules of engagement", the army said. Gaza militants regularly plant explosives near the sensitive frontier, occasionally harming Israeli soldiers.

    Gareth Bale is a Wales legend says Ryan Giggs

    However, his second mistake, when he fumbled Gareth Bale's shot over the line, was something I don't think he can recover from. Salah was picture after the match, and of course it was with Salt Bae. "It wasn't the ideal time".
  • Moon reiterates NK leader has 'firm will' for denuclearization

    Moon reiterates NK leader has 'firm will' for denuclearization

    The prime minister said he plans to hold talks with Trump over the telephone soon after returning to Japan. A statement from North Korea's state news agency KCNA confirmed what the South Korean president said .
    Cleveland Cavaliers v Boston Celtics: LeBron James helps Cavs tie series

    Cleveland Cavaliers v Boston Celtics: LeBron James helps Cavs tie series

    Love, who missed a game in March with concussion symptoms, banged heads with Tatum and dropped to the court in the first quarter. James, who played in all but two minutes of the game, scored 46 points , grabbed 11 rebounds, and dished nine assists.
    Canada: Bomb blast injures over a dozen at Indian restaurant

    Canada: Bomb blast injures over a dozen at Indian restaurant

    Police released an image captured by a surveillance camera depicting two men in dark hoodies with their faces covered. He also said that the three Indian-Canadians who were reported to be critically injured are stable.

James Corden and Adam Levine pulled over during filming of Carpool Karaoke James Corden and Adam Levine pulled over during filming of Carpool Karaoke The bit was proceeding as normal, with Corden pulling over to watch Levine balance random objects on his face and heading to a race track for a high-speed trivia session.

Former NAACP Official Charged With Welfare Fraud Former NAACP Official Charged With Welfare Fraud She also was sacked from a police ombudsman commission and lost her job teaching African studies at Eastern Washington University. Fox News recently reported that Dolezal has taken to Instagram to show the apparent success of her in-house hair salon business.

Kim Kardashian hits back at claims husband Kanye West ‘abandoned’ Chicago charity Kim Kardashian hits back at claims husband Kanye West ‘abandoned’ Chicago charity Rhymefest and Kanye West are clearly not on the best of terms. "You thought you were really worthy to be on this album", she concluded.

Steve Kerr calls National Football League idiotic for new anthem policy Steve Kerr calls National Football League  idiotic for new anthem policy Or, at the very least, amend it to protect players who choose to peacefully protest during the anthem. " ... Actually, Donald Trump more than agreed with it, he suggested that the fine wasn't harsh enough.

Samsung Galaxy X: What to Expect from this Foldable Smartphone Samsung Galaxy X: What to Expect from this Foldable Smartphone Dubbed the Galaxy Wide 3, the budget Android smartphone features a traditional 16:9 aspect ratio display like its predecessor. The Geekbench listing shows the model number SM-N960N and the device is running on Android 8.1.0 Oreo right out of the box.

Harvey Weinstein charged with rape Harvey Weinstein charged with rape But the record shows that celebrity and wealth promises a better outcome for the accused, especially in sex cases. Cosby was found guilty on April 26 of drugging and molesting a woman at his Philadelphia mansion in January 2004.

Ubisoft Details ‘Far Cry 5’ DLC Expansions with ‘Hours of Darkness’ Ubisoft Details ‘Far Cry 5’ DLC Expansions with ‘Hours of Darkness’ If that's not enough, Ubisoft is also releasing the soundtrack for Hours of Darkness on several select music providers. He is a Vietnam War veteran, and in this DLC Redler recounts his glory days in war-torn Vietnam.

PayPal deepens partnership with Google Pay PayPal deepens partnership with Google Pay U.S. users will then be able to select PayPal as a quick option at checkout, including on peer-to-peer payment platforms like Google Pay.

Management purge, U.S. oversight & $1.3bn fine: Trump’s terms to reopen ZTE Management purge, U.S.  oversight & $1.3bn fine: Trump’s terms to reopen ZTE On Friday evening, President Donald Trump lashed out at Democratic lawmakers and confirmed the news of the deal on Twitter. The company has lost over three billion dollars since the April 15 ban on doing business with USA suppliers, said ZTE.

YouTube video gaming star TotalBiscuit loses battle with cancer at age 33 YouTube video gaming star TotalBiscuit loses battle with cancer at age 33 The news of his death spurred a slew of heartfelt messages from across the gaming spectrum by fans, friends and peers. His channel has over 2.2 million subscribers and is home to his podcast on game reviews and impressions.

Arsenal in talks to sign Juventus defender, Stephan Lichsteiner Arsenal in talks to sign Juventus defender, Stephan Lichsteiner The Swiss is a solid and experienced full-back who will not only provide competition for Hector Bellerin but also help the Spaniard improve.

U.S. delegation travels to North Korea for potential summit preparation U.S.  delegation travels to North Korea for potential summit preparation Kim and Trump's initial decision to meet followed months of war threats and insults between the leaders over the program. The Washington Post on Sunday reported that several officials, including former U.S.

Daniel Ricciardo grabs pole in F1 Monaco qualifying Daniel Ricciardo grabs pole in F1 Monaco qualifying Aussie lad Daniel Ricciardo's now on a hot run in Monaco for its Formula 1 Grand Prix this weekend. On Verstappen's incident: "To be fast you can't think about those things".

New Moto G6 Plus Model With More Powerful Chip Leaks New Moto G6 Plus Model With More Powerful Chip Leaks However, there is a Moto G6 Plus with a real upgrade in specs that Motorola has decided not to sell in the US. The most premium of these, the Motorola Moto G6 plus sure looks like a solid phone on paper .

Qualifier 2 KKR vs SRH Live Streaming (SRH Won by 13 Runs) Qualifier 2 KKR vs SRH Live Streaming (SRH Won by 13 Runs) It is predicted that Sunrisers Hyderabad has more chance to win this match as the team so strong since the season starts. Two seamers have also impressed, Shardul Thakur with 15 wickets and South Africa's Lungi Ngidi with his pace.