Tuesday, 17 September, 2019

Oil rises as Saudi signals cuts to continue under new minister

It’s the first time that a royal family member has been given the charge of this important ministry. — AFP  File It’s the first time that a royal family member has been given the charge of this important ministry. — AFP File
Russell Knight | 12 September, 2019, 13:39

He's devoted most of his adult life to understanding the global energy market and fine-tuning Saudi Arabia's role as the world's largest oil supplier. -China trade dispute was escalating, increasing fears of a recession and slower demand growth.

It is widely speculated that dissatisfaction with Khalid al-Falih grew over the continuing low oil prices despite the Kingdom agreeing to a continued oil output cut.

Enter Al-Falih's deputy, an urbane OPEC veteran who'd worked with Iranian Oil Minister Bijan Zanganeh for decades.

Among the best performing non-leveraged ETFs of Monday, the SPDR Oil & Gas Equipment & Services ETF (NYSEArca: XES) surged 5.4%, VanEck Vectors Oil Service ETF (NYSEArca: OIH) jumped 5.6% and iShares U.S. Oil Equipment & Services ETF (NYSEArca: IEZ) increased 5.0%.

In his first comments since being appointed by his father King Salman on Sunday, the minister signalled no major change in approach in Saudi Arabia, the de facto OPEC leader which pumps about a third of the cartel's oil.

Oil prices rose on Monday on his remarks.

Trade and geopolitical tensions are affecting the market more than demand and supply, Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China.

Influential Singer-Songwriter Daniel Johnston Passes Away at 58
According to a statement posted on Facebook , Johnston died of natural causes at his Houston-area home. After this episode, Johnston was involuntarily committed to a mental hospital.

September 11 terrorist attacks: NY marks 18 years since 9/11 carnage
But those who fell ill or were injured, and their families, say having a tribute at ground zero carries special significance. Earlier on Wednesday, Omar tweeted about the 9/11 attacks and used the term "terror attack" in the message.

UK court rules Boris Johnson's suspension of Parliament unlawful
On her social media site, Haddon said: "Regardless of the final outcome, it is a pretty uncomfortable position for the Palace". Johnson's Brexit plan which MPs fear could lead to a no-deal departure and have devastating consequences for the economy.

"Some people will say this is a normal situation, but if you look at where prices are, Saudi Arabia is not satisfied with US$60-a-barrel oil", he said. USA crude inventories probably dropped for a fourth week through September 6, according to a Bloomberg survey before government data Wednesday.

Prince Abdulaziz is likely to reach the same decision, if he hasn't already, which suggests that oil policy will not change significantly.

Saudi Arabia's King Salman over the weekend dismissed Khalid Al-Falih as the energy minister of the Opec (Organization of the Petroleum Exporting Countries) and replaced him with one of his sons.

In the most recent period, foreign reserves fell by a total of nearly $14 billion in June and July, as lower prices hit export earnings, after increasing by $32 billion over the previous 20 months. Saudi Arabia has not said where an global listing would happen.

Russia's Energy Minister Alexander Novak said the alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but there were no fresh proposals to change production cut.

The issue of uranium enrichment has been a sticking point with Washington, especially after Crown Prince Mohammed bin Salman said in 2018 that the kingdom would develop nuclear arms if regional rival Iran were to. That's despite the fact that involuntary production slumps in Venezuela and Iran have failed to have any effect on prices while bringing OPEC's compliance with the cuts well above 100 percent. Rumayyan is a close ally of the crown prince who for three years has run the country's Public Investment Fund, a sovereign wealth fund with $320 billion worth of assets. According to a Bloomberg report, Saudi Aramco is now the world's most profitable company.

Recommended

Bianca Andreescu gives most Canadian apology to crowd for winning US Open Bianca Andreescu gives most Canadian apology to crowd for winning US Open She will also get a United States dollars 3.85 million check. "I think that's really been helping me, even in tough situations". The 19-year-passe produced a valorous efficiency out on court, clinching a 6-3, 7-5 success in an hour and 39 minutes.

"Very Dangerous": Trump Warns Iran But Doesn't Rule Out Lifting Sanctions For one, the maximum pressure campaign has gone nowhere, and it has pushed Iran out of compliance with the nuclear accord. Rouhani said as long as sanctions remain, "negotiating with the US makes no sense".

Michael Schumacher 'Conscious' After Treatment in Paris, Says French Report Michael Schumacher 'Conscious' After Treatment in Paris, Says French Report Schumacher was taken to a cardiovascular ward on a gurney with a covering that hid his body and face, the Daily Mail reported . The Schumacher family has been extremely private about Michael's condition ever since the skiing accident in December 2013.

Girl's memory resets every 2 hours - and doctors don't know why Girl's memory resets every 2 hours - and doctors don't know why The teen carriers her textbook, notebook, and pencil with her throughout the day because she can't remember where her locker his. Schoolgirl Riley Horner wakes up every morning thinking it is June 11, until the calendar on her door tells her otherwise .

Hurricane Dorian Leaves 2,500 Unaccounted For In Bahamas Hurricane Dorian Leaves 2,500 Unaccounted For In Bahamas More than 1,000 buildings were destroyed in Marsh Harbour, one of the hardest hit areas of the Bahamas. No other Navy combatant ship has been involved in the operation".

Trump on 9/11 vows to hit Taliban 'harder' Trump on 9/11 vows to hit Taliban 'harder' A column of smoke was captured in photos early Wednesday morning, thought to be near the US Embassy in Kabul's "exclusion zone". A rocket exploded at the US Embassy in Afghanistan , reported the Associated Press, on the anniversary of the 9/11 attacks .

Florida teen tries to hire someone to kill her parents, deputies say Florida teen tries to hire someone to kill her parents, deputies say The parents of 17-year-old Alyssa Hatcher called police Sunday night after discovering they were missing large chunks of money. Lake County Sheriff's Sergeant Fred Jones told local station WFTV, " The parents are good people, outstanding citizens ".

Hundreds of Nigerians, Zimbabweans leaving South Africa in wake of deadly violence Hundreds of Nigerians, Zimbabweans leaving South Africa in wake of deadly violence But there is also high unemployment in the country and some people feel foreigners are taking their jobs. There has been reported xenophobic attacks against Nigerians and their businesses in South Africa.

Todd Phillips Says Joaquin Phoenix's Joker & Robert Pattinson's Batman Won't Crossover Todd Phillips Says Joaquin Phoenix's Joker & Robert Pattinson's Batman Won't Crossover Plus, it's got Academy Award-winning actor Joaquin Phoenix to play Gotham's Clown Prince of Crime. He appeared on the show again to apologise for, and explain, his odd behaviour a year later.

Samsung Galaxy A30s, A50s launched in India; Specifications, features and price Samsung Galaxy A30s, A50s launched in India; Specifications, features and price The new smartphones are the upgraded versions of the Galaxy A50 and Galaxy A30 that were launched in India earlier this year. The triple camera setup now consists of a primary 25MP camera, an 8MP ultra-wide lens and a 5MP depth sensor.

FDA accuses Juul of illegally advertising its products as safe FDA accuses Juul of illegally advertising its products as safe If Juul's actions fail to appease the FDA, the company could face penalties and potentially have its products seized. The FDA, an agency within the U.S.

Trevor Bayliss defends England's Ashes selections despite failure to regain the urn Trevor Bayliss defends England's Ashes selections despite failure to regain the urn Selectors are yet to make a call on whether Pat Cummins or Josh Hazlewood will be rested from the series finale, which starts on Thursday.

Brexit: Nigel Farage election pact proposal rejected by No 10 Brexit: Nigel Farage election pact proposal rejected by No 10 Jeremy Corbyn told the TUC: "a general election is coming". "If we did it we could win, whereas if we don't I fear we won't". The Conservatives said Mr Watson had made it clear he wanted to "cancel" the 2016 Brexit referendum result.

Federal party leaders kick off 2019 election campaigns Federal party leaders kick off 2019 election campaigns At the dissolution of Parliament, the Liberals hold 177 seats, the Conservatives 95, the NDP 39, the Bloc 10 and the Greens 2. The federal election is officially a go.

Canada Watches Warily as Reports of Vape Pen Illnesses Increase in US Canada Watches Warily as Reports of Vape Pen Illnesses Increase in US CDC indicated that many of these cases reported using illicit cannabinoid products, such as THC . Kansas Department of Health and Environment secretary Dr.