Thursday, 21 February, 2019


Trump asks OPEC not to cut production

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie Trump asks OPEC not to cut production
Conrad Doyle | 06 December, 2018, 17:40

"A massive liquidation in long positions by money managers has dampened market confidence on oil prices considerably", said Benjamin Lu of Singaporean brokerage Phillip Futures.

On Thursday, Brent futures fell more than 2% as traders began to doubt Opec would deliver a significant cut.

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to cut output by at least 1.3 million barrels per day, or 1.3 percent of global production.

"I think a million (barrels a day) will be adequate personally", Saudi oil minister Khalid Al-Falih said upon arriving to the meeting in Vienna. "How OPEC communicates this to the market may be just as important as what gets done".

Concern over an emerging supply glut has decimated oil prices - West Texas Intermediate, the US benchmark, fell more than 2 percent to $51.56 per barrel on Thursday - but President Trump has pushed for cheaper oil, urging other countries to refrain from output cuts.

Mr Trump tweeted on Wednesday: "Hopefully OPEC will be keeping oil flows as is, not restricted".

In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut.

HE Minister of Sate for Energy Affairs Saad bin Sherida al Kaabi attends the 175th Opec meet in Vie
Santhosh V. Perumal

Zangeneh said the estimated surplus now on the market amounted to 1.3 to 2.4 million barrels per day. Some experts say that gives the US some leverage over the Saudis, though Al-Falih denied that on Thursday.

"We don't need permission from anyone to cut", he said.

Brent Crude was trading at around $58.70 per barrel, a drop of 4.65 percent, while WTI was worth $50.44 per barrel, losing 4.63 percent.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting nearly 60 per cent of global consumption.

Saudi Arabia, Opec's de facto leader, has made clear that it won't shoulder the burden of trimming production alone.

The wait for Moscow signals how much Opec has changed since 2016 when Saudi Arabia and Russian Federation ended their historic animosity and started to manage the oil market together. Those differences persisted after Wednesday's meeting, OPEC delegates said.

The measure is aimed at controlling global oil prices that have seen a dramatic crash of more than 30 percent over the last two months, placing the budgets of oil-exporting nations under considerable pressure. One of the key questions in Thursday's talks is whether to exempt Iran from having to cut production, as its energy industry is already hobbled by US sanctions on its crude exports. While it said it was purely a practical decision because it mainly produces natural gas and little oil, the move was viewed as a symbolic snub to the Saudi-dominated organization.

Recommended

loading...
...

French government urges unity in face of mass protests French government urges unity in face of mass protests Across France, four people have been killed in accidents linked to the demonstrations and road blockades, and hundreds injured. At Tolbiac University, students took over a school building and classes were canceled.

Canada's Alberta province orders drastic oil production cuts to fight price crisis Canada's Alberta province orders drastic oil production cuts to fight price crisis We may see that they're successful in decreasing the differential more significantly as we adjust to what the impact actually is. Meanwhile, shares in oil producers who had been either benefiting or insulated from the discount prices stayed put or subsided.

India vs Australia: Australia still the favourites, says Ajinkya Rahane India vs Australia: Australia still the favourites, says Ajinkya Rahane There is an overwhelming sense of anticipation about the upcoming Test series between India and Australia. Smith's batting reached another level after succeeding Michael Clarke as captain in 2015.

Bulls fire Fred Hoiberg with matchup against Thunder looming this week Bulls fire Fred Hoiberg with matchup against Thunder looming this week Hoiberg went 115-56 at Iowa State, including four straight NCAA Tournament appearances and back-to-back Big 12 tournament titles. Boylen has been named the Bulls head coach. "I understand the pressure and the expectations to get this turned around quickly".

Chelsea fans slate Alvaro Morata after Wolves defeat Chelsea fans slate Alvaro Morata after Wolves defeat It lifted Wolves up to 12th and was their first win for two months after five defeats in their previous six games. The game was then turned on its head with a rapid Wolves double, starting with Jimenez's equaliser on 59 minutes.

US Marine planes crash in Japan US Marine planes crash in Japan The planes involved are a KC-130 and an F/A 18, carrying a total of seven personnel, USA media quoted officials as saying. A US Marine Corps F-18 fighter takes off from the North Atlantic Treaty Organisation military base in Aviano, Italy.

Sir David Attenborough at COP24: Collapse of Human Civilization on the Horizon Sir David Attenborough at COP24: Collapse of Human Civilization on the Horizon Negotiators from countries around the world are in Poland for the annual UN Climate Change Summit which runs until December 14. .

Huawei's First Handset With Display Camera Hole Coming On Dec. 17 Huawei's First Handset With Display Camera Hole Coming On Dec. 17 The sole selfie camera here is expected to be coupled with a triple rear-camera setup as more sensors are now becoming the norm. The Huawei Nova 4 is expected to be powered by the Kirin 980 chipset paired with 6GB of RAM and 128GB of internal storage.

Facebook's secret documents seized by Parliament are published by MPs Facebook's secret documents seized by Parliament are published by MPs When Twitter launched six-second video clip platform Vine, Zuckerberg approved revoking their access to Facebook's API. A subsequent email suggests users wouldn't need to be prompted to give permission for this feature to be activated.

Robert Kraft 'flattered' other teams are interested in Josh McDaniels Robert Kraft 'flattered' other teams are interested in Josh McDaniels But our focus now is on finishing the season strong and then hiring the very best coach that we can for the team". So we're looking forward to that. " If that's in the cards for me , that's great.

Minnesota Vikings offensive and defensive MVPs: Week 13 vs Patriots Minnesota Vikings offensive and defensive MVPs: Week 13 vs Patriots They had 283 yards in a November 4 victory over Detroit, a season-low 268 yards against the Bears and 296 against the Patriots. The receiver/return man touched the ball on offense 43 times in 2014 and only four times in 2016.

Salman Khan is the richest Indian celebrity Salman Khan is the richest Indian celebrity Deepika's actor husband Ranveer Singh comes in at number eight, while Virat's actress wife Anushka Sharma occupies the 16th spot. The Tamil and Telugu film industries have seven actors each on the list while Malayalam star Mammootty represented Kerala.

Cardi B & Offset Have Officially Split Up Cardi B & Offset Have Officially Split Up Cardi B and Offset have been married since past year and have a six-month-old daughter together name Kulture . Reactions to the separation have ranged from speculation that it might be a prank to rumors of infidelity .

Highlights of bills proposed by Wisconsin Republicans Highlights of bills proposed by Wisconsin Republicans Another element of the bill would make it more hard for Evers to alter some GOP-backed laws, including Wisconsin's voter ID law. The legislation would also require legislative approval to withdraw from lawsuits, taking that away from the attorney general.

Microsoft to kill off its Edge browser Microsoft to kill off its Edge browser Being a part of the Fast ring means that you get updates approximately every two weeks, which can be extremely buggy. While that may be the case, we don't think that this new browser will "replace" Edge , we think it is Edge.