Wednesday, 18 September, 2019


Oil extends gain on supply cut, weak economy strains outlook

Oil extends gain on supply cut, weak economy strains outlook Oil extends gain on supply cut, weak economy strains outlook
Conrad Doyle | 11 June, 2019, 12:45

Novak was speaking at a joint briefing with Saudi Energy Minister Khalid al-Falih, who was in Russian Federation for meetings with Novak and Vladimir Putin, weeks before OPEC and its Russia-led partners are set to decide how to proceed with their oil market management policies in place since 2017.

Addressing to Saudi energy minister's comment on OPEC+ output cut, an analyst at futures brokerage at FXTM, Han Tan said, "Brent futures continue rising. after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts program through the second half of 2019".

OPEC is close to reaching an agreement to extend the production cut deal beyond June, al-Falih said on Friday from Russian Federation, adding that the sticking point is now to calibrate the cuts with the non-OPEC group of producers led by Moscow.

The Organization of the Petroleum Exporting Countries and some non-members, including Russian Federation, have withheld supplies since the start of the year to prop up prices.

Igor Sechin, chief executive of Rosneft, warned against extending the deal, saying it posed a strategic threat to Moscow by allowing the USA to take Russia's market share.

If he is unsuccessful in his mission on Monday, Falih might try to convince the Russians to back the deal later this month, during a G20 meeting in Japan.

"Indeed, there are big risks of over-production".

Many oil exporting countries have confirmed they are prepared to hold a policy meeting with OPEC in Vienna over July 2-4, instead of the scheduled date later this month, Novak said.

Al-Falih said the OPEC+ group was working to take "preventive" measures to avoid sharp oil price declines.

But Novak no doubt wants an agreement, saying he could not rule out a drop in oil prices to $30/bbl if the deal is not extended, citing a risk that oil producers pump out too much crude and prices fall sharply.

Recommended

loading...
...

New Zealand ease to victory over Afghanistan New Zealand ease to victory over Afghanistan We have played spin well in the past and maybe the pressure of moment the other night made for some poor decisions. In this type of cricket, you need to play complete 50 overs. "He's feeling better now".

Steven Spielberg Writing New Horror Series | News Steven Spielberg Writing New Horror Series | News But the beloved director is taking a swing at the genre, with a unique twist: His show can only be watched when it's dark out. Quibi has already lined-up projects involving Steven Soderbergh, Antoine Fuqua, Anna Kendrick, Laurence Fishburne and more.

Kellen Winslow found guilty of raping homeless woman Kellen Winslow found guilty of raping homeless woman In addition to the aforementioned charges, Winslow was cited for exposing himself to two different women over the past year. The two other counts of rape involve a 54-year-old hitchhiker and an unconscious teenage girl in 2003.

Kawhi Leonard files lawsuit against Nike over logo copyright Kawhi Leonard files lawsuit against Nike over logo copyright The Toronto Raptors forward has had a phenomenal 2019 NBA Playoffs run, taking the Raptors all the way to the 2019 NBA Finals . The ultimate goal of the lawsuit is for Leonard to reclaim sole control over the logo so he can do with it as he pleases.

Shikhar Dhawan ruled out of tournament for three weeks with fractured thumb Shikhar Dhawan ruled out of tournament for three weeks with fractured thumb However, Dhawan didn't take the field due to the injury and Ravindra Jadeja fielded in his place for the entire 50 overs. He had been hit on his left thumb during India's match against defending champions Australia at The Oval on Sunday.

Asus 6Z (Zenfone 6) to launch in India on June 19 Asus 6Z (Zenfone 6) to launch in India on June 19 The company also confirmed that it will soon launch the device in India as well and it will be exclusively available on Flipkart . Now, just ahead of launch, the smartphone is getting a new update that brings a host of improvements in the camera department.

Ex-con found guilty in sledgehammer killings of California family Ex-con found guilty in sledgehammer killings of California family After the McStays disappeared from their home in San Diego County, investigators couldn't immediately determine what had happened. Their bodies were found in shallow graves outside Victorville - about 100 miles north of their home - almost four years later.

Spurs defender, Rose uncertain over future Spurs defender, Rose uncertain over future Danny Rose admits he is unsure of his future at Tottenham after 11 seasons at the club. It is one I will always welcome and cherish'.

Donald Trump Renews Threat Against French Wine Donald Trump Renews Threat Against French Wine And on Monday, Mexico's foreign minister, Marcelo Ebrard, gamely took a stab at explaining what Trump meant. Agricultural trade was one of the clauses of the deal that the USA and Mexico reached earlier on Friday.

Amitabh Bachchan`s Twitter account hacked, profile bio says `Love Pakistan` Amitabh Bachchan`s Twitter account hacked, profile bio says `Love Pakistan` According to the initial media reports, it is said that the Turkish hackers are behind the hacking of Amitabh's Twitter handle. The account of Amitabh Bachchan has since been restored and the posts made by the hacker group were deleted.

U.S. Customs says travelers’ images exposed in cyberattack U.S. Customs says travelers’ images exposed in cyberattack The CBP did not say if photos of British tourists had been involved in the data breach, which involved fewer than 100,000 people. Perceptics, the Tennessee-based imaging software company, confirmed it was aware of the hack in an email to the Register .

Woman - Interaction with Jay-Z led to threats Woman - Interaction with Jay-Z led to threats Ramona Shelburne , a senior writer at ESPN , said on Twitter that she had spoken to Curran, who was very upset over the incident . Beyoncé's publicist Yvette Noel-Schure appeared to agree with that last statement in a message she shared on Instagram on Friday.

Roller Champions: E3 2019 Official Gameplay Trailer Roller Champions: E3 2019 Official Gameplay Trailer Ubisoft Pass Premium was listed under a suspicious " Ubisoft subscription " category which still exists. Ubisoft's move continues the fragmentary subscription battle playing out across the game industry.

Zampa uses hand warmers, says Finch amid ball-tampering claims Zampa uses hand warmers, says Finch amid ball-tampering claims The incident happened during late Indian innings when Smith was on the boundary and the section behind him started jeering at him. In a moment of pure class, a firm Kohli quickly intervened and waved to the crowd to get their attention.

Azim Premji, India's second-richest man, to retire Azim Premji, India's second-richest man, to retire Premji was with Bain & Company in London, working on assignments across Consumer Products, Automobiles, Telecom and Insurance. As of May 2019, he is now the second richest person in India with an estimated net worth of US$21.5 billion.