OPEC Members Insist Market Supply is Healthy, Take Jabs at Trump
OPEC Members Insist Market Supply is Healthy, Take Jabs at Trump
Trump tweet biggest insult to US allies in ME: Iran
27 September, 2018, 08:33
The so-called "OPEC+" group, which includes the likes of Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output, but the upshot of the gathering was that the group was in no rush to do so.
Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the United States as well as U.S. sanctions on Iran were creating new challenges for oil markets.
API has been critical of Trump's trade war because it limits USA access to crude oil export markets and hinders the US goal of energy dominance.
Benchmark Brent oil reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices. This comes after the US Congress has reconsidered legislation aimed at preventing OPEC from manipulating oil prices.
Brent could rise to $100 for the first time since 2014 as the market braces for the loss of Iranian supplies due to USA sanctions, according to Mercuria Energy Group Ltd. and Trafigura Group. Notably, the bank increased its estimate of supply losses from Iran 1 million barrels per day (mb/d), up from 500,000 bpd previously.
At the meeting in Algeria next Sunday, the Saudis hope to achieve their goal of making the alliance, formed two years ago to end the devastating oil price decline, more durable before the next big meeting in December.
A meeting between oil producing countries on Sunday decided not to alter supply to the global market, after calls by US President Donald Trump for an immediate hike in output to reduce prices. UD light crude was $1.43, or 2 per cent, higher at $72.21.
Such a price rally would mark the first time since the summer of 2014 that oil would return to the $100-a-barrel level that became the norm in the early part of this decade.
Falih said Saudi Arabia has spare capacity to boost output but that this action was not necessary for now, and might not be needed next year because OPEC projects there will be a marked rise in oil production from non-OPEC countries which could outpace global demand.
"The conditions of the market and the production status of oil producers are not as such to allow finding an easy replacement for Iran's oil and remove it from oil markets". Oil demand is forecast to increase by 14.5 million barrels a day to a total of 111.7 million barrels in 2040, driven by an expanding middle class and economic growth in developing countries.
The meeting ended without any member committing to a specific output increase, delegates said.
The Secretary-General of OPEC Mohamed Senusi Barkindo said that the efforts exerted by member states and non-members of the organisation have enabled the restoration of stability in the market, calling for continued dialogue on market fluctuations in order to maintain its balance.
We're all expecting big things from him, we're expecting big things from everybody on this team, myself included. New Raptors coach Nick Nurse said he had no conversations with the Spurs about what went wrong last season.
This team has Super Bowl aspirations, although there was no evidence on display Sunday that the Vikings are that sort of team. Marcus Murphy and Chris Ivory will likely split the load for the Bills as they look for their first win this season.
The conviction came about 11 months after a mistrial was declared in Cosby's first trial when a jury failed to reach a verdict. Montgomery County Judge Steven O'Neill in a ruling Wednesday asks prosecutors if they hope to call the five trial witnesses.
In his response to the allegation, Kavanaugh in a statement on Sunday said: "This alleged event from 35 years ago did not happen". The women making the allegations, Trump said , "were coming out of the woodwork", and he said "in my opinion totally political".
Pogba and Mourinho's relationship is already said to be strained and these comments have only added more weight to that argument. But, the 28-year-old has also been a manager's delight by staying fit more than most players at the club.
He wasn't in attendance to collect his award but Cristiano Ronaldo leads the line up top and completes a quite incredible side. Deschamps' victory was the second straight year a French coach has won the award.
Defense lawyers tried to keep the 81-year-old out of prison while he appeals his conviction , saying he's frail and legally blind. He could eventually be sent to a state prison that has separate units for geriatric prisoners and programs for sex offenders.
Bank Accounts: The SC in its judgment on Wednesday said, "Bank account need not be linked with Aadhaar ". He said there has been minimal demographic and biometric data collected by UIDAI for Aadhar enrolment.
Pliskova snaps Osaka streak for title — WTA roundup
But at least you know you can put everything into it. "I was a bit nervous because I really wanted to reach the final". Meanwhile, the fourth-seeded Pliskova needed just 63 minutes to complete a clinical victory.
Trump's tariffs on $200 bn of Chinese imports kick in
Chinese leaders have announced changes this year, including tariff cuts and plans to end ownership limits in their auto industry. Recent US tariffs came into force on Monday on a list of goods, ranging from frozen meat products to the television components.
New tariffs on China take effect today
Trump earlier this month accused China of targeting rural voters who support his presidency by hitting agricultural goods. Speaking to Fox news on Sunday, he said: "To the extent one wants to call this a trade war, we are determined to win it".
Russian Federation to supply Syria with missile system
Israel strongly disputed the assertion and vowed it will continue to act against Iranian targets in neighboring Syria. Russian Federation in April had hinted that it would supply the S-300 to Assad's regime despite Israeli objections.
All of I-95 open in both directions
Meanwhile, Tropical Storm Kirk chugged across the southern Atlantic on a westward heading toward the Lesser Antilles. This is due to a cold front moving through and stalling just to the south of us.
West Ham end Chelsea's ideal start to Premier League season
We need to show team character after the West Ham game, so there is nothing better than to play the team at the top of the League. The dust is yet to settle from Chelsea's 0-0 draw with West Ham United on Sunday, but Maurizio Sarri already has to look forward.
Cleveland Cavaliers entering mix for Jimmy Butler
With his trade demand this past week, it's clear the Minnesota Timberwolves and Jimmy Butler are headed for a parting of ways. Butler told the Timberwolves several days ago that he has no intentions to be with them for the long-term and wants a trade .