OPEC Mulls Options to Cut 2019 Oil Output to Prevent Oversupply
OPEC Mulls Options to Cut 2019 Oil Output to Prevent Oversupply
Saudi business could turn to Russia & China as relations with West sour – analyst
26 October, 2018, 04:29
The EIA data also showed USA crude inventories rose 6.3 million barrels, much more than the 3.7 million-barrel increase expected in a Reuters poll.
Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabiasaid it would make up for supply disruptions from USA sanctions starting next month on Iran's petroleum exports.
Despite rising stocks, oilmarkets are concerned about the impact of USA sanctions on Iranian crude exports, which kick in from November 4.
Global benchmark Brent crude oil dipped 0.1 percent to $76.09 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 0.2 percent at $66.70 a barrel.
"The committee, however, expressed concerns about rising inventories in recent weeks and also noted looming macroeconomic uncertainties which may require changing course".
China is Iran's biggest oil customer.
This month however, the price of crude oil has been on a free fall that started on October 10.
The Oil Information Center says the average retail price of regular gas as of Monday was 160 yen, or one dollar and 42 cents per liter.
Oil steadied near the lowest level in two months as a rout in global equity markets abated. The bank expects Brent to trade at $85 to $90 a barrel in the next three to six months.
"As I have said many times, there is no replacement for Iranian oil in the market", he said.
"We have sanctions on Iran, and nobody has a clue what Iranians export will be".
After the murder of a Saudi journalist Jamal Khashoggi on the market there are fears that the Kingdom might cut oil supplies in response to possible sanctions from the United States, said Davydov.
The minister reiterated that the market is unable to find a replacement for Iran's oil, urging Trump to abandon his plan to impose sanctions on the country. Yesterday, the oil minister assured the market that the country was satisfied with the current oil prices. That compares with the median 3.7 million-barrel increase forecast in a Bloomberg survey. Also, OPEC's September output was 850,000 barrel per day above where it was in May, not including Congo, while Russia's production in September is up 390,000 barrel per day from May, according to Platts survey data.
The U.S. Energy Department said gasoline stocks fell 4.8 million barrels to 229.3 million barrels last week, the lowest since December 2017.
Perhaps the biggest take away from game six was the fact that the Milwaukee Brewers didn't have to use Josh Hader at all. It was the first October blip for the right-hander, who hadn't allowed a run in his previous two starts this postseason.
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Police are investigating the matter. "The clubhouse will be inspected by structural engineers as soon as possible". At least 30 people were injured when a floor collapsed at a party at Clemson University , South Carolina .
He's no Odell Beckham, but he does give the Cowboys a reliable weapon that can hurt the Eagles where they're most vulnerable. Cooper, a fourth-year pro out of Alabama, is a star, and the Cowboys paid a star price for him.
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Trump hits Democrats again over migrant caravan
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World’s longest sea bridge to open in China
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Kerryn Phelps kicks Liberals into minority government
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