Sunday, 18 November, 2018

OPEC Mulls Options to Cut 2019 Oil Output to Prevent Oversupply

US issues warning to Russia about helping Iran escape upcoming oil sanctions Saudi business could turn to Russia & China as relations with West sour – analyst
Lindsey Cook | 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 Arabia said it would make up for supply disruptions from USA sanctions starting next month on Iran's petroleum exports.

Despite rising stocks, oil markets 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.

More news: "Like you step back in time": Scientists discover oldest intact shipwreck
More news: After Groping Woman, Man Claims That President Trump Okayed it
More news: Svitolina and Pliskova win opening matches at WTA Finals

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.

Recommended

Broncos cut Chad Kelly after trespassing arrest Broncos cut Chad Kelly after trespassing arrest While details remain bare, NFL Network reported that Broncos players were "not happy" with Kelly's behavior at the party. Earlier in 2014, Kelly was dismissed from the Clemson football team for various offenses, including attitude issues.

Alok Verma and Rakesh Asthana are still director and special director: CBI Alok Verma and Rakesh Asthana are still director and special director: CBI On this premise, the petition highlights the need to have a court monitored probe by SIT into the malpractises within CBI. The march is part of a protest by Congress workers outside CBI offices across India.

Megyn Kelly won’t return to NBC after blackface comments Megyn Kelly won’t return to NBC after blackface comments Kelly will not be hosting her program on Thursday, and she is unlikely to return later, one of the sources said . Regardless of her employment status, Kelly will reportedly be paid her entire $69 million contract.

Jon Gruden: 'I Don't See Us Trading' Derek Carr Jon Gruden: 'I Don't See Us Trading' Derek Carr It seems that Gruden has accepted that this year or next year won't be the best for the Raiders and he is embracing the rebuild. You don't know who's going to call you and what they're going to say, you really don't.

Police investigating suspicious package sent to Robert De Niro in NY Police investigating suspicious package sent to Robert De Niro in NY Law enforcement says the bombs were packed with shards of glass, however, none of the packages reached their intended targets. The AP says the official wasn't authorized to publicly discuss an ongoing investigation and spoke on condition of anonymity.

Jamal Khashoggi's son leaves Saudi Arabia Jamal Khashoggi's son leaves Saudi Arabia The CIA had no comment on a Washington Post report that Haspel had listened to audio purportedly capturing Khashoggi's killing. Pro-government media in Turkey reported officials have such a recording, but its existence has not been confirmed.

Rome metro escalator collapse injures Russian football fans Rome metro escalator collapse injures Russian football fans Contrary to initial reports, the Russian fans were not jumping and celebrating on the escalator when the collapse happened. People on the parallel escalator can be seen trying to grab those on the broken machine and pull them to safety.

Broncos QB Chad Kelly arrested for trespassing Broncos QB Chad Kelly arrested for trespassing He has since posted a $2,500 bond and was scheduled to have a court appearance on Wednesday morning. The male who was later identified as Kelly, was placed into custody without incident.

Messi suffers elbow injury a week ahead of classico Messi suffers elbow injury a week ahead of classico After spending a while on the sideline receiving treatment, Messi was eventually substituted and taken to hospital. Rakitic also netted against his former side and spoke to the media after the match about Leo Messi .

Trump hits Democrats again over migrant caravan Trump hits Democrats again over migrant caravan And according to worldwide law, the USA can not deport asylum seekers without first determining the validity of their claim. Passing freight trucks were quickly boarded by dozens of migrants, and straining tuk-tuks carried as many as a half-dozen.

Duchess Meghan makes top 100 most powerful black Britons list Duchess Meghan makes top 100 most powerful black Britons list Afterwards, the couple were whisked away for their next engagement, a meeting with Fiji's President, Jioji Konrote. It comes as the group prepare to perform at the closing ceremony of the Invictus Games on Saturday.

The Boring Company has nearly finished its first tunnel The Boring Company has nearly  finished its first tunnel In addition to the testing tunnel and the East Coast route , the Boring Company lists an underground tunnel project in Chicago. No, Musk revealed that his first high-speed transit test tunnel is almost set, and it's opening this year.

World’s longest sea bridge to open in China World’s longest sea bridge to open in China Hong Kong's leader Carrie Lam had earlier spoken to thank Xi for attending in person, praising the bridge's "magnificence". A general view of the Hong Kong-Zhuhai-Macau bridge after its opening ceremony in Zhuhai, China , on October 23, 2018.

Kerryn Phelps kicks Liberals into minority government Kerryn Phelps kicks Liberals into minority government She told Sky News Mr Morrison's job was about to get a heck of a lot harder, and his government would struggle to seem legitimate. But Greens MP Adam Bandt said an election had to be called and the "the sooner we turf out this rotten government, the better".

The Amazing Numbers Behind Mesut Ozil's Masterclass Against Leicester The Amazing Numbers Behind Mesut Ozil's Masterclass Against Leicester Mesut Ozil got the goal as he found the bottom corner with a superb finish from a Bellerin cross following a flowing move. Bellerin had to make amends and did just that when he crossed for Mesut Ozil to make it 1-1 just before the break.