Tuesday, 18 December, 2018

Oil prices climb after Saudi Arabia announces production cut

Iranian Revolutionary Guard speedboat moves in the Persian Gulf while an oil tanker is seen in the background Saudi Arabia to cut December oil exports by 500000 bpd
Laurie Berry | 12 November, 2018, 21:43

"In the short term, this is a positive for oil, but we must question the impact over the longer term unless it's the sign of more to come from OPEC", said Markets.com Market Analyst Neil Wilson.

Saudi Arabia expressed the need for oil producers to cut 1 million barrels a day from October levels and announced fewer shipments from next month, as OPEC and its allies began laying the groundwork to reduce oil supply in 2019, reversing an nearly year-long expansion.

The UAE's energy minister, Suhail al-Mazrouei, said balancing the market would "require changes in the strategy" of producers.

His comments appeared to be a response to U.S. Special Representative for Iran Brian Hook, who said last week that Iranian vessels would lose access to worldwide insurance markets under the U.S. sanctions and so would be a risk to ports and canals which allowed them access.

Opec's de-facto leader Saudi Arabia meanwhile said it would draw back its exports for the month of December to the tune of 500,000 bpd as it anticipates lower winter demand. Saudi Arabia will cut production as well as exports, he said.

Note that although the Iranian sanctions have taken effect, the American Government has now given waivers to eight of the country's customers, thereby going against its earlier insistence on cutting off all of Iran's oil from the global oil market.

Opec's JMMC is next set to meet on December 5 in the Austrian capital of Vienna, a day ahead of its annual meeting.

The Saudi announcement boosted Brent oil price from some $69/bbl to above $71/bbl Monday - as investors deemed a 0.5-percent cut to the total global supply as easing the concerns of overproduction.

Rockets deny Melo's tenure is coming to an end
His good friend Dwyane Wade took to Twitter to defend Anthony, saying that he was being made to be the "fall guy". The 10-time All-Star has appeared in 10 games this season averaging 13.4 points and 5.4 rebounds.

During a meeting in Baghdad, Iraq and Saudi Arabia's oil ministers also discussed an electricity grid connection between the two countries to meet Iraq's power needs, he said.

Falih said they would then decide whether to adjust production and by how much.

Since then, OPEC production has risen 820,000 bpd since May, according to the latest S&P Global Platts OPEC survey.

Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

It was "premature to talk about a specific action", he told reporters, asked about the possibility of an output cut to support sliding prices.

Decision comes amid fears of oversupply.

The military official also played down Washington's rhetoric and said the U.S. has time and again hurled such threats against Iran only to find that "they have never had nor will they have" any effect in the future.

Recommended

  • Aerosmith's Joe Perry Recovering After Collapse

    Aerosmith's Joe Perry Recovering After Collapse

    He recently announced a new single and solo tour, while Aerosmith launched plans for a 2019 Las Vegas residency in September. Paramedics arrived to his dressing room and worked on the 68-year-old who was experiencing shortness of breath.
    Michelle Obama reveals daughters were conceived by IVF

    Michelle Obama reveals daughters were conceived by IVF

    Throughout her husband's life in politics, she fought to balance public and private needs, and to maintain her self-esteem. Obama, said she and Barack Obama underwent fertilization treatments to conceive daughters Sasha and Malia, now 17 and 20.
    Andre Iguodala (calf) to return for Warriors versus Bucks

    Andre Iguodala (calf) to return for Warriors versus Bucks

    Steven Adams added 19 points and 10 rebounds for the Thunder, while Terrance Ferguson hit four 3-pointers en route to 14 points. Curry grabbed at his inner thigh after trying to contest Bledsoe's shot in transition at the 6:50 mark of the third.
  • "Toy Story 4" Teaser Reveals New Character

    There are few more ideal trilogies than Pixar's Toy Story , both in the world of animation and beyond. Woody now being in a new room, with new toys, and a new kid, was something we have never seen before.
    Sloppy Ireland find their rhythm to see off Argentina

    Sloppy Ireland find their rhythm to see off Argentina

    Ireland head coach Joe Schmidt has revealed Sean O'Brien suffered a suspected broken arm during the win over Argentina . I'm confident they can. "It is up to this week's group to keep them at bay".
    Hitman 2's gameplay launch trailer is full of creative kills

    Hitman 2's gameplay launch trailer is full of creative kills

    Like all Hitman games, Hitman 2 is developed by IO Interactive and is going to be published by Warner Bros. By being so much like its predecessor, Hitman 2 is set to fulfil that original goal.
  • Liverpool score 13 seconds after Fulham have goal disallowed

    Liverpool score 13 seconds after Fulham have goal disallowed

    The Reds kept a clean sheet and scored twice as they continued their unbeaten start to the Premier League season. Guinea play just one game against Ivory Coast, and that's good for him.
    Dez Bryant Signs With Saints: Details Of His One-Year Deal

    Dez Bryant Signs With Saints: Details Of His One-Year Deal

    It's a potential career ender for Dez after going unsigned until Week 10. "You can ask my teammates - my ex-teammates - how I am". Although two teams offered Bryant a deal, he ended up declining both, the Baltimore Ravens and the Cleveland Browns offers.
    Big hits was my way of battling stomach cramps, says Harmanpreet Kaur

    Big hits was my way of battling stomach cramps, says Harmanpreet Kaur

    Harmanpreet was required to walk into the middle early, at the fall of debutant Dayalan Hemalatha's wicket in only the sixth over. Harmanpreet got into the mode with two sixes off Jess Watkin in the 10th over, as India reached 76 for the loss of three wickets.
  • Trump tweets in Whitaker's defense in turnabout

    Trump tweets in Whitaker's defense in turnabout

    Charles Larson, a former chairman of the Iowa Republican Party, said Whitaker has briefed Trump and done "an impressive job". Sessions was sacked as attorney general with a call from Trump's chief of staff John Kelly on Wednesday afternoon.
    Kate Middleton showed a sweet photo with his father

    Kate Middleton showed a sweet photo with his father

    The royal family has pulled out all the stops to celebrate Prince Charles' 70th birthday . The Duchess of Cornwall elaborated on what brilliant means where her husband is concerned.
    Israel kills six Palestinians, including Hamas commander, in Gaza raid

    Israel kills six Palestinians, including Hamas commander, in Gaza raid

    Defence Minister Avigdor Lieberman said he had opposed "transferring the money to Hamas". "All IDF soldiers back in Israel". One Israeli soldier has been killed on the Gaza-Israel border by a Palestinian sniper during the same period.

Avengers 4 Current Runtime Revealed Avengers 4 Current Runtime Revealed It looks like Marvel's heroes are going to take a long time to defeat Thanos in the 4th installment of the Avengers franchise. While promoting his new bar, Duello, Joe Russo was bombarded with questions about the upcoming Marvel film.

Putin says had good conversation with Trump in Paris Putin says had good conversation with Trump in Paris The Russian Empire, which had a population of around 150 million people, suffered 1.7 million deaths during the war. Putin , who was last to arrive at the ceremony, gave Trump a brief thumb's up as he greeted them.

Pep Guardiola asked to explain pre-derby referee comments Pep Guardiola asked to explain pre-derby referee comments Jose Mourinho has revealed why Manchester United's game plan fell apart against fierce rivals Manchester City . We remember it went 2-1, 2-2, 2-3, so we said we had to stay focused, keep trying to play and make chances'.

One dead, multiple injured in Melbourne stabbing One dead, multiple injured in Melbourne stabbing At a press conference , a police spokesperson said there are no links to terrorism at this stage. After taking several swings at one of the officers, the attacker was shot in the chest.

Trump ruled out cemetery motorcade as disruptive Trump ruled out cemetery motorcade as disruptive Meantime, world leaders walked together in a show of unity to the Arc de Triomphe, the site of the solemn ceremony. The Secret Service determines when it's safe to fly Marine One, the president's helicopter.

FOMC monetary policy remains unchanged - Rabobank FOMC monetary policy remains unchanged - Rabobank Auto loan rates are at a nine-year high, and 30-year fixed mortgage rates recently climbed to their highest level in seven years. That was well above the roughly 2% rate many economists and the Fed believe is the underlying trend.

Southern California wildfire doubles in size Southern California wildfire doubles in size Also on her mind were the couple and their three children, who rent the old family home, which has likely been lost, Hayes said. Napoli left with her friend, the friend's son and her mother who is in her 90s and had to leave behind her oxygen tank.

Barcelona 3-4 Real Betis: Leaders stunned by expert display Barcelona 3-4 Real Betis: Leaders stunned by expert display Gio LO CELSO also scored, his was a shot which goalkeeper TER STEGEN tried to catch but it went through the hands of the German. Messi added his second in injury time following a VAR referral but it wasn't enough to stop Barcelona from stumbling to defeat.

Winds again fan Southern Californian wildfire that killed 2 Winds again fan Southern Californian wildfire that killed 2 As Los Angeles fire chief Daryl Osby took the podium, strong gusts swirled smoke, ash and dust through grey skies. Strong winds, low humidity, drought and vegetation so dry as to act as matchsticks exacerbated the flames.

Strawberry scandal: Woman arrested following needle contamination Strawberry scandal: Woman arrested following needle contamination The first person charged over the strawberry needle crisis is due to face a Brisbane court after spending the night behind bars. Superintendent Jon Wacker, from the Queensland Police Drug and Serious Crime Group, said the investigation "was far from over".

Duke Basketball: 3 keys for the Blue Devils against Army Duke Basketball: 3 keys for the Blue Devils against Army After winning by over 30 points against Kentucky, another 30-point win will probably happen. Reddish scored in transition, followed by 3-pointers from Jones and Barrett.

Man City assert their superiority as Jose Mourinho holds back Man United Man City assert their superiority as Jose Mourinho holds back Man United Lingard, however, has said that United will relish the pressure of overcoming Pep Guardiola's team. Mourinho's starting point as a manager is to ban the opposition from scoring.

'Nationalism Is a Betrayal of Patriotism,' France's Macron Says 'Nationalism Is a Betrayal of Patriotism,' France's Macron Says Populism and nationalism are gaining in popularity, while countries are putting up barriers against globalization, she said. Taking the stage to applause at the Paris Peace Forum, Macron avoided presenting the weekend's event as a success.

Protesters target home of Fox News' Tucker Carlson Protesters target home of Fox News' Tucker Carlson Washington Post columnist Max Boot, who has been critical of Carlson, also spoke out against the protest. Carlson told Kilmeade the group put his home address as well as that of his brother on the Internet.

Nintendo Switch SHOCK: HUGE new feature finally gets release date Nintendo Switch SHOCK: HUGE new feature finally gets release date Despite the Switch being a smash hit for Nintendo , there are still some features that are surprisingly absent from the console. November 8 is this Thursday, so it's very likely we're going to get an official announcement in the next couple of days.