Sunday, 22 October, 2017

Russian Federation calls for more oil output cut discipline

Crude Oil Prices dip after Crude Oil Prices dip after OPEC report OPEC report Crude sideways early Monday, awaiting news from OPEC committee meet – Vandana Hari
Debra Rodriguez | 25 July, 2017, 00:42

Nigeria reported to OPEC that crude oil production in June was about 1.67 million barrels per day.

Libya is allowed to keep increasing production and has plans to raise output as high as 1.25 million barrels a day, Al-Falih told reporters in St. Petersburg on Monday.

The JMMC also said Nigeria would join the deal by capping or even cutting its output as well although the exemption for Libya would continue. WTI-Brent spread was stable on Jul-2017.

The Saudis have belatedly woken up to how oil traders react to a USA that's visibly awash with crude.

OPEC members Nigeria and Libya have been exempt from the output cuts, and market watchers remain concerned that production from the two countries is offsetting the impact of the global reduction.

"There is still room for improvement by some participating producing countries, and demanded that all participating producing countries must promptly reach full conformity", a release from the meeting said.

The Saudis are preparing to take public part of their state oil giant Saudi Aramco next year, and higher oil prices would make the company look more valuable. The average rate of US imports from the desert kingdom over the past six weeks has dropped by 450,000 barrels a day, or 34 percent, compared with the first six weeks of the year.

Saudi Arabia is heavily dependent on oil for income and has been suffering since oil prices crashed from more than $100 a barrel in 2014.

Oil prices rose slightly on Monday.

(OPEC) and other producers including Russian Federation that are locked in a battle against rising shale production in their efforts to boost prices.

The net positive dollar flows through the economy is also a signal that the new Investor and Exporters (I & E) window is bringing back confidence and some offshore flows. He pointed to discrepancies between countries' production and export figures, calling the difference "a matter of concern".

Falih said OPEC and non-OPEC partners were committed to cut output longer if necessary but would demand that non-compliant nations stick to the agreement.

Elsewhere, the International Monetary Fund left its projection for global economic growth at 3.6 percent for this year, but said that forecast masks swings at the country level.

For the first time in three years, Russian Energy Minister Alexander Novak said global oil and petroleum product volumes have declined.

Recommended

Linkin Park set up tribute page to Chester Bennington following his death Linkin Park set up tribute page to Chester Bennington following his death He added, "If anyone out there is struggling with the same thoughts, the same issues, please, do not make the same decision". I'm p***ed that you did this, but I know this could have been me back in the day after getting wasted one night.

Charlie Gard's parents 'extremely upset' over GOSH death threats backlash Charlie Gard's parents 'extremely upset' over GOSH death threats backlash In some cases parents of other sick children have been harassed while trying to visit, they said. Staff have received abuse both in the street and on line.

Three Palestinians killed in soaring Jerusalem violence Three Palestinians killed in soaring Jerusalem violence By contrast, the Red Crescent reported at least 450 Palestinians were wounded in the demonstrations, almost half from tear gas. Also, three Palestinians were killed and tens were injured on Friday during the clashes with the Israeli security forces.

Scaramucci's 2016 op-ed targets then-candidate Trump Scaramucci's 2016 op-ed targets then-candidate Trump Responding to a question from the interviewer, Scaramucci said he wants "the president to be the president". He said he would tell the staff, "If we don't stop the leaks, I'm going to stop you".

China trying to change status quo on border: Sushma China trying to change status quo on border: Sushma The Chinese daily article said China will by never agree to withdraw its troops as a precondition for the talks. The editorial asked India to "abandon the long-term fantasy" of the Doklam area.

Trump dines with top aides at his Virginia club Trump dines with top aides at his Virginia club The air wing to support the Ford could add more personnel to the ship, which is created to house more than 4,600 crew members. Taken on her own, the Ford is the most expensive ship of any kind ever built, with a construction cost of almost $13 billion.

Jordan urges Arab FMs to meet over Al-Aqsa Mosque tension They refused to enter, preferring to pray outside, in some cases filling the narrow alleyways of the Old City's Muslim quarter. The Palestinian Red Crescent has put the number of those injured in East Jerusalem and the West Bank at some 140 people.

Spieth, Koepka, Kuchar lead American charge at British Open Rain began pounding Royal Birkdale on Wednesday afternoon, closing the course because of the lightning that accompanied the storm. However, patches of bad weather often last for only part of the day, creating different course conditions for different players.

To Help Reduce Mosquito Population, Scientists Are Unleashing 20 Million Of Them To Help Reduce Mosquito Population, Scientists Are Unleashing 20 Million Of Them Aptly named Debug Fresno , the project will be executed by Verily, a subsidiary of Alphabet, which is Google's holding company. A GIANT TECHNOLOGY firm is about to release up to 20 million infected mosquitoes into the centre of California this summer.

Philippine Congress extends martial law in south amid siege Philippine Congress extends martial law in south amid siege Outside the gates of Congress, sectoral groups picketed and called for an end to the martial law. This is not the martial law that we had before.

Weekly Review: Sensex, Nifty hit new peak during the week Weekly Review: Sensex, Nifty hit new peak during the week Reliance Industries and Wipro traded on its new 52-week high of Rs 1,588.00 per share and Rs 290.90 per share, respectively. However, the market breadth closed negative as about 1,425 shares declined against 1,254 advancing shares on the BSE .

Cops seek man in 2 slayings across 2 MI counties Cops seek man in 2 slayings across 2 MI  counties Joseph County Undersheriff Mark Lillywhite told 24 Hour News 8 that the suspect is 32-year-old Zachary Michael Patten. Lillywhite said after shooting a female in Kalamazoo County, the suspect fled to his ex-wife's house in St.

Sergio picks a fight with a bush and loses Sergio picks a fight with a bush and loses The Masters champion took a painkiller on the fifth tee, and then spoke with a medical official on the seventh hole. The Spaniard grabbed at his shoulder, presumably in pain, and was visibly sore for the next few holes.

Trai Turner extension from Panthers worth $45M Trai Turner extension from Panthers worth $45M Turner's new deal is worth $45 million with $20 million guaranteed, according Ian Rapoport of NFL Network. Turner, who was the 92nd pick in the 2014 draft, had one season remaining on his rookie contract.

YouTube to redirect "terror" searches YouTube to redirect Google says it will measure success based on the amount of engagement the debunking videos get from the Redirect Method . While superficially commendable, the Redirect Method does raise the specter of intervention and censorship.