TapForMobile

Nigeria, Libya should be included in cuts pact: Zanganeh


Brent on Monday closed up 3.8%, at $59.02 a barrel, its highest settlement since July 2015, while USA crude futures settled almost 23% above this year's low of $42.53 a barrel on June 21.

Turkey has said it could cut off a pipeline that carries oil from northern Iraq to the global market, putting more pressure on the Kurdish autonomous region over its independence referendum.

Also Read: India's crude oil production falls 2% in August, import bill rises 12%. What's noteworthy about these moves is that they pushed oil 20% above its bottom in June, which means crude is now officially in bull market territory.

Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way toward rebalancing.

US crude futures closed 34 cents, or 0.7 percent, lower at $51.88 a barrel, after hitting a five-month high of $52.43.

Demand from China has been a crucial driver of the return to above $55 a barrel prices as the world's second largest economy builds its strategic petroleum reserve.

In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants.


"We see the market over the next six months going well above $60 for a simple reason. surprisingly good demand", Adi Imsirovic, head of oil trading at Gazprom Marketing and Trading, told the S&P Global Platts APPEC conference in Singapore.

In the 2017 budget, the executive set the crude oil benchmark at 2.2 million barrels per day at a price of $42.5 per barrel, before the National Assembly pushed the benchmark to $44.5 a barrel with hopes that the black gold would remain at its January rate, which was above $50.

The 14-member Organization of the Petroleum Exporting Countries, led by No. 1 oil exporter Saudi Arabia, met in Vienna on Friday with the world's largest crude producer Russian Federation to discuss a range of price support options for oil. The EIA revised lower US oil production for 2017 from 9.35 million barrel per day to 9.25 million barrels per day a 100k barrel a day decrease.

We start the day with a higher USA dollar and we will have Consumer Confidence and New Home Sales at 9:00 A.M. and API Energy Stocks at 3:30 P.M. On the Corn front the market key is now the weather and harvest with rains and cooler temperatures are forecasted coming to a theatre near you. OPEC secretary-general Mohammed Barkindo said this week that crude exports from the Middle East to Asian markets were expected to increase by 7.5 million barrels a day between 2016 and 2040, to 22 million barrels.

Technological improvements and greater efficiency has helped US shale producers pump out crude oil at lower margins - some say it is now profitable at less than $50 per barrel.

Some analysts suggested, however, that the production-curb exemptions which have allowed Nigeria and Libya to ramp up production could be lifted to ease the glut in global crude supplies.

Related Articles

  • No. 4 Penn State to face road test at Iowa

    No. 4 Penn State to face road test at Iowa

    With Iowa spoiling Penn State title hopes in the past, expect the Lions to be extra focused to avoid having history repeat itself. This play by Barkley would loom large because he once again showed the ability to tack on offensive yards nearly out of nowhere.
    'Madman Kim Jong-un will be tested like never before'

    'Madman Kim Jong-un will be tested like never before'

    President Donald Trump is meeting with South Korean President Moon Jae-in on Thursday about the ongoing North Korea crisis. He added, "The president obviously takes the responsibility of the security of the American people very seriously ".
    Darci Lynne Farmer Performs With TWO Puppets On America's Got Talent Finals

    Darci Lynne Farmer Performs With TWO Puppets On America's Got Talent Finals

    During night two of the live finale, Darci was joined onstage by Terry Fator , who won season 2 of America's Got Talent . As the victor , Darci Lynne will take home the grand prize: $1 million, and a headlining show on the Las Vegas strip .
  • Ronald Koeman Hails Oumar Niasse After Bournemouth Heroics

    Ronald Koeman Hails Oumar Niasse After Bournemouth Heroics

    Ex-Everton midfielder Dan Gosling could be the player to miss out if Howe chooses to persevere with the new system. Ronald Koeman says he is "not surprised" by how Oumar Niasse has turned his Everton career around.
    Woman arrested after viral video shows her thrashing Armyman

    Woman arrested after viral video shows her thrashing Armyman

    The army then reported the incident to the Delhi Police, who arrested her on charges of "causing hurt to deter a public servant". He tried to speak to the woman but she held his collar, slapped him and hurled abuses at him.

    Watford 0-6 Manchester City

    Marco Silva's Watford will be a huge test of City's title credentials, with the Hornets proving to be tough customers thus far. The Premier League match was over by half-time thanks to two goals from Sergio Aguero and another by Gabriel Jesus .
  • Latest track keeps Hurricane Maria off coast, then out to sea

    The higher pressure could bring warmer weather to the south - where temperatures are expected to be 21C until Wednesday. Lee is expected to stay far out in the Atlantic through the next five days and not pose a threat to land.
    Keller: Latest GOP Obamacare Repeal Effort In Jeopardy

    Keller: Latest GOP Obamacare Repeal Effort In Jeopardy

    Richard Blumenthal speaks at the Southwest Community Health Center his opposition to a Republican-backed bill to scrap Obamacare. "I believe we could do better working together, Republicans and Democrats, and have not yet really tried", he said .
    Turkey, Iran and Iraq Threaten 'Counter-Measures' against Kurdish Referendum

    Turkey, Iran and Iraq Threaten 'Counter-Measures' against Kurdish Referendum

    A statement issued after the meeting said Turkey reserved its rights originating from worldwide conventions. The most hotly contested area is Kirkuk, where Baghdad lays claim to the oil-rich province.
  • Russian airstrikes hit US-backed forces in Syria' Deir al-Zour

    Russian airstrikes hit US-backed forces in Syria' Deir al-Zour

    Russian Federation has denied carrying out an airstrike that a USA -backed Syrian force said killed one of its fighters. The Syrian Democratic Forces entry into Deir az-Zour where a Russian-backed, Syrian regime offensive is taking place.
    Jackie Hoffman jokingly pokes fun at Laura Dern after Emmy loss

    Jackie Hoffman jokingly pokes fun at Laura Dern after Emmy loss

    Shortly afterward, Hoffman took to Twitter to launch into a tirade that many users took at face value. The other night, The 69th Annual Primetime Emmy Awards aired on CBS , hosted by Stephen Colbert.

    Nancy Pelosi shouted down at DACA news conference for working with Trump

    Pelosi, standing behind a podium decorated with a sign that said #protectdreamers, said "Make America dream again". Pelosi was attending an an event in San Jose with California Reps.

Comments