Monday, 17 December, 2018

Gulf OPEC members covered output gap left by Iran on Trump’s call

Gulf OPEC members covered output gap left by Iran on Trump’s call Saudi minister: OPEC+ deal 'supports global economy'
Rhonda Young | 02 December, 2018, 21:45

Friday's price fall has increased the stress over OPEC in front of an awaited meeting between the OPEC and its associates to be held on December 6 in Vienna, where they are expecting to declare the decrease in the oil output for the year 2019.

Crude futures made up some ground on Friday after an OPEC advisory committee recommended a 1.3 million-barrel cut to the cartel's daily output.

However, WTI prices plunged by roughly 22% in November, according to Dow Jones Market Data, after trading at a four-year high as recently as early October. US crude dropped 52 cents, or 1 percent, to $50.93 a barrel.

Wilder retains WBC heavyweight belt after battling to draw against Fury
Until Wilder's sensational final round knockdown, Fury appeared to be heading for what would have been a remarkable upset. The judges scored the fight 115 - 111 for Wilder, 114 - 110 for Fury, and 113 - 113 on the final card.

Reuters reported earlier this week citing sources taking part in the Russian minister's meeting with top managers of Russian oil companies, that Russia could agree to cutoil production under the OPEC+ deal in 2019 but was still discussing with Saudi Arabia possible terms and volumes. The January contract rose about 1% for the week.

Surging oil production in the United States, Russia and by members of the Middle East-dominated OPEC has helped fill global inventories and create a glut in some markets.

A slowdown in oil demand growth is compounding the emerging oversupply.

UEFA European Champions qualifying draw
Arguably the toughest group is Group F in which Sweden , Norway and Romania will likely compete for one berth behind Spain . The draw for the 2020 UEFA European Championship group stage qualifiers was made in Dublin on Sunday afternoon.

This move is visible in the Brent forward price curve, which now has prices for future delivery above those for immediate dispatch, a structure known as "contango", which can make it attractive to put oil into storage for later sale.

USA crude oil production rose about 129,000 barrels per day (bpd) in September to a fresh record of about 11.5 million bpd, the Energy Information Administration said in a monthly report. CME Group's OPEC Watch Tool pegs the probability of a “small production cut” at 52%, with expectations for “little or no change” at almost 48%.

"You're going to have a ballet and concert of various statements that are either contradictory or reinforcing leading up to the OPEC meeting", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London.

Kourtney Kardashian Is Freezing Her Eggs
In the photo above that Kim posted on Halloween, the caption reads, "I lied. For sure, without you this whole thing would be dead".

Falih said that the demand for oil would be declined from the next year and the state will respond to lower consumption.

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