Oman to attend OPEC meeting on November 30, supports oil cuts extension
15 November, 2017, 02:03 | Author: Lora Ball
The organisation and non-member nations, including Russian Federation, had then made a decision to reduce global output of oil by 1.8 million barrels a day. "So we will continue to maintain the same level of production for the next year", H E Rumhi said. For traders, "it's logical to do the extension", he said.
"Prices. are starting to look like a pause or pullback is needed", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.
Additionally, traders said it was unclear whether a strong quake that hit Iran and Iraq on Sunday had affected the region's oil production.
Bahrain said Iran was behind an explosion in its main oil pipeline.
"The excess of OECD oil inventories over their five-year average levels has fallen by more than 50 percent in 2017, with inventories now at around 160 million barrels".
Opec Secretary-General Mohammad Barkindo (pic) has assured that the worldwide oil market is re-balancing at a quickening pace and production cuts are the 'only viable option.' - Reuters pic NEW YORK, Nov 14 - The Saudi- and Russia-led supply limits that have lifted crude to a 2 1/2-year high must be prolonged for an extended period or prices will collapse, said Ed Morse, global head of commodities research at Citigroup Inc. Before slashing its production as part of the agreement, Oman was producing almost a million barrels per day.
"If current trends continue, inventories are likely to return to the five-year average at some stage in 2018", it said, adding that strong demand had also helped reduce the glut.
Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate.
Hedge funds increased their holdings of Brent crude futures and options in the latest week, pushing their bet on a sustained rally in the oil price to the highest on record. Managers now hold net long positions equivalent to almost 544 million barrels of oil.
Bahrain's oil minister, Sheikh Mohammed bin Khalifa al-Khalifa, said on Tuesday he sees no reason why the supply cut agreement between oil producing countries should not be extended on November 30.
USA drillers added nine oil rigs in the week to November 10, the biggest jump since June, bringing the total count up to 738, Baker Hughes energy services firm said on Friday.
The rig count fell in August, September and October, but last week's rise was the second in three weeks, indicating that the USA oil industry was comfortable operating at current prices.
You can listen to Italy v Sweden in the World Cup play-off second leg live on talkSPORT2, on Monday, November 13 from 19:45 . I thank the lads who were with us and, although it wasn't enough, I hope that we gave them something.
To discuss whether it was a penalty or not, it's not interesting for us and in the end it was a decision by the referee. I think we were the better team. "We had to suffer to the end, especially with this chance Northern Ireland had".
Atom is set to launch this December 12, with the Enchantress set for release in January, and the Ninja crew in February. A trailer for Injustice 2 fighter Pack 23 has just been released and it reveals the final three DLC fighters.
Barcelona star striker Lionel Messi has brushed aside recent reports of his influence on the selection of Argentina squad. Three minutes later, Aguero forced Akinfeev into a diving save to deny his attempt from just outside the box.
It is usually found in freshwater settings, according to the health site, and "often spreads through contaminated water systems". The bacteria commonly is found in water systems and poses no threat to humans at low levels.
If this is set to "true", the app will allow root access over Android Debug Bridge, Android's command-line developer tools. A developer managed to use this very app to root the device by figuring out the password used to gain root access.
The council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously. If someone was dissatisfied, we being a sensitive government were forthcoming in making changes.
The government data released today showed that inflation in food articles more than doubled to 4.30 percent in October. The average price of the Indian basket of crude oil rose to $56.06 a barrel in October from $54.52 in September.
ESPN reported that Goodwin left the Niners' locker room as soon as the game ended Sunday to return to his family. After the game, Goodwin posted on Instagram that his son died after being born prematurely early Sunday morning.
The loss likely knocks Iowa State out of the Big 12 title hunt, while Oklahoma State still has a glimmer of hope. The referees ruled the play an interception on the field, a call that was upheld following a lengthy review.
New King of Corvettes
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Qualcomm Rejects Broadcom's Takeover Bid
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US, S. Korea begin joint Naval drills
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A Wonderful Day for College Football
The team that gets to the championship game will most likely be determined this week when the Spartans travel to Ohio State. The victory was also the Gamecocks' first against UF since 2014, when they took their fourth in five tries over the Gators.