Oil prices reverse course as Russian Federation leans toward output cut

Oil and gas tanks

Now, Riyadh has suggested OPEC and its allies reduce output by 1 million bpd from January 2019 to arrest a price decline as Brent crude fell below $59 a barrel this week from as high as $85 in October due to concerns about a possible glut.

Oil fell on Thursday, bringing losses for the month so far to 23 per cent, marking its largest one-month fall since the depths of the financial crisis in 2008.

International Brent crude oil futures had yet to trade.

Oil reversed course and rose as much as 2 percent on Thursday, after industry sources said Russian Federation had accepted the need to cut production, together with OPEC ahead of its meeting next week.

Investors are focused on this weekend's G-20 summit in Argentina, where leaders from the U.S., Russian Federation and Saudi Arabia - the world's three biggest oil producers - will gather in a prelude to OPEC's meeting next week in Vienna.

"Before that, the world's top three producers - the United States, Russia, and Saudi Arabia - will be part of a meeting of the Group of 20 industrialised nations in Buenos Aires, Argentina, this weekend". Traders remain uncertain about whether the OPEC and non-OPEC producers like Russian Federation will agree to curb output at their Vienna gatherings next week. "At the same time, we have expanding American crude stockpiles and they are unlikely to shrink in the near future".

Former Facebook employee says the company has a ‘black people problem’
Mr Luckie said his experiences meant he had "lost the will and the desire to advocate on behalf of Facebook ". Black employees now make up 4% of the U.S. workforce in 2018, up from 2% in 2016.

G20 Summit: All you need to know
As part of the discussions over the past year, the USA has given Chinese officials a list of 142 demands it wants addressed. The summit will gather leaders of the world's major developed and emerging economies for discussions on global governance.

Migrant Caravan Suffering Mass Outbreaks of Tuberculosis, Skin Infections
There's also a threat of Hepatitis outbreak due to unsanitary conditions, the spokesman said. The number of migrants in the city has varied depending on the source.

With this in view, the Organisation of Petroleum Exporting Countries (OPEC), of which both Nigeria and Saudi Arabia belong, has been considering the best way to stabilise the market. The global benchmark crude traded at an $8.45 premium to WTI.

On Wednesday, Putin said Russian Federation was in touch with OPEC but Moscow would be satisfied with an oil price of $60 a barrel.

In America, nationwide oil inventories gained for a 10th week by 3.58 million barrels last week, according to the Energy information Administration. Crude stockpiles at the Cushing, Oklahoma hub rose 771,924 barrels since November 23, traders said on Thursday, citing a weekly Genscape report.

Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said.

With that in mind, therefore, his meeting with Ibe Kachukwu is a consultation ahead of OPEC's meetings scheduled for November 30th at the G20 in Vienna, and yet another OPEC meeting scheduled for December 6th. While oversupply concerns were fueled by American exemptions on sanctioned Iranian oil, a trade dispute between the USA and China has threatened to hurt demand.

"We have seen huge increases in supply and the demand picture is in question".

Related:

Comments

Latest news

Justin Trudeau Refuses to Say 'USMCA' at Signing Ceremony
Mexico has also agreed to labor reforms, while Canada agreed to increase market access for US "dairy products, eggs, and poultry". He struck a more optimistic note on Friday, saying, "It's been so well-reviewed, I don't expect to have very much of a problem".

Google Workers Publicly Object to Censored Search Product for China
Amnesty launched a "day of action" and published a petition calling on Google CEO Sundar Pichai to abandon the project. It was effectively banned after lifting search result filters, a move that was hailed at the time by rights activists.

DOJ indicts Iranian men in alleged ransomware attacks
The ransomware encrypted data on infected computers and demanded a payment in bitcoin for a key for users to obtain access. Department of Justice and the FBI for conducting this complex and sophisticated investigation".

Angela Merkel to miss G20 summit opening after plane makes emergency landing
The aircraft landed safely in Cologne, with journalists on board reporting no injuries. Noteworthy, the aircrew set the transponder to code 7600 , that means "radio failure".

USMCA: Trump Signs New Trade Agreement With Mexico And Canada
There is no formal meeting between Trump and Trudeau on either leader's schedule for the Friday and Saturday summit. The three countries continued to talk out the agreement all the way up to the signing ceremony.

Facebook once considered selling user data, internal emails reveal
Nearly all the documents that were filed in the case have been taped up by a California judge, which was a request by Facebook . Internal Facebook documents which are seized by British lawmakers say that Facebook once did think of selling users data.

Ukraine Bans Entry To Russian Men, Says Official
All Russian men of combat age were barred from entering Ukraine today as tensions continued to rise between the two countries. Poroshenko responded by ordering martial law in much of the country, a move that went into effect with parliamentary approval.

Doctors Swallow Lego Heads for the Good of Mankind
The primary goal of the research was to see how long it takes for a tiny toy like a Lego to find its way through the human body. It took an average of 1.71 days for the Lego head to exit the body, with a varied FART score between 1.14 and 3.04 days.

Baker Mayfield: I speak my mind, that’s how I am
Mayfield acknowledged that the " fake " comment was directed at Jackson, but didn't explain why. " We've moved on ", he said. Mayfield also said there were things that happened behind the scenes with Jackson in Cleveland that people don't know about.

Michael Clarke slams headline-chasing coward as war-of-words heats up
The news that Shaw will miss at least the Adelaide Test has thrown the spotlight back on KL Rahul and M Vijay. It will be worth watching how the Indian line-up would face Austraila's pacing attack.

Alastair Campbell Tells Corbyn: "You Can’t End Austerity And Have Brexit"
Pressed on whether Labour would again campaign to Remain, he said there would have to be a debate within the party. The ultimate gamble for the Prime Minister, who has to hope that voters will, via the ballot box, back her plan.

NASA Selects Nine US Companies To Vie For Moon Program Funding
"This is also the first step toward the Moon in relation to Space Policy Directive-1". "We're gonna buy the service", he cheered. NASA administrator Jim Bridenstine hosted a press conference today to reveal the next phase of the agency's lunar ambitions.

Santiago Bernabeu to host delayed Copa Libertadores final
It is the first time Madrid will stage a Copa Libertadores final. The Bernabeu has a capacity of more than 80,000 seats. Argentina's biggest match will be played in Madrid .

New Zealand rescuers save six stranded whales
Department of Conservation spokeswoman Abigail Monteith said the hard decision had been made to euthanase the five pygmy whales. It could also be a combination of factors that causes the animals to strand, but those reasons remain unknown.

Is it now safe to eat romaine lettuce? Not yet
It said romaine from elsewhere should soon be labelled with harvest dates and regions so people know it's safe to eat. However, some people may have a more serious illness that requires hospital care, or long-lasting health effects.

Other news