OPEC and a group of 10 oil-producing nations led by Russia are deepening their crude production cuts, but remain split on whether the curbs should remain in place through the end of the year, officials […]
The request was made in a letter sent to OPEC Secretary-General Mohammad Barkindo. “Our country hopes to receive the solidarity and full support of the member countries of OPEC and its ministerial Conference, in the fight we are currently having against the illegal and arbitrary intrusion of the United States in the internal affairs of Venezuela,” Maduro wrote.
Crude’s direction in coming weeks may be determined by whether the Organization of Petroleum Exporting Countries and allies including Russia implement output cuts they have promised for the first six months of 2019. Also crucial will be the outcome of trade negotiations between the U.S. and China — the world’s two biggest economies. A deal between the nations could boost flagging global growth that underpins oil demand.
Qatar, a tiny but wealthy country is one of the most influential players in the LNG market due to its annual production of 77 million tonnes. It plans to boost capacity 43 percent by 2023-2024 and will be building four liquefaction trains for the LNG expansion.
As part of its more than $20 billion investment push in the U.S. QP is looking “at gas and oil, conventional and non-conventional”
OPEC clinched the deal with allied oil-producing nations including Russia at its headquarters in Vienna, Austria on Friday.
The influential oil cartel meets at its headquarters in Vienna, Austria, with the aim of reaching an accord over production levels for the next six months. The 15-member organization will then hold talks with allied non-OPEC partners on Friday, with markets widely-expecting the energy alliance to announce steep output reductions from January.
U.S. West Texas Intermediate (WTI) crude futures slumped 2.3 percent, to $53.38 a barrel. Prices earlier fell to as low as $52.82, only 5 cents about the $52.77 level reached on Tuesday, which was the lowest since October 2017.
Oil prices are almost a quarter below their recent peaks in early October, weighed down by surging supply, especially from the United States.
Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.
Analysts with PVM Associates said in a note Friday that the price slump appears likely to continue, unless OPEC and its partners agree to cut production.
U.S. Oil Enters Bear Market on Rising Inventories, Worries of Oversupply
With Washington poised to curtail Iran’s oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.
The Trump Administration seems to be achieving its tri-fold agenda of punishing Iran while balancing the world’s energy needs and keeping oil prices low, as crude markets posted on Friday their largest weekly loss since February.
StockMarketNews.Today – Here are the top five things you need to know in financial markets on Monday, October 29:
StockMarketNews.Today – The development further raises pressure on the Organization of the Petroleum Exporting Countries to boost supply amid calls from U.S. President Donald Trump to lower oil prices.