Saudi Arabia Wants 'Conformity By All' In Any Output Deal Extension

Mar 08, 2017, 00:31
Saudi Arabia Wants 'Conformity By All' In Any Output Deal Extension

U.S. West Texas Intermediate and Global Brent crude oil futures posted two-sided trades on Monday as investors reacted to mixed news about supply.

Oil prices have been stuck in a $3 band since February, failing to take off after OPEC implemented, to a surprisingly high degree, the first production cut in eight years.

The Organisation of Petroleum Exporting Countries (OPEC) says the historic oil deal sealed in December is yielding more results that expected. Amid the turbulence and uncertainty in energy markets this year, CERAWeek 2017 will provide new insights and critically-important dialogue - and a very cost efficient way to engage on the most urgent questions with decision makers from around the world.

On the back of Libyan unrest, the price for Brent crude oil was up 0.77 percent to $56.44 per barrel about a half hour before the start of trading in NY. He said it is too soon to say whether the production cuts, which expire in June, may be extended.

This will lead, he warned, to a future marked by severe price spikes, "acute energy poverty" in the developing world and high market volatility. The glut has weighed on oil prices for more than two years. U.S. West Texas Intermediate (WTI) crude futures fell 31 cents to $53.02 a barrel after closing the previous session up 1.4 percent.

Earlier Iran's Oil Minister Bijan Namdar Zanganeh said following a meeting with Novak on February 21 that Tehran is ready to make an agreement on supplies of 100,000 barrels of crude oil per day to Russian Federation within the next 10-15 days.

The Joint Technical Committee was created January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries' obligations to cut oil production.

He added: "I am optimistic about the global market outlook in the weeks and months ahead - though I caution that my optimism should not tip investors into irrational exuberance' or wishful thinking that Opec or the kingdom will underwrite the investments of others at our own expense".

Saudi energy minister Kalid Al-Falih has described talk of peak oil demand, in the face of rising acceptance of electric vehicles and renewable energy schemes, as unsafe and misguided.

"We are witnessing the start of a second wave of USA supply growth, and its size will depend on where prices go", said Fatih Birol, executive director of the IEA. "I don't expect them to fall much further", Gnanasekar Thiagarajan, director with Commtrendz Risk Management said.

YOU MIGHT ALSO LIKE
  • Global wearables sales soar 17% in Q4 - IDC

    The consensus estimate among Wall Street analysts was that Apple sold 4.9 million watches in the holiday sales quarter. USA company Fitbit sold 22.5 million wearable devices in 2016, accounting for 22 percent of the global total.
    At $17 a share, Snap hopes to raise $3.4 bn in IPO

    At $17 a share, Snap hopes to raise $3.4 bn in IPO

    Snap shares are set to start trading on the New York Stock Exchange under the ticker SNAP Thursday. "Everyone is super happy". Michael Lynton recently stepped down from his role as CEO of Sony Entertainment to become the chairman of Snap .

    Google Play Upgrades Make It Easier For Developers To Get Noticed

    Google is known to make all sorts of changes where it sees fit, so that its users can be satisfied. Another small but crucial change coming to Google's marketplace is the visibility of sale prices .
  • North Korea Fires Ballistic Missiles Close to Japan

    North Korea Fires Ballistic Missiles Close to Japan

    Experts said Pyongyang is testing President Donald Trump's neophyte administration - and plenty of others are taking note. Some of the missiles landed 190 miles from Japan's north-west coast in clear breach of United Nations resolutions.
    Outlast 2 Release Date Revealed By Red Barrels Studio

    Outlast 2 Release Date Revealed By Red Barrels Studio

    Since Outlast 2 was delayed to 2017, developer Red Barrels has been relatively mum on when this year it would come out. According to Red Barrels, Outlast 2 is a twisted new journey into the depths of the human mind and its dark secrets.
    Theresa May to accuse the SNP of

    Theresa May to accuse the SNP of "tunnel vision" on Scottish independence

    The Tory said: "My job right now is to stand up for the majority of Scots who say they do not want a second referendum, that is exactly what I'm doing".
  • Bomb Threat Called Into Staten Island Jewish Community Center, Police Say

    Bomb Threat Called Into Staten Island Jewish Community Center, Police Say

    The Anti-Defamation League in San Francisco was evacuated Monday afternoon due to a bomb threat, police said. Numerous buildings were cleared by early Monday afternoon and had resumed normal operations.

    No VIP treatment for Sen. De Lima, says PNP

    De Lima's Liberal Party, which ruled for six years under Aquino, voiced deep anger on Thursday at her imminent arrest. Shortly after his testimony, de Lima was removed from her position as chairwoman of the Senate panel.
    Swedes Stumped By Swedish 'National Security Adviser' On Fox

    Swedes Stumped By Swedish 'National Security Adviser' On Fox

    Fox News's "The O'Reilly Factor" this week featured a guest with inaccurate credentials, The Washington Post reported Saturday. The network said O'Reilly was expected to address the subject further on Monday's show.
  • China says Dalai Lama a 'deceptive actor' after brain comments

    China says Dalai Lama a 'deceptive actor' after brain comments

    There's much more enlightenment to be had in the full interview/segment, not to mention lots of adorable Dalai Lama laughs. One Chinese government official said the Dalai Lama was a " wolf wrapped in monk's robes ".
    UP ATS corners 'terrorist' in Lucknow, encounter underway

    UP ATS corners 'terrorist' in Lucknow, encounter underway

    The affected coach was separated from the rest of the train and fire extinguishers wre used to put the flames out. Earlier, those living in the neighborhood were evacuated from their houses and the entire area was cordoned off.
    Big Lots holds steady; store of the future coming

    Big Lots holds steady; store of the future coming

    The topline results for the fourth quarter slipped to $ 1.58 billion from $ 1.58 billion in the same quarter past year . The company reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates of $2.22 by $0.04.
popular