Tuesday, 22 January, 2019

Saudi Energy Minister Says he Discussed Oil Market with US Counterpart

US investment banks see low oil prices despite OPEC cut Kotak positive on GAIL, ONGC after OPEC production cut decision
Lloyd Bates | 13 December, 2018, 22:53

Brent crude rose $1.61, or 2.7%, to $61.67 a barrel.

OPEC Credibility When OPEC initially agreed to cut output in 2016, production didn't actually fall until the deal came into effect in January 2017. Energy Minister Parviz Shahbazov underlined the decision as a necessary step to regulate the market and stabilize prices. "On top of this, Saudi Arabia also needs higher oil revenues to fund domestic Saudi spending".

U.S. Secretary of Energy Rick Perry reiterated the "need for stable supply and market values" during talks with Saudi Energy Minister Khalid Al-Falih in Saudi Arabia, the U.S. Department of Energy said on Monday, in a first U.S. -Saudi meeting after Friday's OPEC+ deal to cut oil production again.

Despite this, the outlook for next year remains muted on the back of an economic slowdown. Thus, if the daily oil production in October was 783,000 barrels, from next year Azerbaijan will maintain this figure at 763,000.

On Monday, oil prices rose as the world's two largest economies agreed not to impose new additional tariffs and Doha made a decision to end its 57-year membership in OPEC. Saudi Arabia is now the world's largest oil exporter.

The announcement at Vienna over the weekend does not include the United States, which is the world's leading oil producer.

Key Democrat says Trump allegations could be 'impeachable'
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A woman who makes Donald Trump's bed and irons his clothes undocumented immigrant, it has been revealed. "The workers panicked. Mr Trump made a crackdown on illegal immigration one of the central planks of his campaign and presidency.

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From January to September, Azerbaijan exported close to 22 million tons of crude oil worth around $11.6 million, according to the State Statistics Committee, comprising 81 percent of national exports during the same period.

Iran maybe exporting around 1 million barrels per day now and any reduction may tighten the oil markets, especially around seasonally strong demand during summers.

It's likely the combination of the two that prompted selling - not least concerns over growth stemming from the U.S.

Prices rose 3 percent on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russian Federation said they would cut oil supply by 1.2 million barrels per day (bpd). The slower economic growth is expected to influence the demand for oil next year and along with the growing production in the USA, the prices are estimated to decline eventually. The contributions from OPEC and non-OPEC will correspond to 800,000 barrels per day and 400,000 barrels per day, respectively.

Oil gave up the day's gains heading into the settlement on Wednesday, after earlier drawing support from a report showing a drop in USA crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output.

Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang.

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