Crude below $50 as OPEC disappoints with 'safe bet' extension
06 Juin, 2017, 10:12 | Author: Marc Bacque
Yesterday, brent crude oil fell more than 1pc to around $53 per barrel as markets were disappointed Opec would not deepen the cuts or extend them by as long as 12 months.
"It seems highly likely, although we can never be certain until the decision is made, that we're going to roll over with the same terms over a nine-month period", said Khalid al-Falih, the Saudi energy minister, at a meeting of Opec and 11 non-member countries on Thursday. With prices likely to fall because of an oversupply in the market if they don't, both Russian Federation, and OPECoil giant Saudi Arabia have spoken out in favor of an extension ahead of Thursday's meeting.
"Russia has an upcoming election and Saudis have the Aramco share listing next year so they will indeed do whatever it takes to support oil prices", Gary Ross, head of oil company PIRA Energy, told reporters about the underlying reasons for OPEC's move. West Texas Intermediate crude oil, the United States benchmark of prices, rallied about 17% from its year-to-date trough at the beginning of May through Wednesday.
OPEC and other oil-producing nations have extended their output cuts for an additional nine months in an effort to shore up prices.
Among the scenarios being considered by the panel are a six or nine-month extension with a possible deeper cut, reports said.
Production curbs have helped prices soar above $50 a barrel this year.
Emergency Tasmania ambulance misuse
Ambulance Tasmania chief executive Neil Kirby said it was imperative the public understood ambulances should only be called for genuine emergency medical treatment.
Trump vows to do 'whatever is necessary' to protect the US
Khan took to Twitter with his message of reassurance as well: "We are all shocked and angry today - but this is our city". Mr Trump accused Mr Khan of downplaying the attack by telling Londoners there was "no reason to be alarmed".
"Having analyzed the results of the Vienna agreement, it was noted [at today's meeting] that the agreement had a positive impact on the market by stabilizing the oil prices at a range from $50 to $55 per barrel", he said. Global crude oil inventories are above their five-year average or above 3 billion barrels.
Hopes are running high ahead of Thursday's OPEC meeting that members will agree to further cuts to output in a bid to maintain price stability.
That doesn't mean, though, that the countries won't extend the cuts in March 2018 but it will be decided "closer to the date", the minister explained.
"We support the extension of production cuts agreement that was agreed upon past year for another six months", Mohammed Al Rumhy, Minister of Oil and Gas said.
The OPEC cuts have enabled USA drillers to export more, especially to Asia. OPEC hadn't yet announced the production levels for the agreement on Thursday.
Opec's current deal, agreed at the end of 2016, covers only the first half of 2017.
COPYRIGHT VIOLATION WARNING: This report was originally published by Stock Observer and is the property of of Stock Observer. The lowest 12-month price target for the shares is $20.00, which would be decrease of about -11% of its current value.
The Siri face will deliver information to the user depending on what time it is and what events the user has lined up for the day. WatchOS 4 also brings new auto-sets for swimming, as well as new features for high intensity interval training workouts.
Still, President Trump has downplayed the investigation on Twitter , calling it a witch hunt and an excuse for why Democrats lost. Trump tweeted , referring to the Federal Bureau of Investigation director he abruptly fired.
Below this area there is the New section which does not show new apps at all, but merely the apps in alphabetical order. There, Apple shares the lead with Chinese company Xiaomi, whose fitness tracking wristbands are mostly sold in China.
But May defended her government's stance on the issue, saying that her Conservative government had protected police budgets. May insisted that her record was sound, saying that she had introduced a raft of anti-terror legislation as Home Secretary.
The Cavaliers went into halftime down only three and having forced 13 turnovers while shooting only 25 percent from long distance. Draymond Green , widely expected to beat up Love in a head-to-head matchup, has not been the reason the Cavs are down two games.
A change in leadership could raise questions about the future of the US base and potentially deprive Hamas of its main benefactor. About 80 percent of Qatar's food requirements are sourced via bigger Gulf Arab neighbours, such as the UAE and Saudi Arabia.
Two-time NBA Most Valuable Player Stephen Curry added 32 points, 10 rebounds and 11 assists in his first finals triple-double. He and Durant combined for 66 points and 18 assists in the opener, then dominated again while the supporting cast shined.
In an early morning raid in east London, British counter-terrorism police detained more people today. Police said Butt was known to security services but there had been no evidence of "attack planning".
We Love Manchester Emergency Fund passes £10 million mark
Earlier on Sunday, Usher shared links to websites where fans could tune into a live stream on the event on his Twitter page. Grande teased a faux finale of "One Last Time" alongside all of her musical guests towards the end of the show.
US Ambassador Praises London Mayor Trump Criticized
Khan said earlier this year Trump should be denied a state visit to Britain due to his "cruel and shameful" immigration policies. In the wake of Saturday evening's attacks, Khan called the attackers "cowardly terrorists" and said London was safe.
Man United beat Ajax 2-0, win Europa League
For winning finals, you first have to play finals and learn from it. "They're not used to playing a final, these young kids". They will learn a lot from it and become stronger.
Long term Growth Analysis of Ally Financial Inc. (NYSE:ALLY)
Brenner West Capital Advisors Llc bought 996,435 shares as the company's stock declined 19.04% while stock markets rallied. Zacks' earnings per share averages are an average based on a survey of research analysts that follow Ally Financial.