Economy

Battered oil claws back losses after OPEC deal falls short of expectations

Battered oil claws back losses after OPEC deal falls short of expectations

Tamar Essner, director of energy and utilities at Nasdaq Corporate Solutions, said that the countries that had agreed to the cut had complied by easing production but continued to export at high levels from existing inventories.

"Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months", said Ryan Sitton, of the Texas Railroad Commission.

The meeting was co-chaired by Saudi Arabia's Energy Minister, Khalid al-Falih, and his Russian counterpart Alexander Novak, both of whom face heavy political pressures to keep a lid on oil prices.

Producers have expressed confidence that this plan will bring down crude oil stocks to their five-year average of 2.7 billion barrels but the market had hoped for a last-minute agreement on more far-reaching action.

Van plows into pedestrains at London Bridge
Several violent incidents - two of which are believed to be "terrorist incidents" - have occurred in London , England, tonight. The BBC has reported that the police are searching for three suspects in relation to the Borough Market incident.

On Nov. 20, 2016, oil prices soared after OPEC and 11 other countries agreed to cut oil production by 1.8 million barrels a day.

Less oil on the market normally means higher value per barrel.

That's because USA shale oil producers have taken advantage of the uptick in prices since previous year to ramp up production.

Concerns remain that OPEC-led production cuts will only stimulate a further rise in output from the United States, where producers can operate at much lower costs.

UK's May grilled by voters, urged to confront Trump on Paris
They would not restrict average temperature rises to 2C, let alone 1.5C, he said - and much more action is required. He said MA will continue its commitment to exceeding the emission reduction targets of the Paris compact.

Dallas Federal Reserve Bank President Robert Kaplan said late on Wednesday that he felt "very strongly" that US trade relationships with Canada and Mexico help USA competitiveness.

Brent crude futures were at $51.09 per barrel at 0348 GMT, down 37 cents, or 0.7 percent, from their last close. The consultant group said it expects total USA and Canadian oil production will rise by nearly as much as was sidelined by OPEC and its non-OPEC partners.

OPEC accounts for a third of global oil production and includes numerous world's largest oil exporters such as Saudi Arabia and Qatar.

Kazakhstan joined the current OPEC and non-OPEC pact last November, pledging to keep its output at around 1.7 barrels per day (bpd).

Twenty casualties in terror attacks on London Bridge
Prime Minister Theresa May confirmed the "terrible incident in London" was being treated as "a potential act of terrorism ". Police in riot gear filled the streets and told pedestrians and reporters to run and leave the area as fast as possible.

U.S. crude prices were flat at $48.88 on Friday, after losing 4.8 percent overnight, and were set to end the week 2.8 percent lower.


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