Economy

Opec, allies rule out urgent hike in oil output

Opec, allies rule out urgent hike in oil output

He said on Twitter "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices".

Opec leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday ruled out any immediate extra increase in output, effectively rebuffing a call by per cent President Donald Trump for action to cool the market.

According to a majority of 200 energy industry executives polled in the UAE last week, Brent crude oil will end 2018 at above $75 a barrel, the highest year-end price in four years.

Nearly 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the USA sanctions against Iran by the end of the fourth quarter this year, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, making a crude price spike to US$100 a barrel possible.

Washington has already implemented financial sanctions against Iran and it plans to target the country's oil exports from November 4, putting pressure on other countries to also cut Iranian crude imports.

Rod Rosenstein expecting to be fired, AP reports
Michael Bromwich, McCabe's lawyer, did not deny the description of the memos, but he said McCabe didn't leak the documents. Rosenstein challenged the report Friday, saying he feels "there is no basis to invoke the 25th Amendment".

On Monday morning, Brent crude, the main European futures contract, rose above $80 United States a barrel to $80.43 U.S. at mid-morning.

Brent crude, the benchmark for more than half the world's oil, rose 2.5 percent to $80.79 a barrel at 9:44 a.m.in London, the highest since November 2014.

"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters in Algiers ahead of a meeting of OPEC and non-OPEC energy ministers.

Mr Trump called on the Organisation of the Petroleum Exporting Countries (OPEC) to lower prices.

While output C-OUT-T-EIA remains around the record of 11 million barrels per day (bpd), recent subdued US drilling activity points towards a slowdown.

Oil dips as China-US trade tensions deepen
In a meeting with Secretary-General Mohammad Barkindo, a senior Iranian diplomat urged him to keep the group out of politics. West Texas Intermediate (WTI) crude CLc1 gained 94 cents to settle at $69.85 a barrel, a 1.4 percent increase.

Kazempour Ardebili said the unfavorable conditions for the implementation of US oil sanctions against Iran could eventually forced US President Trump to show a certain level of flexibility.

"The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter", Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference (APPEC) in Singapore. "We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".

Saudi Arabia leads the Opec oil cartel, while Russian Federation is the biggest oil producer outside the group.

Francisco Blanch, head of commodities research at Bank of America Corp., said in a note to clients on Monday that signals from OPEC mean "the likelihood of an oil spike and crash scenario akin to the one observed in 2008 has increased".

Cruz, O'Rourke's First Debate In Dallas
On the Supreme Court and economics, the specter of President Trump loomed large. "That injustice. continues to persist today", O'Rourke said .


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