Oil prices fall on swelling glut, economic growth concerns

06 December, 2018, 17:42 | Author: Mary Valdez
  • The outlook snaps eight straight weeks of rollbacks in pump prices of petroleum products

PRICE Futures Group's Phil Flynn on the outlook for oil prices.

Oil prices dipped on Thursday in tepid trading ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

Mr al-Falih, said today: "We hope to conclude something by the end of the day tomorrow".

"We're looking for a sufficient cut to balance the market, equally distributed between countries", Falih said.

OPEC meets in Vienna on the verge of an oil production cut that would defy U.S. President Donald Trump's plea to keep the taps open. As ministers sat down at the headquarters of oil cartel Opec, Russian oil minister Alexander Novak flew to St Petersburg to meet President Vladimir Putin to decide on their country's contribution. "The World does not want to see, or need, higher oil prices!" said Trump, who has repeatedly accused the cartel of keeping prices artificially high.

Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 per cent since mid-2018, to 33.31 million barrels per day (bpd). He also said that a 1 million bpd production cut was acceptable.

Official US government oil production and inventory data is due later on Wednesday. The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November.

Oil prices fell 1 percent on Wednesday, weighed down by swelling United States inventories and a plunge in global stock markets as China's government warned of increasing economic headwinds.

Hootie & the Blowfish return to Las Vegas
Tickets will go on sale at 10 a.m. this Friday (Dec. 7). "We've been a band for pretty much 30 years now". They will hit the road with Barenaked Ladies on what is being called the Group Therapy Tour .

Jonas Olsson: I'd have 'knocked Klopp down' for Merseyside celebration
Alfredo won the battle and we should be talking about the two players doing really well to make it such a good game. It is not just as if they are out of sorts - more that, they seem to have lost their fight.

Qualcomm’s 2019 flagship mobile chipset will be the 5G-toting Snapdragon 855
Key will be a new, 4th generation multi-core AI Engine, drawing together the Adreno, Kryo, and Hexagon components of the SoC. For now, it is not known if any companies have adopted Qualcomm's new sensor for their products.

"We don't need permission from anyone to cut", said Falih on Thursday.

At the end of 2016, OPEC's regular members joined forces with other countries, most notably Russian Federation, to scale back output in a bid to reduce a glut that was weighing on prices.

"While we believe that President Trump will be reluctant to escalate the situation, the Saudis are likely to choose the wording of any statement with regards to cuts very carefully", ING told AFP.

"We must be excluded from any decision to cut production as long as illegal USA sanctions are not lifted", Iran's Oil Minister Bijan Namdar Zanganeh said on Wednesday evening as he arrived in Vienna.

"They should know that OPEC is not part of their secretary of energy", he said.

Major producers such as Russia, Saudi Arabia, Iraq, the UAE and Kuwait pounced on the occasion to produce as much oil as they could, anticipating a steep drop in Iran's exports which did not happen.

Meanwhile, Qatar, a Saudi rival and Iranian ally, said this week it would leave OPEC in January.

Recommended:

  • Mammootty Finds a Place In Forbes India Celebrity 100 List!

    Mammootty Finds a Place In Forbes India Celebrity 100 List!

    Based on the earnings of celebrities in the entertainment industry, Forbes India has published the list of top 100 celebrities. In fact, he sits second on the 2018 Forbes India Celebrity 100 List rankings, right behind Bollywood superstar Salman Khan .
    New York Awarded XFL Team

    New York Awarded XFL Team

    The cities and stadiums are Dallas (Globe Life Park), Houston (TDECU Stadium), Los Angeles (StubHub Center), St. All eight home venues have been announced, four of which are National Football League stadiums.
    Ex-Seahawks CB Brandon Browner Sentenced To 8 Years In Prison

    Ex-Seahawks CB Brandon Browner Sentenced To 8 Years In Prison

    Browner is a former NFL cornerback who last played in the league in 2016 with the Seattle Seahawks . In exchange, the remaining charges of robbery, burglary and false imprisonment were dropped.
  • NFL Assistant Coach Suggests He Was Fired Over This Tweet

    NFL Assistant Coach Suggests He Was Fired Over This Tweet

    The Green Bay Packers have fired longtime associate head coach Winston Moss. "I think it was at Northeastern if I'm not mistaken". So it wasn't an easy decision, but I just didn't feel like the fit right now was where it needs to be.
    Unbelievable  footage of Virat Kohli in the nets

    Unbelievable footage of Virat Kohli in the nets

    Ashwin took 2-122 against the Cricket Australia XI but Pujara cautioned against reading too much into his or India's performance. The 24-year-old Australian has been guaranteed a spot in the Playing XI for the opening Test.
    No tsunami threat to Australia following 7.6 magnitude quake

    No tsunami threat to Australia following 7.6 magnitude quake

    It said the waves could be as high as 3m above sea level in New Caledonia and Vanuatu, and up to 1m above the tide level in Fiji. The PTWC issued tsunami wave warnings for Anatom Island and Esperitu Santo in Vanuatu and Noumea in New Caledonia.
  • Sandra Oh, Andy Samberg to co-host Globes

    Sandra Oh, Andy Samberg to co-host Globes

    According to E! the 2019 show will debut a new award 'measuring 11.5 inches tall, 3.75 inches wide and 3.75 inches deep. Oh is coming off a surprise hit in BBC America's Killing Eve , for which she serves as executive producer and star.
    Is Meghan Markle the Victim of a Smear Campaign?

    Is Meghan Markle the Victim of a Smear Campaign?

    Some reports have claimed Kate and Meghan have had a significant falling out, which has affected the brothers' close relationship. LISTEN: Episode 2 of our royals podcast The Windors looks at Meghan's life before she became the Duchess of Sussex .
    Urban Meyer, former Ute coach, to announce retirement from Ohio State Football

    Urban Meyer, former Ute coach, to announce retirement from Ohio State Football

    In addition to the national championship he won in 2014, Meyer won two previously with the Gators by winning the BCS championship. Recruitment: Ohio State's battle for Young came down to the local school, Maryland , and another national power in Alabama .
  • Bulls fire head coach Hoiberg

    Bulls fire head coach Hoiberg

    Boylen said he will add Dean Cooper from the Bulls G league affiliate, Windy City, to the coaching staff. Effective immediately, associate head coach Jim Boylen has been promoted to head coach.
    Chris Dawson's family 'disappointed' over arrest for murder of Lynette

    Chris Dawson's family 'disappointed' over arrest for murder of Lynette

    Mr Dawson, 70, was arrested at Biggera Waters by detectives from Queensland Police Service's Homicide Squad. He has been taken to Southport in Queensland where New South Wales police will apply for his extradition.
    China's Huawei Technologies CFO arrested in Canada, faces extradition to US

    China's Huawei Technologies CFO arrested in Canada, faces extradition to US

    Huawei and the Chinese consulate general in Vancouver could not be reached for comment on Wednesday afternoon. The US Department of Justice is said to have been looking into Huawei's dealings with Iran for months now.


Popular

Baby born after womb transplant from dead donor
Six weeks after the uterine transplant, which was performed in 2016, the Brazilian woman started having periods again. After almost 36 weeks a baby girl weighing 2.5 kilograms (about six pounds) was delivered via caesarean section .

Michael Owen states his prediction for Wolves v Chelsea FC
But Wolves, beaten in five of their previous six matches, hit back by scoring twice in the space of four second-half minutes. It can happen, but I don't think it depends on the changes. "I have to understand why the team was suddenly another team".

Facebook gave RBC, other companies preferential access to users' data, documents show
You can check out the full 250-page document dump including the DCMS's summary at the United Kingdom parliament's website. Kramer is suing Facebook because of a decision it made in 2014 to prevent developers from peeping into friends' data.

Wisconsin Republicans approve bills stripping power from incoming Democratic governor
A news conference where Fitzgerald and other Republican leaders spoke was peppered with catcalls from protesters. Roughly 565,000 people voted during the midterms, and Brown said Republican leadership should stop and listen.

Sonali Bendre returns to India, husband says 'she is recovering very well'
Earlier in the day, Sonali had announced on Instagram that she is returning to Mumbai for a short break. Sonali was dressed in blue and black and completed her look with a mesmerizing smile.

China agreed to "reduce and remove" tariffs on cars
The outcome gives both sides enough to boast of a win without resolving the fundamental differences between them. But it later added a 25 percent tariff on US-made cars as trade tensions soared, bringing them to 40 percent.

TV show Friends will remain on Netflix through 2019
Long story short, Friends is staying on Netflix , so no need to turn your December into The One with the Binge-Watch. Protesting to keep Friends on Netflix is futile, because Friends' exit is a cold, hard business decision.

India nabs 4 after deadly violence over cow slaughter rumors
He said the constables were in the process of shifting Subodh Kumar from the site but the police jeep came under mob attack. There was a report of a youth succumbing to injuries received in police firing, but there was no official confirmation.

Michelle Obama advice for Meghan Markle
Nope. "That whole "so you can have it all"?" Even though she spent two terms in the White House, Mrs. Obama quickly cut herself off and apologized to the room for getting too comfortable onstage.

How to watch the 2018 Ballon d'Or online, TV
The win was slightly overshadowed when the host DJ Martin Solveig asked Hegerberg to twerk on stage in celebration. The 33-year-old was instrumental as Real clinched a third successive Champions League trophy last season.