Oil Prices to Rise to $70 Per Barrel After Oil Production Cut

Oil Prices to Rise to $70 Per Barrel After Oil Production Cut

"We believe the (OPEC) cuts were sufficient", Yazhari said, predicting a "relatively balanced oil market" and stable inventories next year.

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).

Energy Secretary Perry made a two-stop Middle East visit in the weekend, and held bilateral meetings with al-Falih, and the CEO of Saudi Aramco and other energy industry stakeholders operating in Saudi Arabia. The reduction scheme came in face of U.S. President Donald Trump's repeated calls for further declining prices.

Other analysts noted the reduction by the Organization of the Petroleum Exporting Countries and allies, like Russian Federation, may not be deep enough to restore balance to the market especially after the usa government confirmed its forecast that the United States would end this year as the new top producing nation.

Azerbaijan presented data on its daily oil production in November 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement, Trend reports citing the Azerbaijani Energy Ministry.

Global benchmark Brent crude fell 1.35 percent to $60.84 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down 1.8 percent at $51.66 per barrel. "OPEC refused to specify which country would cut how much".

Despite dramatic slides in the oil market, some forecasters remain positive on prices and demand going into 2019.

Liverpool and Tottenham through to Champions League last-16 after dramatic night
Yes, he was beaten by a moment of Salah brilliance for Liverpool's only goal, but it was the only time Koulibaly put a foot wrong. Virgil van Dijk believes his challenge on Dries Mertens early in Liverpool's 1-0 win over Napoli on Tuesday was a fair tackle.

"Surprised", Says RBI Independent Director On Urjit Patel's Resignation
Appointed by the NDA government, Urjit Patel had taken over from Raghuram Rajan on 4 September 2016. He leaves behind a great legacy. "We will miss him immensely", Modi said.

Ex-Nissan chief Ghosn charged, served with fresh arrest warrant
Prosecutors also re-arrested him on Monday for allegedly understating his income for three more years through March 2018. The new charges allow authorities to extend the detention of Ghosn and Kelly for further questioning.

Oil edged higher after a USA industry report signaled a bigger-than-expected draw in crude inventories last week.

Saudi Arabia will be the country to witness the most significant drop in oil production among OPEC member countries.

There are also some doubts that all producers will follow through with their announced cuts.

Commenting on US pressures, the UAE's Energy Minister Suhail al-Mazroui said OPEC "won't take instructions from anyone".

Crude output has surged in the United States, set to end 2018 as the world's top oil producer, ahead of Russian Federation and Saudi Arabia. Russian Federation also announced Tuesday that it will only implement a small portion of its total promised output cuts in January.

Unlike when a deal was reached to cut supply in 2016, the market is more skeptical this time around about exactly how the Organization of Petroleum Exporting Countries can go about supporting prices. The contributions from OPEC and non-OPEC will correspond to 800,000 barrels per day and 400,000 barrels per day, respectively.

Related Articles

  • China says it has no information on detained ex-Canadian diplomat

    China says it has no information on detained ex-Canadian diplomat

    A top executive of Chinese tech giant Huawei Technologies has returned to a Canadian court to fight for her freedom. At the hearing, The defence is offering $15 million for her bail, $1 million of which would be in cash.
    Dead, 10 Injured in Shooting Near Christmas Market in Strasbourg, France

    Dead, 10 Injured in Shooting Near Christmas Market in Strasbourg, France

    The area has been cordoned off, trams have stopped while patrons in bars and restaurants have been ordered to stay inside. Multiple news agencies are reporting that the shooting is now being considered a terrorist attack by French prosecutors.
    Rudiger Reveals

    Rudiger Reveals "Terrifying" Sarri Tirade That Inspired Chelsea in Man City Win

    The Brazilian defender has borne the brunt of criticism over the way his team conceded goals to both Tottenham Hotspur and Wolves. The Blues' success was overshadowed by allegations of racist abuse by home supporters towards City forward Raheem Sterling.
  • High school football player arrested over death of pregnant classmate

    High school football player arrested over death of pregnant classmate

    Joseph County prosecutor's office says he's being held on a preliminary murder charge and formal charges were expected Monday. Aaron Trejo, 16, is charged with the murder of 17-year-old Breana Rouhselang and her unborn child. "I took action.
    'It’s called transparency': Trump drags Schumer & Pelosi into heated border wall debate

    'It’s called transparency': Trump drags Schumer & Pelosi into heated border wall debate

    In public, Nancy Pelosi lectured Donald Trump on the Constitution and wagged a finger at him for characterizing her "strength". Schumer said, "This temper tantrum that he seems to throw will not get him his wall". "Mansplain" to Pelosi at your peril.
    Indian tycoon Mallya to find out extradition fate

    Indian tycoon Mallya to find out extradition fate

    Mallya, who appeared in court dressed in a pinstripe suit with a red tie, barely reacted as the judge delivered her ruling. If the verdict goes against Mallya, the judge may grant him permission to appeal in a higher court.
  • China summons United States  envoy over Huawei arrest

    China summons United States envoy over Huawei arrest

    Analysts speculate that her arrest could be used as a bargaining chip in trade negotiations between the United States and China. Ltd., which Huawei has described as one of its "major local partners" in Iran. "Skycom was Huawei", the prosecutor alleged.
    Play as Geralt in Monster Hunter

    Play as Geralt in Monster Hunter

    As well as that new area, Iceborn will offer more story content, as well as plenty of new monsters to hunt and gear to earn. KitGuru Says: Capcom has been doing a great job with Monster Hunter World and its various crossover events.
    Mourinho challenges Pogba to improve mentality

    Mourinho challenges Pogba to improve mentality

    The 19-year-old sent in a string of risky crosses while also keeping Fulham's Andre Schurrle quiet at the other end. Pogba dropped to the bench for Arsenal's visit to Manchester United last Wednesday.
  • How to watch Google's Sundar Pichai testify before Congress today

    How to watch Google's Sundar Pichai testify before Congress today

    While Pichai has denied any political bias in Google products, several Republican lawmakers appeared unsatisfied with his answers. Jerrold Nadler of NY , the committee's top Democrat, called the notion of bias a "delusion" and a "right-wing conspiracy theory".
    Theresa May calls off crucial parliamentary vote on Brexit

    Theresa May calls off crucial parliamentary vote on Brexit

    Pro-Brexit legislators Jacob Rees-Mogg and Steve Baker said in a joint statement that "in the national interest, she must go". When looking at a longer term chart, the pound is now lower than what it was when Britain voted for Brexit in June 2016.
    Leo Varadkar: Halting or delaying Brexit will remove no-deal threat

    Leo Varadkar: Halting or delaying Brexit will remove no-deal threat

    The DUP leader has been flexing her party's political muscles over Brexit as Mrs May relies on it for a slender Commons majority. The Irish Government will be determined that any declaration does not cut across the legally binding withdrawal treaty.