nsucurrent.com
nsucurrent.com August 21, 2017


Russian Federation calls for more oil output cut discipline

25 July 2017, 11:43 | Colleen Roy

Weekly October Brent Crude Oil

Brent Crude Oil

Saudi Arabia is heavily dependent on oil for income and has been suffering since oil prices crashed from more than $100 a barrel in 2014.

OPEC has agreed with several non-OPEC producers led by Russian Federation to cut oil output by a combined 1.8 million bpd from January 2017 until the end of March.

Prices got a boost following news that Saudi Arabia has pledged to cut its crude exports starting next month and Nigeria agreed to cap its output once it has climbed to 1.8 million barrels a day, according to The Wall Street Journal.

The oil ministers gathering in St. Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria.

Three people with knowledge of the talks said Monday that OPEC and non-OPEC's joint ministerial committee will consider recommending that crude exports be monitored along with production figures, a proposal originally presented by Kuwait in January.

Oil futures have given up all the gains posted in advance of last week's agreement between OPEC and non-OPEC producers to extend a production cut for a further nine months.




An Iranian official, who asked to remain anonymous, also told Trend that regarding the hard fluctuations in oil price, both OPEC and non-OPEC producers are keen to help market to be established.

Futures rose as much as 1.2 percent in NY.

Even if Monday's news gives oil prices a lasting lift, OPEC still has to worry about USA shale producers taking advantage and throttling up their own output. In May, OPEC producers and 11 participating non-OPEC countries including Russian Federation formally ratified the agreement first drafted last November to cut supplies by 1.76 million barrels per day for an extension.

"From a technical standpoint, WTI Crude remains under pressure on the daily charts and a breakdown below $45.50 should encourage a further depreciation towards $44".

The minister pointed out that if it came to monitoring oil export, it would be necessary to monitor the export of oil products as well.

Opec secretary-general Mohammad Barkindo said on Sunday that a rebalancing of the oil market was progressing more slowly than expected, but would speed up in the second half of 2017.



Other News

Trending Now

Democrats ideal art of delay while Republicans fume over Trump nominees
But 62 percent of respondents said they oppose how Trump uses Twitter to express exactly what he is thinking. Moreover, 51 percent of registered voters say Trump won't be a factor in their vote for Congress.

Mosquitoes carrying West Nile found in Estevan area
Wear a long sleeve shirt, long trousers , and a hat when going into mosquito-infested areas, such as wetlands or woodlands. Between 20 and 25 percent of them will develop a fever, headache, loss of appetite, nausea or a skin rash, he said.

U.S. to Impose New Sanctions on Chinese Banks Over North Korea Ties
Then on July 8, Trump and Chinese President Xi Jinping met to discuss concerns on North Korea and the Chinese trade relations. Total trade increased 10.5 percent to $2.55 billion during the period.

Spice maker McCormick buys Reckitt Benckiser's food brands
Last April, McCormick acquired Australia's Botanical Food Company, which makes the Gourmet Garden brand of packaged herbs. Money gained from selling French's would go to reducing its debt following the Mead Johnson acquisition, it said.

Latest Price movements of Stock: Dominion Diamond Corporation (DDC)
The basic materials company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.04. In addition to Citigroup reporting its stock price target, a total of 8 brokers have issued a research note on the company.

DeLand sky diver sent wife video foretelling suicidal plunge
Police say in the video Vitantonio told his wife he was " not going to pull the cord and that he was going somewhere wonderful ". Vitantonio's was employer was United Parachute Technologies , which is also based in DeLand, according to Time.

Black Panther Will Have Something In Common With The X-Men Films
The three citizens of Wakanda are there to intercept a sketchy deal that's about to go down between Klaue and Everett K. It doesn't go as planned and before you know it, a hand-to-hand fight with the trio and many goons is underway.

Kashmiris Protest Against Amarnath Attack, Mehbooba Mufti Says 'Nobody Can Kill Kashmiriyat'
Congress vice president Rahul Gandhi had asked Prime Minister Narendra Modi to accept responsibility for the attack. Ismail has been active in Kashmir for several years and had moved base to south Kashmir more than a year ago.

Washington at loggerheads over Russian Federation sanctions
North Carolina Senator Thom Tillis said lawmakers shouldn't be "distracted" by the Trump emails. Trump Jr. tweeted Monday that he was "happy to work with the committee to pass on what I know".

Anti-govt protesters march in Polish cities
Thursday's bill on the Supreme Court has drawn condemnation from the European Union and has led to street protests. Critics concede that the judiciary needs reform, but that the proposed changes are going in the wrong direction.