OPEC agrees to increase oil output 1 million barrels a day
OPEC agrees to increase oil output 1 million barrels a day
OPEC to raise oil production from July
24 June, 2018, 08:07
Since its December 2016 oil production-cut deal came into effect, the Organisation of Petroleum Exporting Countries (OPEC) has seen crude oil pricesmore than double, following the market rebound from the lows of early 2016.
The OPEC strategy now has stockpiles nearing the five-year average oil storage levels of the Organisation for Economic Co-operation and Development (OECD) countries.
European carmakers' shares fell sharply after U.S. President Donald Trump threatened to impose a 20-per-cent tariff on all European Union-assembled cars coming into the United States, if EU "tariffs and trade barriers" are not removed.
The world's leading oil-producers have agreed to pump up production by about a million barrels a day. The figure has been inflated by a plunge in supplies from almost bankrupt Venezuela. The ministerial monitoring committee, which includes six countries - Saudi Arabia, Russia, Kuwait, Venezuela, Oman and Algeria, in turn, makes recommendations to the OPEC+ meeting in large numbers, which is held on June 22-23.
Saudi Arabia said the move would translate into a nominal output rise of around 1 million barrels per day (bpd), or 1 percent of global supply, for OPEC and non-OPEC producers. The increase in production will be borne largely by Saudi and Russian Federation.
President TrumpDonald John TrumpCNN analyst Kirsten Powers: Melania's jacket should read "Let them eat cake" CNN's Cuomo confronts Lewandowski over "womp womp" remark Sessions says Federal Bureau of Investigation agent Peter Strzok no longer has his security clearance MORE has been repeatedly pressuring OPEC to increase production. "We're taking our breath and focusing on the oil market", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, NC.
Global marker, Brent, traded above US$100 a barrel for several years until 2014, dropping to nearly US$26 in 2016 and then recovering to over US$80 last month. Iran, for example, has been hit by USA sanctions that hinder its energy exports.
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Overall, Crude oil prices may show weakness through the second half of 2018, with the prospect of OPEC production growth mostly influencing market psyche into a "Bearish" mode.
On Friday, the 14 member nations of OPEC agreed to raise crude oil production by up to 1 million barrels per day (bpd) from next month.
U.S. Treasury yields edged higher, trading in narrow ranges as risk appetite improved a bit but worries over a trade conflict with China kept investors cautious.
The most recent price rally followed an Opec decision to restrict supply in an effort to drain global inventories.
In other words, the current US five-year oil stock averages stand at nearly 30 percent above the five-year averages prior to 2013.
"Gasoline prices are higher today than they were a year ago, but they were quite low a year ago", he said.
Iran has bulked at the request because it faces sanctions after President Donald Trump ripped up an worldwide nuclear agreement. Brent crude, the global oil benchmark, was down 1.6% on the day, at $73.54 a barrel, on London's Intercontinental Exchange.
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But this is still a really fucked up situation for the children involved, no matter how much you despise being compared to a Nazi. Sessions said the issue was "whether we want to be a country of laws or whether we want to be a country without borders".
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