Markets

Russian Federation accepts need for oil cuts, bargains with Saudi on details

Russian Federation accepts need for oil cuts, bargains with Saudi on details

Iraq's state oil marketer received about 600,000 barrels of crude at storage tanks it uses in Turkey, according to agents at the port of Ceyhan where the tanks are located.

Just days before talks on oil policy with Saudi Arabia, Russian President Vladimir Putin said current prices are " absolutely fine", while Saudi energy minister said the kingdom is confident OPEC and its partners can reach a deal to stabilize the market.

For almost a month-since an OPEC/non-OPEC panel signaled that there might be a need to cut oil production by 1 million bpd to balance the market-Russia has warned against any hasty decisions on new production cuts and has not officially said that a cut is needed.

In the week ending 23 November crude inventory grew by 3.6 million barrels - despite US refineries getting back to nearly 96 percent utilization. Igor Sechin, chief executive of the Russian oil company Rosneft and an influential ally of President Vladimir Putin, has aggressively promoted drilling at home and overseas.

Since the beginning of November of oil has already fallen in price on 23%.

Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying on Friday.

Russian Federation warns of escalation in Crimea over martial law in Ukraine
Russia's ongoing militarization of Crimea, the Black Sea and the Sea of Azov, poses further threats to Ukraine's independence. While other US officials took a strong stand behind Ukraine, President Donald Trump seemed more equivocal.

The negative economic outlook helped to push oil below $60 a barrel this week from as high as $85 in October, prompting some oil producing states to suggest significant production cuts. "Against this backdrop, the most likely outcome of next week's OPEC meeting is a fudge". The comment seemed less definitive than the Saudis' call for the Organization of Petroleum Exporting Countries and its allies to remove about 1 million barrels a day from the market. "As Saudi Arabia we can not do it alone, we will not do it alone". Thankful for Trump's public support, the Saudi crown prince, Mohammed bin Salman, might be more willing to tolerate low oil prices than he would have been otherwise.

US crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday.

"Putin's comments raised speculation that Russian Federation may not join its fellow producers in curbing production", Sungchil Will Yun, Seoul-based commodity analyst at HI Investment & Futures, said by phone. The global benchmark crude traded at an $8.45 premium to WTI. "If no action is taken, oil prices could certainly drop further, while a production cut should lead to a sizable rebound for these severely oversold levels".

By August 2018, Saudi Arabia's production was up by 630,000 barrels per day compared with June 2014 and Russia's output had climbed by 525,000 bpd.

"Thank you to Saudi Arabia, but let's go lower!"


  • Trump says Putin meeting may be off over Ukraine

    Trump says Putin meeting may be off over Ukraine

    White House spokeswoman Sarah Sanders said, however, that any interaction between the two leaders could not be ruled out. Additional tariffs on auto imports from China would affect any cars produced in China.
    Manafort denies meeting WikiLeaks' Assange

    Manafort denies meeting WikiLeaks' Assange

    The Guardian report did not specify when in March 2016 Manafort allegedly met with Assange. Manafort, I refer you to his attorneys to address that", Sanders said.
    Cyber Monday deals to test limits of retailers' websites

    Cyber Monday deals to test limits of retailers' websites

    If you buy a new model of iPhone through Walmart for the normal price, you'll receive a $300 Walmart gift card . Amazon ( 65-inch , 55-inch , 43-inch ) has the same deals, and at the time of writing, all are still in stock.
  • As G-20 summit opens, contentious issues loom on sidelines

    As G-20 summit opens, contentious issues loom on sidelines

    As the G20 Summit in Buenos Aires approaches, there is widespread speculation on whether or not U.S. A joint declaration is expected to be published at the end of the summit on Saturday.
    UNC reportedly hiring Mack Brown as next coach

    UNC reportedly hiring Mack Brown as next coach

    Texas played for another championship in the 2009 season behind quarterback Colt McCoy, but lost to Alabama to finish 13-1. Fedora did wear out his welcome in Chapel Hill, NC, hence the move to bring someone aboard like Brown.
    Dire report says climate change will shrink U.S.  economy

    Dire report says climate change will shrink U.S. economy

    The first part, released a year ago , says the only convincing explanation for climate change is human activity. Temperatures are still going up, and the odds of dangers such as wildfires in the West continue to increase.
  • Kareem Hunt Kicks Abigail Ottinger in February 2018

    Kareem Hunt Kicks Abigail Ottinger in February 2018

    In June 2018, TMZ reported that Hunt had been involved in a fight with a man at the Bay Lodging Resort in Put-in-Bay, Ohio. Additionally, the league is leaning toward putting Hunt on the exempt list pending further investigation.
    ‘Exhausted’ Meghan Markle Pulled Out Of Zambia Trip Over Zika Virus Fears

    ‘Exhausted’ Meghan Markle Pulled Out Of Zambia Trip Over Zika Virus Fears

    The future official residence would be Frogmore Cottage near Windsor Castle , where the couple had married on 19 May. William is a husband and father of three and his focus is primarily on them, and Harry will soon be a father.
    GM to Cease Production of Chevy Cruze at Lordstown Plant

    GM to Cease Production of Chevy Cruze at Lordstown Plant

    At a rally near Lordstown, Ohio, plant last summer, Trump told people not to sell their homes because the jobs are "coming back". The company will instead concentrate on trucks and SUVs, and will double its investment in electric and autonomous vehicles.
  • Olivier Giroud defends N’Golo Kante after Maurizio Sarri slams Spurs display

    Olivier Giroud defends N’Golo Kante after Maurizio Sarri slams Spurs display

    After the Spurs game, Sarri held one-on-one meetings with his players adding: "It's very hard for them, I think, to tell me why". Kante's adopted a different position from last season, playing a more attacking role following the summer signing of Jorginho .
    The new Porsche 911: All you need to know

    The new Porsche 911: All you need to know

    The new-generation Porsche 911 bears the internal name 992 - a numerical baby step away from the previous generation Porsche . Meanwhile, Porsche hasn't revealed their torque output yet - the current 991-based Carrera S makes 450Nm of peak torque .
    Copa Libertadores cup final called off

    Copa Libertadores cup final called off

    On Saturday, Boca said they were in no position to play the game due to the injured parties needing medical treatment at hospital. Three years ago, a match between Boca and River was abandoned at half time after fans attacked River players with pepper spray.