Oil gains on Venezuela export cuts, OPEC production levels
Oil gains on Venezuela export cuts, OPEC production levels
Crude Resumes Its Downward Trajectory on Fears of Oversupply
10 June, 2018, 22:55
More generally, Brent has been pushed up by the voluntary production cuts put in place past year, led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation.
Oil prices could jump to $140 a barrel due to the U.S. sanctions against Iran and Venezuela, Iran's OPEC governor Hossein Kazempour Ardebili told Reuters on Friday.
In an address to reporters after his meeting with EU's energy chief Miguel Arias Canete in Tehran last month, Iranian Minister of Petroleum Bijan Zangeneh said Tehran's oil exports to remain unchanged if a nuclear deal signed between Iran and the P5+1 group of countries in 2015 is salvaged by the European Union following the United States withdrawal from the multinational accord.
Oil ministers from Saudi Arabia and Russian Federation are set to talk next week, fueling speculation that two of the world's biggest crude exporters may be ready to wind down historic production limits, reported Bloomberg.
US President Donald Trump said in April oil prices were artificially high because of Opec.
"After Saudi Arabia and Russian Federation made the suggestion that Opec starts lifting output in the second half, the market has been on its heels", said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen.
The US sanctions on Iran's petroleum industry will take effect after a 180-day "wind-down period" ending on November 4 but many European refiners are already winding down Iranian oil purchases.
The implementation of the agreement has started from the beginning of 2017 and has been twice extended, most recently - until the end of 2018. It will be followed by a meeting of the OPEC countries on June 22 and a meeting of all 24 OPEC member countries on June 23, at which quotas for production reduction can be revised.
However, Saudi Arabia and Russian Federation have said cuts could be eased after receiving calls from consumers including the United States, China and India to support global demand.
According to the Iranian official, OPEC will not accept the United States request because "OPEC will not accept such a humiliation".
"No one in OPEC will act against two of its founder members".
A shuttered Caribbean oil refinery once owned by Venezuela's state oil company and Hess Corp might get new life just in time to meet upcoming changes to ship fuel regulations. "How arrogant and ignorant one could be (to) underestimate the history of 60 years' cooperation among competitors".
"We have to live together - we can not change geography but we must build better history", he said.
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The area had no infrastructure and could be covered only by motorbike, with several hours needed to trace every contact, he said. Peter Salama , WHO deputy director-general of emergency preparedness and response, in a webcast on Twitter . "It's stabilising.
In the picture released by Merkel, John Bolton, Trump's national security adviser, stands at the president's right. European members were expressing solidarity with Trudeau the day after Trump's Twitter blast.
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He was also among several people suspected of sexually assaulting an 11-year-old girl who was living in the same refugee shelter. In the night of Friday, June 8, was arrested the second suspect, who had by that time to leave Germany, reports Deutsche Welle.
Trump had warned hours earlier that the United States would not allow the continued imposition of trade barriers by other nations. The Canadian leader pulled a "sophomoric political stunt for domestic consumption", Kudlow said, that amounted to "a betrayal".
The Austrian is never one to hide his frustration, but then the sheer relentlessness of Nadal on clay would wear anyone down. This season no other player, not even the undisputed King of Clay, can count as many match wins on the red dirt as Thiem .
However, the Appeals Chamber of the ICC ruled that he could not be held responsible for crimes committed by his troops. Bemba ran against Kabila in 2006 elections that went to a run-off between them before Kabila won.
In late May, air defenses intercepted Houthi missiles over the southern cities of Najran and Jizan but there were no casualties. Last month, the group fired a salvo of missiles at the capital Riyadh , saying it was targeting economic targets.
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