Oil price jumps as Opec keeps output steady

OPEC raises forecast based on US oil production

The amount of oil being supplied to the global market is "satisfactory", Saudi Arabia's energy minister said Sunday, after US President Donald Trump called for an immediate output hike to push down prices, agencies reported.

Brent futures were trading at $80.48 a barrel at noon Monday, up $2.24.

"If they kept quiet, the prices would be cheaper, I am confident about that", he added. Bank of America Merrill Lynch joined JPMorgan Chase & Co.in anticipating higher prices down the line - the former expects crude to reach US$95 a barrel in the first half of next year.

Zanganeh was referring to a tweet message by Trump on Thursday in which he had threatened that his administration would respond to the failure by regional countries inside the Organization of the Petroleum Exporting Countries (OPEC) to do enough to help lower oil prices. Few details about how much output could be increased or when were released.

Oil prices have jumped to the highest level for almost four years after Saudi Arabia and Russian Federation ruled out any immediate increase in production.

OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on September 23 effectively rebuffed a demand from Trump for moves to cool the market. "The market is reasonably steady, and we should just be dynamic and responsive and responsible".

Another round of sanctions, to be reinstalled on November 5, will be on Iran's port, energy, shipping and shipbuilding sectors, petroleum-related transactions, and business deals by foreign financial institutions with the Central Bank of Iran.

Venezuela could be the next country to see increased sanctions.

The price rise is notably caused by a recent drop in Iran's supply because of USA sanctions. The victims included military personnel and civilians.

More news: Tiger Woods Has Won His 80th Tour Victory at PGA Tour Championship

It said: "We also contend that the risk of such a destabilising clash will only grow as Iran comes to feel the full effects of economic sanctions that are created to radically alter the behaviour of the ruling regime, if not change it".

USA officials have said they do not intend to change the Iranian regime.

ALGIERS-U.S. shale oil production will peak by the late 2020s, triggering renewed demand for OPEC crude after an expected decline and stagnation, the oil cartel said Sunday.

While Iran is unlikely to see a drop to zero exports, initial assessments by several analysts that about 500,000 barrels per day (bpd) of Iranian oil would be lost appear way too optimistic now.

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequade supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

APR Energy Chair John Campion discusses the strength of the USA energy sector.

"Placing constraints on exports of American-made energy works against America's energy future", said API Chief Economist Dean Foreman.

Renewable energy production will rise rapidly but even by 2040 will meet only around 20 per cent of global energy demand by 2040, according to projections in the report.

Related News:

  • Paul Gosar's Siblings Support Rival In TV Advertisements For David Brill

    Paul Gosar's Siblings Support Rival In TV Advertisements For David Brill

    The ad seems like a run-of-the-mill spot, with six Arizonans knocking Gosar's bonafides and calling for voters to support Brill. Paul is a strident Trump supporter who subscribes to far-right views, including being anti-DACA and pro-border wall.

    Modric favoured ahead Ronaldo for top prize

    But there will be a relatively little-known Australian, Riley McGree, among them as he eyes the coveted goal of the year award. The Juventus forward stated he would be staying in Turin due to wanting to concentrate on upcoming Juventus matches.
    Not Sorry: Jeremy Corbyn Dodges Apology for Labour Anti-Semitism

    Not Sorry: Jeremy Corbyn Dodges Apology for Labour Anti-Semitism

    It calls for Britain to leave the EU but remain in the bloc's customs union with "full access" to the EU's huge single market. Corbyn said he was pleased the mural had been removed and it "should never have been put up".
  • Trump says he expects second N.Korea summit ‘quite soon’

    Trump says he expects second N.Korea summit ‘quite soon’

    US President Donald Trump says he expects a second summit with North Korean leader Kim Jong-un in the "not too distant future". Trump, for his part, said: "We are in no rush". "This is one year later, a much different time".
    Mobile rebrands MetroPCS prepaid service as 'Metro by T

    Mobile rebrands MetroPCS prepaid service as 'Metro by T

    The $50/month unlimited plan still comes with just 5GB of LTE mobile hotspot, but now you also get Google One included for free. Metro claims that customers will save $1,000 annually on its two new plans versus comparable options from AT&T and Verizon.
    Modric sees off Ronaldo & Salah for Player of the Year

    Modric sees off Ronaldo & Salah for Player of the Year

    Salah was named PFA Player of the Year after scoring 32 goals in the Premier League, the most ever scored in a single season. Despite scoring in each of his two appearances in Russia, The Pharaohs bowed out at the group stage with three defeats.
  • US Proposes To Deny Green Cards For Immigrants Seeking Public Assistance

    US Proposes To Deny Green Cards For Immigrants Seeking Public Assistance

    The administration estimated the regulations would affect about 382,000 people a year. The document is to be issued in the Federal Register in the coming weeks, DHS says.
    Kawhi Leonard Says He Came To Toronto With 'An Open Mind'

    Kawhi Leonard Says He Came To Toronto With 'An Open Mind'

    Leonard was also asked directly about staying in Toronto long-term, but said he's taking the situation one day at a time. When prompted, Leonard spoke of the process that he believes is going to play out during the next year of his life.
    Theresa May warns of two main issues holding up Brexit negotiations

    Theresa May warns of two main issues holding up Brexit negotiations

    She said that the 400 customs officers that will be hired in preparation for Brexit will not be stationed on a north-south border. A PROPOSED economic partnership with the EU "is still possible", the head of the European Council has said.
  • Pirates attacked a boat in switzerland, 12 people were removed

    Pirates attacked a boat in switzerland, 12 people were removed

    Switzerland's foreign ministry said it had learned from the company that none of the crew members was from Switzerland itself. The ship is now being held at Bonny Island , around 45 nautical miles northeast of where the invasion occurred.
    Walcott: Everton can be better than Arsenal

    Walcott: Everton can be better than Arsenal

    Wenger was synonymous with a purity of style but he came to be accused of giving his players an easy ride. "It comes from the everyday work and the manager's way of playing the game as well".
    Privacy concerns flare over latest Chrome browser's 'forced login'

    Privacy concerns flare over latest Chrome browser's 'forced login'

    If you log into any Google service on that browser, it will automatically log Chrome into the corresponding Google account. Sync isn't enabled by default, meaning there's not much of a change for users from a practical privacy standpoint.


Most liked

AP source says Rosenstein expecting to be fired
Rosenstein was captured by photographers leaving the White House after his meetings Monday and was led out by Kelly. Rosenstein, who remains deputy attorney general for now, will meet with President Donald Trump on Thursday.

Lisa warned over Serena walkout
And Wozniacki said she felt Ramos should have shown more consideration for the situation. She started giving me kisses; she never gives me kisses.

Tens of thousands without power following tornado in Ottawa region
Prime Minister Justin Trudeau said the federal government is prepared to assist those whose lives have been turned on end. At one point, more than 200,000 hydro customers in Ontario and Quebec were without power.

Singapore fines Grab, Uber RM39 million for merger
For example, we are studying data and vehicle-sharing services to play our part to optimise Singapore's overall transport network. Grab said it completed the deal within its legal rights, and did not intentionally or negligently breach competition laws.

Pandora is being purchased by SiriusXM for $3.5 billion
Following the completion of the transaction, there will be no immediate change in listener offerings, according to both companies. The purchase will allow SiriusXM's satellite radio service to benefit from Pandora's strong mobile use and its advertisers.

Trump Calls Kavanaugh 'Outstanding,' Dismissing Latest Sexual Misconduct Allegation
In his letter on Monday, Kavanaugh said of the allegations against him: "These are smears, pure and simple". All three told investigators that they had no recollection of the evening in question, the committee said.

Barcelona's Ernesto Valverde perplexed by Clement Lenglet's red card with Girona
Uruguayan striker Stuani struck again in the 51st to give Girona , only playing their second season in Spain's top flight, an unlikely lead.

Woman Finds Rare Two-Headed Viper Outside Her Virginia Home
He said: "They inject venom, which causes tissue destruction and platelet loss, which causes bleeding and can cause death". For some, the mere sight of a slithering venomous snake with one head is enough to make their hair stand on end.

HMD Global unveils Nokia 5.1 Plus with AI capabilities at Rs 10,999
The smartphone is priced aggressively in the sub-continent and we can thank the company's partnership with Flipkart for this. On the camera front, the handset boasts of an 8-megapixel selfie camera with f/2.2 aperture and 80.4-degree FoV.

BUMBLEBEE Official Trailer #2 (2018) Haileen Steinfeld Sci-Fi Movie
On the run in the year 1987, Bumblebee finds refuge in a junkyard in a small Californian beach town. The studio convened a writers' room to brainstorm ideas for the Transformers cinematic universe.

Attack aftermath: Iran president says United States wants to cause insecurity
Mourners carried pictures of the dead along with banners reading "we will stand to the end" and "no to terrorism". President Hassan Rouhani has accused a USA -allied regional country of supporting the perpetrators.

Labour politicians join marchers to demand People’s Vote on Brexit deal
Starmer was asked by journalists about John McDonnell's comments following a Brexit fringe event at Labour party conference. May's Conservative Party criticised Corbyn for his move.

Anti-Kavanaugh Lawyer Claims Hearing Would Impede 'The Truth'
He has categorically denied her allegations, which suddenly put Kavanaugh's nomination on hold, as lawmakers seek answers. Capitol Police spokeswoman Eva Malecki says an additional 33 people were arrested Thursday afternoon on the same charge.

Officer accused in shooting death of neighbor fired by Dallas Police Dept.
Guyger claimed the door was ajar and she was able to open it. She has been charged with manslaughter for Jean's death. She was terminated after a hearing Monday morning.

Barrick Gold buys Africa's Randgold to become world's biggest gold miner
Two-thirds of the directors of the combined company will be nominated by Barrick while one-third will be nominated by Randgold. Thornton will be executive chairman, while Randgold chief executive Mark Bristow will be president and chief executive.