Iran says OPEC, allies to increase oil output by 500,000 bpd
23 June, 2018, 18:26 | Author: Regina Silva
The countries of the OPEC oil cartel agreed Friday to effectively increase their combined production by nearly 1 million barrels a day, though questions remain over some of the members' ability to do so amid domestic trouble and sanctions.
After a meeting in Vienna, Emirati Energy Minister Suhail al-Mazrouei said the cartel made a decision to fully comply with its existing production ceiling.
Saudi Energy Minister Khalid Al-Falih told reporters after the meeting that the deal was to make a "nominal" increase of 1 million barrels per day, Bloomberg News reported.
How that translates into effective production increases is uncertain, as some OPEC countries can not easily ramp up production.
But Iran, bracing for the impact of fresh U.S. sanctions on its oil exports, fiercely objected to raising output targets, as did countries like crisis-hit Venezuela and Iraq who are unable to raise output in the near term. Compliance has been well above 100% this year since some countries, notably Venezuela, have seen a drop in production.
Moscow had long argued for a hike, feeling the pressure from domestic oil companies eager to produce more so they can cash in on the higher prices. In practice, the reduction was even deeper due to production problems. That has since then helped push up the price of oil by nearly 50 percent.
Clippers get Canadian Gilgeous-Alexander
He's a victor , he knows how to win and compete. "I am looking forward to being able to learn from him". An All-Star the last two years, Walker averaged 22.1 points, 3.1 rebounds and 5.6 assists in 2017-18.
OPEC reportedly expects to boost production by 600,000 barrels per day.
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.
Iran, OPEC's third-largest producer, was against the agreement at first since the country is facing export-crippling USA sanctions.
It's a dramatic policy change for the organisation known as OPEC. It can be regarded as a victory for Saudi Arabia and Russian Federation, which had pushed to boost output to alleviate high prices. "More oil on the market means relatively lower prices for consumers".
Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry, says geopolitical factors are a big element in the oil production talks.
We are aware what we are playing for. "We started well but then we were put under pressure and it was hard ", he said. Croatia secured three points in a 2-0 win against Nigeria in their opening game but enter the match under a cloud.
A report published by the Tempe Police Department says that Rafaela Vasquez was repeatedly looking down prior to the fatal crash . Footage shows self-driving Uber SUV in fatal crash and has now revealed driver was watching TV on mobile just seconds before.
Ahmed was sworn in as prime minister in April on a platform to unite Ethiopians and improve relations with neighboring Eritrea. Mr Abiy described the incident as "an unsuccessful attempt by forces who do not want to see Ethiopia united".
Toronto Blue Jays blogger and writer, GIF maker, baseball moustache aficionado, runner, beer admirer, proud dad. Osuna, 23, has appeared in 15 games this season for Toronto, saving nine games and posting a 2.93 ERA.
She took it up when she was suffering from cervical spondylitis and ever since, it has become an integral part of her life. She has been seen working out with her beau Matt Alonzo and we absolutely love the videos.
His mother, Gladys Bourdain, said the family were planning on having a small, private ceremony for the 61-year-old. Asia Argento is paying tribute to her late boyfriend Anthony Bourdain by sharing a new selfie of them together.
Dwight Howard, Nets To Agree Upon Buyout
I'm fully confident the Celtics franchise - from ownership to management to the coaching staff to Al Horford - can handle any bull-sh*t Howard might pull this year.
Trump tells Republicans to stop 'wasting time' on immigration
American children who are taken from parents every day across this country have the same emotional and confused reactions. The House postponed until next week a vote on a more moderate bill after it failed to attract enough support for passage.
Watch Terrell Owens run a 4.43 40-Yard Dash
Owens looks like he hasn't missed a step since he retired eight years ago, either, running the 40-yard-dash in just 4.43 seconds. While it initially sounded like a joke or a far-off fantasy of his, it might be time to start taking the 44-year-old seriously.
Musa’s brace lifts Nigeria to victory over Iceland at World Cup
Argentina will now need to beat Nigeria on Tuesday and hope Iceland don't defeat Croatia if they want to stay at the tournament. Opting for a 3-5-2, and bringing in Musa and Kelechi Iheanacho for Alex Iwobi and Odion Ighalo, proved to be a masterstroke.
Talking Points As Nigeria Soar Past Iceland
Nigeria play Argentina and Iceland face already qualified Croatia in the final round of matches next Tuesday. Mark RALSTON / AFP Ahmed Musa (L) celebrates with teammate Leon Balogun after scoring the second goal.