Saudi Arabia works on convincing Russian Federation to join oil cuts

06 December, 2018, 11:52 | Author: Regina Silva
  • Khalid Al Falih Minister of Energy Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries OPEC at their headquarters in Vienna Austria Thursday Dec. 6 2018

When President Trump announced his decision to pull the US out of the Iran Nuclear Deal and reimpose sanctions on the Islamic Republic, many oil producers ramped-up production over fears of the effects the sanctions would have on trading.

Oil markets rose on Wednesday ahead of the meeting.

Novak returns to Vienna on Friday for talks between OPEC and its allies, following discussions among OPEC producers on Thursday.

The supply overhang will be the focus of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) on Thursday, at which the producer group is expected to decide some form of supply cut aimed at supporting crude prices.

Russia's second-largest oil producer, Lukoil PJSC, is ready to comply with any request from the Kremlin but hopes output cuts won't be necessary, said Chief Executive Officer Vagit Alekperov.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russian Federation insists the amount should be only half of that, OPEC and non-OPEC sources said.

Vicky Kaushal impresses with his act in the trailer of URI
Produced by RSVP movies and directed by Aditya Dhar, the film has Vicky Kaushal , Yami Gautam and Paresh Rawal in pivotal roles. Yami Gautam will be seen as an intelligence officer in the upcoming military drama, Uri: The Surgical Strike .


XFL announces inaugural home cities
Murphy confirmed that a third football team will be utilizing the stadium when the XFL returns in 2020. But to the dismay of fans across the region, the Rams moved back to Los Angeles for the 2016 season.


United Nations chief Guterres calls for more action to tackle climate change
Scientists say the deal's most ambitious goal - limiting the rise to 1.5 degrees C (2.7 C) - is still feasible, but increasingly challenging.


In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut. Their summit begins Thursday.

But US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing.

"The World does not want to see, or need, higher oil prices!" the Tweet read, in part.

President Trump is pressuring OPEC to increase oil production as members of the organization are set to meet in Vienna on Thursday. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. Trump said on Twitter on Wednesday, Xinhua news agency reported.

That has put OPEC kingpin Saudi Arabia in a delicate position - Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many USA politicians to impose stiff sanctions on Riyadh.

In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume U.S. crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said. Libya and Nigeria, which were exempt from making cuts in the 2016 deal that created the OPEC+ group, have accepted that they will have to participate this time, said Al Rumhy.

Recommended:

  • Nokia 8.1 is official now. All that you need to know

    Nokia 8.1 is official now. All that you need to know

    Apart from the Nokia 8 .1, Nokia 3.1 Plus and Nokia 5.1 Plus for European markets are also expected to be launched. Nokia 8 .1 is seen as a replacement for Nokia 7 Plus with an updated hardware and a new stylish design.
    Federal Liberals change leadership rules

    Federal Liberals change leadership rules

    Prime Minister Scott Morrison will call for new rules to be introduced around the changing of leaders. Immediately after Mr Turnbull's knifing, Mr Rudd called for the Liberal Party to follow Labor.
    First baby born from deceased organ donor's womb

    First baby born from deceased organ donor's womb

    After five months, the uterus showed no sign of rejection, ultrasound scans were normal, and the woman was menstruating regularly. Researchers in Turkey performed a uterine transplant in 2011 from a deceased donor but have not had any successful pregnancies.
  • Tom Cruise Surprise Releases Late Contender for Film of the Year

    Tom Cruise Surprise Releases Late Contender for Film of the Year

    Different TV makers call it by different names, including Sony's MotionFlow , Samsung's Auto Motion Plus and LG's TruMotion . We'll be honest, this isn't what we expected of the first video from the long-awaited Top Gun sequel .
    European Union  should sanction Iran over missile tests, USA  says

    European Union should sanction Iran over missile tests, USA says

    The spokesman said Russian Federation had urged the West to engage in dialogue with Iran instead of introducing new sanctions.
    PETA urges people to stop using ‘anti-animal language’

    PETA urges people to stop using ‘anti-animal language’

    The group suggested that some commonly-used turns of phrase are anti-animal and that they should be removed and replaced. PETA is encouraging people to embrace more animal friendly language with a list of alternatives to popular phrases.
  • America's Next Top Model star Jael Strauss dead

    I need another one of those miracles that I got back in 2013" ― a reference to her overcoming substance abuse that year. Unbroken: Posting a video getting her head shaved on October 15 Jael wrote: "My cancer can't grow as fast as my LOVE".

    Tom Cruise is Worried You're Watching Movies at Home Wrong

    By searching your specific brand of TV online, you can find out how to turn off motion smoothing and enhance your movie experience.
    Tom Brady ties Peyton Manning's all-time, all-games touchdown record

    Tom Brady ties Peyton Manning's all-time, all-games touchdown record

    Brady followed up on Monday with a video announcing that he was retiring because he had finally reached the 1,000-yard plateau. Including playoffs, that is 579 touchdowns for Brady, which ties him with Peyton Manning for most all time.
  • BT Pulls Huawei Kit From EE's 4G Network

    BT Pulls Huawei Kit From EE's 4G Network

    Britain's telecoms have avoided using Huawei equipment in their network cores, which contain customers' personal data. It is a "normal and expected activity, which we understand and fully support", Huawei said.
    Los Angeles Dodgers hit the Recruiting Trail for Bryce Harper

    Los Angeles Dodgers hit the Recruiting Trail for Bryce Harper

    Louis rapper and Cardinals fan, was playing with the country duo, and he got a picture with Harper after the show. Harper has plenty of suitors on the free-agent market after bashing 184 homers in his first seven seasons.
    Police launch coordinated raids on Italian mafia in Europe

    Police launch coordinated raids on Italian mafia in Europe

    Eurojust said those detained are suspected of drug trafficking, money laundering, bribery, and violence. Operation Pollino is being coordinated by the EU's Judicial Cooperation Unit, Eurojust.


Popular

RBI keeps repo rate unchanged at 6.5% in monetary policy review meeting
While the decision on keeping the policy rate unchanged was unanimous, Ravindra H Dholakia voted to change the stance to neutral. CRR is the amount of funds that banks have to keep with the central bank as a proportion of their deposits.

China protests arrest of Huawei CFO in Canada, urges release: Embassy
Meng Wanzhou, daughter of company founder Ren Zhenfei, and a vice chair of Huawei Technologies . USA prosecutors were investigating whether Huawei violated U.S. sanctions on Iran.

Joshua calls out ‘fool’ Wilder and Fury
WBC heavyweight champion Deontay Wilder "can't wait" to face Tyson Fury again after their controversial draw in Los Angeles. Joshua holds the WBA, WBO and IBF titles, the belts that Fury won when he beat Klitschko in 2015.

Amid US sanctions, Iran threatens again to close key strait
He said the government would maintain subsidies on essential goods and increase public sector wages and pensions by 20 percent. "If one day they want to prevent the export of Iran's oil, then no oil will be exported" from the region, he said.

Denton County Public Health encourages residents to get flu shots
The Centers for Disease Control and Prevention recommends that everyone ages six months and older receive a flu vaccine each year. Willbrandt says the flu starts with a rapid onset of fever, along with a runny nose, watery eyes, and body aches.

7 arrested by JMPD at Global Citizen Festival, says City
The model was one of the guest speakers who took to the stage in between performances at the FNB Stadium . Global Citizen, an advocacy group, campaigns for an end to extreme poverty, and other causes.

We are brothers: Maduro and Erdogan toast friendship with deals
Maduro has repeatedly blamed a US-led economic war for the crisis, saying Washington is plotting to topple his government. Ties between Turkey and the United States, two North Atlantic Treaty Organisation allies, have also been strained.

Crystal Palace batter Burnley, finally win at home
And Meyer nearly made it two after 35 minutes - his curled left-footed effort beat Hart but went millimetres wide of the post. Palace dominated the early proceedings and were on the front foot as Burnley struggled to settle into the game.

France mulls wealth tax changes as protests intensify
The Elysée also confirmed the announcement to network France 24. "No tax is worth putting the nation's unity in danger ", he said. French officials said they are created to move the country away from fossil fuels and part of an effort to fight climate change.

Google removes 2 popular Android apps that enabled click fraud
Kika and Cheetah Mobile apps are developed by Chinese firms and are presently being used by millions of people monthly. Out of the list, Battery Doctor and CM Launcher apps were also removed by Cheetah Mobile last week itself.