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.

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.


South Korea’s Moon still hopes to host Kim this year
Ardern met with Moon on the sidelines of the East Asia Summit and Apec last month, and he has visited New Zealand in 2006 and in 2015.


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:

  • 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.
    France mulls wealth tax changes as protests intensify

    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.
    Facebook accused of giving access to users’ data

    Facebook accused of giving access to users’ data

    The emails feature in a case being heard in a California court filed against the giant by the now-defunct U.S. app developer Six4Three.
  • Wolves without Ruben Neves and Jonny Otto for Chelsea visit

    Wolves without Ruben Neves and Jonny Otto for Chelsea visit

    Ruben Loftus-Cheek's deflected opener had put Chelsea in control before they slipped to a second straight away defeat. In the last championship in Italy, I lost the title with 91 points [at Napoli], so I know how important it is to win.
    XFL announces inaugural home cities

    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.
    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.
  • Grace Millane: police search for British backpacker missing in New Zealand

    Grace Millane: police search for British backpacker missing in New Zealand

    Grace Millane's father is said to be on his way to the country, where his 22-year-old daughter vanished on Saturday. She was last seen wearing a black dress with what is believed to be white Converse sneakers.
    Amid US sanctions, Iran threatens again to close key strait

    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.

    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.
  • 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.
    Vicky Kaushal impresses with his act in the trailer of URI

    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 .
    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.


Popular

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 .

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.

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.

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.

Marine rescued after 2 military aircraft crash off coast of Japan
The planes involved are a KC-130 and an F/A 18, carrying a total of seven personnel, U.S. media quoted officials as saying. The Marines said in a statement that Japanese search and rescue aircraft responded and were aiding in the rescue effort.

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.

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.

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.

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.

Huawei teases Nova 4 smartphone launch for China on December 17th
Huawei the Chinese smartphone giant, touted to be the second biggest Android smartphone firm in terms of smartphone sales. Coming back to the Huawei Nova 4 , it is speculated that the handset will be equipped with an LCD display.