Oil sets sight on $100

Oil sets sight on $100

Saudi energy minister Khalid al-Falih said the oil market is balanced and that its partners have increased production in response to rising prices.

Higher gasoline prices for US consumers could create a political headache for Republican Trump before mid-term congressional elections in November.

Kazempour said that he viewed Washington's increased political pressure on Iran and OPEC "something which can not be accepted".

The OPEC cartel in December 2016 concluded an agreement with non-member states - including Russian Federation - to reduce output in order to arrest sliding prices.

"It's a time of great uncertainty in oil markets, from Iranian output post-sanctions to the global economy and demand", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University in NY and a former Obama administration oil official. J.P. Morgan says the loss could be a large as 1.5 million bpd.

Bank of America's main scenario is for oil prices next year of around US$80 a barrel, according to the note.

Last year, Opec and other oil-producing nations including Russian Federation said they would extend a deal, first agreed in 2016, to cut production to help support oil prices after they fell below $50 a barrel.

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) is being convened in Algiers with the oil and energy minister of OPEC and non-OPEC countries including Russian Federation. He was returning to a playbook that won him a significant victory in June as OPEC and its allies agreed to roll back production cuts and pump an extra 1 million barrels a day.

Trump has repeatedly called for a hike in production by countries other than Iran to reduce oil prices.

While US oil production is near a record high of 11 million bpd, subdued US drilling points toward a slowdown in output.

The price rise is notably caused by a recent drop in Iran's supply because of USA sanctions.

"If there is a fall not only from Iran, but anybody else, it is the responsibility of OPEC and non-OPEC to balance the market", Hossein Kazempour Ardebili, who represents Iran on OPEC's board of governors, told reporters.

Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity. The biggest source of new global supply, USA shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues may hamper growth, he said.

People look at flags ahead of the OPEC Ministerial Monitoring Committee in Algiers, Algeria September 22, 2018.



Related Posts

Neither Cristiano Ronaldo nor Lionel Messi will attend FIFA's The Best gala
The former Real Madrid "Galactico" clinched his third Champions League title in a row and fifth overall last season. Meanwhile, Didier Deschamps won Men's Coach of the Year ahead of Croatia's Zlatko Dalić and Zinedine Zidane.

US China trade war: US sanctions China Over Russian Military Purchases
The Kremlin called the sanctions an attempt by the USA to squeeze its main competitor out of competing arms markets. The U.S. maintains that "the ultimate target" of these sanctions is Russian Federation , not China .

Hayabusa2 Japanese robots send incredible photos from Ryugu asteroid
An artist's illustration of Rover-1A (back) and Rover-1B (foreground) from MINERVA-II1 as they explore the surface of Ryugu . Scientists have been working to find a suitable landing space on the asteroid's rough surface since the orbiter arrived.

Six Flags St. Louis Offers Perks for Customer Coffin Time
Two winners were flown out to Romania and taken in a horse-drawn carriage to the haunting castle. So there is a possibility that you could lie in a coffin for 30 hours and leave with no money.

Ronaldo & Messi set to snub lavish London ceremony — FIFA Best Awards
The FIFPro World XI, voted by the players themselves, has just been revealed at the FIFA's "The Best" awards in London . The best goalkeeper award will be fought for between Thibaut Courtois, Kasper Schmeichel and Hugo Lloris.

Modric beats Ronaldo, Salah to Federation Internationale de Football Association best player award
Modric's success means Ronaldo remains tied with Messi having won FIFA's award in different guises five times each. In addition, this year's Ballon d'Or will be awarded to a woman for the first time .

New accusation rocks Kavanaugh nomination; Trump stands firm
Kavanaugh was nominated by President Trump in July to replace the vacancy left by Justice Anthony Kennedy, who retired. Ford's testimony, Judge Kavanaugh will appear again before the committee", according to a statement from the committee.

Tiger Woods Has Won His 80th Tour Victory at PGA Tour Championship
Woods said he'd be flying out to Paris with McIlroy ahead of The Ryder Cup which takes place this weekend. Tiger Woods' first PGA victory in five years created a ratings bonanza for NBC.

Labour may campaign for second Brexit poll
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. He has denied it and condemned anti-Semitism, but the furor has angered many Jewish party members and their supporters.

Kawhi Leonard breaks silence, says he's excited to be a Raptor
Kawhi Leonard said he's focused on the coming season with the Toronto Raptors and not his future. Nurse said all that mattered to him was that Leonard was "serious about winning".

© 2015 ExpressNewsline. All Rights reserved.