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

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.

Green card clampdown planned for US immigrants on benefits
USA immigration law has long required officials to exclude a person likely to become a "public charge" from permanent residence. Clubbed with their spouses and children numbering 325,819; as many as 632,219 Indians in all are waiting for their green cards.

President Trump: Sexual assault allegations against Brett Kavanaugh 'totally political'
Trump broke his silence to cast doubt on Ford's story Friday in ways Republicans had been carefully trying to avoid. Kavanaugh told the magazine in a statement that the newly alleged event from 35 years ago "did not happen".

49ers to work out former Saints QB Savage
I'm not sure being happy about an injury is the right way to go about it, but as we all know "Hell hath no fury" and all of that. Washington Examiner chief correspondent Byron York on whether NFL players will continue to protest during the national anthem.

Ford Lawyers Say She is Open to Testifying, but Not Monday
Ford. "This is a smear , plain and simple". "I would think an FBI investigation would be warranted", she told The New Yorker . Per Ramirez's account, she and several students were playing a drinking game, causing her to become intoxicated quickly.

Mahomes breaks another record as Chiefs beat 49ers 38-27
I feel for him". "You hate to see someone go down, someone I really like and have been friends with since the day he got here". Beathard completed 123 of 224 passes (54.9 percent) for 1,430 yards and four touchdowns with six interceptions as a rookie.

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.

Transformers: 'Bumblebee' International Trailer Has New Footage Optimus Prime, Cybertron
A new promo for the upcoming Transformers Bumblebee movie features the original versions of Optimus Prime, Soundwave and Ravage. But man , did you see those classic G1 Transformers design in that trailer? Bumblebee opens in theaters on December 21st.

Trump says he expects second N.Korea summit ‘quite soon’
It marks the first such agreement finalised by the U.S. president, who has promised to overhaul his country's trade relationships. Moon is expected to convey to Trump a personal message from Kim delivered at their inter-Korean talks last week.

SiriusXM is buying Pandora, and that’s a huge deal
Now, Sirius XM is getting ready to join the streaming game after they revealed they've bought Pandora in a $3.5B deal. Shares of Pandora , based in Oakland, California, jumped more than 8 percent in Monday premarket trading.

© 2015 ExpressNewsline. All Rights reserved.