Opec giants plan super group to stabilise oil market

by Susie Olson February 21, 2018, 6:30
Opec giants plan super group to stabilise oil market

U.S. WTI futures were at $61.99 per barrel as of 1:39 p.m. GMT, and Brent crude futures were at $65.14 per barrel, a 0.81 percent decline.

Brent crude, however, eased as a result of a dip in Asian stocks and a stronger dollar, which potentially curbs demand as it makes fuel more expensive for countries using other currencies.

Brent crude futures ended the session 42 cents, or 0.6 percent, lower at $65.25 a barrel after trading between $65.81 and $64.78 a barrel.

Surging US production is offsetting those efforts by the Organization of the Petroleum Exporting Countries and some other producers including Russian Federation to curb production by 1.8 million barrels per day (bpd) till the end of 2018. The global benchmark traded at a $3.31 premium to April WTI. A weaker greenback boosts the appeal of commodities priced in the US currency.

Saudi energy ministry Khalid al-Falih said last week that production by state oil company Aramco in March will be 100,000 bpd below February's level, suggesting Saudi Arabia will continue to pump less than its OPEC target. According to OPEC Secretary General Mohammed Barkindo, the global oil demand in 2018 is expected to grow by 1.6 million barrels per day thanks to the "encouraging environment".

Analyst William O'Loughlin said OPEC and Russian Federation had assured markets that there will be a systematic augmentation of output once the production cuts deal ends.

Oxfam unveils action plan after stain of sexual abuse scandal
He added: "Anything we say is being manipulated. even apologies only make matters worse". Oxfam has nearly 10,000 staff working in more than 90 countries across the globe.

The charter for this long-term alliance is a work in progress but a draft framework might be endorsed and signed by all 24 countries before the end of the year, Mr Mazroui said in the interview, without elaborating on what the framework would look like.

But soaring USA production is threatening to erode Opec's efforts.

Traders are also paying close attention to another increase in the US oil rig count.

Data from market intelligence firm Genscape showed that inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell 2.1 million barrels in the week to February 16, according to traders who saw the data.

The American Petroleum Institute (API) is set to state its forecast regarding the U.S. crude supply on Wednesday.

Gold shed 0.3 percent to 1,342.07, while gold futures for the April contract fell by 0.8 percent to $1,344.60.

TOP News

UK Inflation Remains Stable At 3%
The rate was about 15.37 per cent in December 2017, from about 18.72 per cent in January 2017. The December gain in the main index was revised upward to 0.2 percent from 0.1 percent.

United Kingdom government websites infected by cryptocurrency miners
A commonly-used accessibility script was hacked to inject the Coinhive miner into official sites in the US, UK and Australia . Over the weekend, a little piece of malware was hard at work mining cryptocurrency on government computers.

Sony takes on ride-hailing in Japan as Uber looks for partners
These efforts center on taxis because of Japan's in-principle ban on the use of privately owned vehicles in ride-hailing services. That's a turnaround from previous boss Travis Kalanick who largely left the country in the hands of a country manager.

Should you see Black Panther?
Asked whether the 31-year-old director will come back for Black Panther 2, Feige told Variety , "I hope so". At this point, though, I care more about the spectacle of the film than I do about the film itself.

US Commerce Secretary to reveal options for steel, aluminum tariffs
For example, there is only one remaining USA producer of the high-quality aluminum alloy needed for military aerospace. The Commerce Department has recently brought trade cases to try to address the dumping of aluminum.

Black Country and Staffordshire feel tremors of 4.4 magnitude Welsh natural disaster
The School of Ocean Sciences at Bangor University Tweeted: "Bangor region of north Wales just experienced an earth tremor". The quake, which measured 4.7 on the Richter scale, happened at 2:31pm around eight miles from Swansea in South Wales .

Seaside Park Bomber Sentenced to Multiple Life Terms
Ahmad Khan Rahimi, also known as the "Chelsea bomber", set off the devices in Manhattan. He still faces separate charges in New Jersey over those accusations.

Jennifer Lawrence Attends Amy Schumer's Wedding, Has 'An Amazing Time'
It was very sudden, but". "Notice my shirt was accidentally undone the whole time", she explained to ET . So we both kind of looked at each other and giggled and said , 'Well, let's just go with it.

Indian Mujahideen Terrorist, On The Run Since Batla House Encounter, Arrested
He is responsible for deadly terror strikes in which about 165 persons were killed and over 535 were injured. Encounter specialist Inspector Mohan Chand Sharma lost his life during the operation.

Serena Williams' Daughter Alexis Is Clearly Her Biggest Fan at Fed Cup
Serena Williams is back in the game, with two adorable cheerleaders! I honestly feel better than I thought I was going to feel. Ohanian was a doting father, carrying their 5-month-old bundle of joy during the match.