Tuesday, 18 December, 2018

Could China turn to Iran oil? Former Exxon president weighs in

Oil bumps up on US inventories decline, WTI pokes back into $65 India Urges OPEC Nations To "Fill Supply Gap", Ensure Sustainable Prices
Orlando Vargas | 21 June, 2018, 20:59

Iranian Oil Minister Bijan Zanganeh said on Wednesday that an OPEC output increase could total around 460,000 bpd.

Saudi Arabia, backed by non-member Russian Federation, is now racing to convince the alliance to raise production again in order to meet growing demand in the second half of 2018.

Oil prices rose in early Asian trading on Wednesday, supported by a drop in USA commercial crude inventories reported by the American Petroleum Institute (API).

But a member of Nigerian delegation to the event said as a loyal member, Nigeria will support the position of OPEC leadership to retain the current supply level in order stabilise the market.

The initial public offering of Saudi oil giant Aramco-which has already been likely pushed to 2019 from the second half of 2018-could be postponed even further, for after 2019, comments by Saudi Energy Minister Khalid al-Falih suggested on Thursday.

Griezmann pens Atletico Madrid extension
Their club futures seemingly all but secure, the France trio will next be in action at the World Cup on June 21 against Peru. Left-back Lucas Hernandez has also extended his contract at Atletico, with his now expiring in 2024.


Brexit defeat for United Kingdom government
A statement will then be given in the House of Commons on what course the government should take in the event of a no deal. The decision by the upper chamber, in effect, rejects a government-backed proposal on a final brexit deal.


Isco stands out with 8/10 performance as Spain struggle to beat Iran
Portugal and needs a win over Iran to leap into the position many expected it to hold in the group. It appeared that Beiranvand exaggerated his pain after Costa stood on his foot.


De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russian Federation which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls. Sources said a production rise of about 1 million bpd was emerging as a possible consensus for OPEC and its allies, adding that Iran could assent under certain conditions. The proposal has yet to win the backing of all OPEC members, and may meet resistance from more hawkish countries in the group including Venezuela and Algeria as well as Iran.

So, a larger increase agreed by Opec would require a new set of output targets.

Also supporting prices was a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank.

Benchmark Brent crude fell $1.10 a barrel to a low of $73.64 before recovering slightly to $73.74, down $1.00 by 0820 GMT.

More important to Saudi Arabia than extra petrodollars is containing Iran, its arch-nemesis. "How to achieve it is the tricky question because not every country can respond to an allocation of a higher production target". Riyadh could also act unilaterally boosting output, as it did in 2011 after a meeting ended in acrimony without a deal.

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