Crude futures settle higher as Saudi oil chief pledges export cuts

WTI Crude Oil

Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand. European Brent oil added 0.27 cents to reach USD48.33 per barrel, while West Texas Intermediate inched up 0.21 cents to USD45.98. Brent, the global benchmark, rose 63 cents, or 1.31%, to $48.69 a barrel on ICE Futures Europe. Russian Federation has reduced output by 300,000 barrels a day since October, in line with its agreement to cut production. The North American benchmark WTI is now trading at $45.8 per barrel and Brent at $2.3 per barrel premium to WTI.

Alongside Saudi Arabia and non-Opec Russia, the committee includes Kuwait, Venezuela and Algeria - all Opec members, and Oman, another non-Opec participant.

He said the market had faced pressure in recent weeks due to weaker OPEC compliance with cuts and rising production from Libya and Nigeria, which have been exempt from the reductions.

Libya says it targets OPEC and has removed 350 million barrels of oil a day according to Dow Jones and the Saudi oil minister says he knows the market sentiment is bearish but he is up for the challenge to change that perception.

OPEC sources told Reuters on Saturday that Nigeria could cap output if it managed to sustain production at 1.8 million bpd for 90 days.

Nigeria was ready to cap or even reduce supply if it can maintain output of 1.8-million barrels a day, said the two people, asking not to be identified because the information is confidential.

"The only significant thing about the meeting is that Nigeria has voluntarily agreed that they will not increase their production above 1.8 [million barrels a day] once they have achieved that level", said Naeem Aslam, chief market analyst at ThinkMarkets U.K.

Saudi Arabia's efforts to shore up global oil prices ahead of the planned listing of Saudi Aramco was met with a shrug from the markets as traders kept their eyes on U.S. shale. On Monday in St. Petersburg, OPEC Secretary-General Mohammad Barkindo said OPEC was in agreement to study "other parameters".

Mr. Falih's focus on exports was new.

In June, OPEC members' compliance with their agreed cuts fell to its lowest level since the deal came into effect (although 95 percent is still pretty good).

Marzouq, whose country heads the joint ministerial committee, said attendees would discuss continuing the production cuts.

Related News:

  • Kyrie Irving Was 'Upset' Cavaliers Tried to Trade Him to Pacers, Bulls

    Kyrie Irving Was 'Upset' Cavaliers Tried to Trade Him to Pacers, Bulls

    The Cavs' situation could be the best fit for Rose, 28, who is coming off his best season in five years. As the report notes, Irving also possesses something many stars yearn for - a championship ring.
    Mike Williams may need season-ending surgery

    Mike Williams may need season-ending surgery

    Williams is now dealing with a herniated disk in his back, getting a second epidural recently in an effort to help his recovery. Williams was diagnosed with a herniated disk after his first practice during rookie minicamp and did not practice again.

    Astrazeneca PLC (NYSE:AZN) Experiences Heavier than Usual Trading Volume

    Intrust Bank Na decreased its stake in Astrazeneca Plc (AZN ) by 30.69% based on its latest 2016Q4 regulatory filing with the SEC. The stock of Oracle Corporation (NYSE:ORCL) has "Outperform" rating given on Friday, September 16 by BMO Capital Markets.
  • Apple Contractors Gang Up On Qualcomm, File Antitrust Complaint

    Apple Contractors Gang Up On Qualcomm, File Antitrust Complaint

    Qualcomm's shares were up 53 cents at $56.82 in late day trading Wednesday on the Nasdaq exchange. Qualcomm countersued Apple in May for its retaliatory withholding of license payments.

    Trump keeps Iran deal, but threatens more sanctions

    The point, however, is that the Iran deal negotiated by the Obama administration is in trouble. The White House last certified Iran's compliance with the terms of the deal in April.
    Olympic champions Kipruto and Braz hit trouble at Rabat Diamond League

    Olympic champions Kipruto and Braz hit trouble at Rabat Diamond League

    Miller-Uib coasted home in 49.80, but Semenya was well back in seventh in a time of 51.53, though that was her best run of the Diamond League series.
  • Jada Pinkett Smith's drug dealing past

    Jada Pinkett Smith's drug dealing past

    I'm willing to bet you'll be plotting on the experience before you leave your seat in the theater. "God's got it", said Smith. As rollicking as it is for much of its two hours and change, its poignant moments are powerfully resonant.
    Aaron Carter slams brother Backstreet Boys star Nick after DUI arrest

    Aaron Carter slams brother Backstreet Boys star Nick after DUI arrest

    When I was 19 years old, I got an endoscopy done in Tennessee and I was diagnosed with a Hiatal Hernia. He continued: " Aaron holds a medical license for medical marijuana for his long standing anxiety ".
    Woman destroys RM857,900 of art in selfie mishap

    Woman destroys RM857,900 of art in selfie mishap

    The video has gone viral upon its release, showing the woman's repeated attempts to catch the best selfie angle. Others wondered wondered why the pedestals weren't more securely attached to the floor.
  • Schumer: Dems didn't 'tell people what we stood for' in 2016

    Schumer: Dems didn't 'tell people what we stood for' in 2016

    Tackling the rising cost of prescription drugs. "And third, we're going to provide workers with the tools they need for the 21st-century economy".
    Charlie Gard team 'must present new evidence' for treatment in US

    Charlie Gard team 'must present new evidence' for treatment in US

    The hospital said the treatment would cause suffering and would not help, suggesting that life-support to the baby should stop. Gollop apologized and said, "almost all the medical evidence in this case makes for sad reading", the association reported.
    Japan to warn of greater threat from North Korea in new report

    Japan to warn of greater threat from North Korea in new report

    Autonomous restrictive measures amount to sanctions separate from those called for by the UN Security Council. The move came as part of the global pressure on Pyongyang to curb its nuclear and missile programs.


Most liked

NASA Issues Warning About Unsafe Eclipse Viewing Glasses
One of the most popular projects is called Eclipse MegaMovie, a partnership between Google and University of California, Berkeley. These should include an ISO 12312-2 designation and lenses that are less than three years old.

German girl's fate in Iraq not clear
She said she did not want to go to Mosul, but that she was "shipped" there and her husband was killed soon afterwards. She is reported to have used her mother's credit card to buy an airline ticket to Istanbul under her mom's name.

Grace had 'no idea' his 62 was lowest in a major
South Korea's Hyo-Joo Kim holds the record for the lowest round in any major with 61 at the women's Evian Championship in 2014. Grace said he had not had any idea he was on a record pace. "I played really good, really solid from tee to green".

Elon Musk claims he has approval for NYC-DC hyperloop
For some urban context: the recently opened stretch of subway in NY cost $4.5 billion for less than 2 miles of rails. The machine, dubbed Nannie by the city's water utility, had been used to dig a sewage overflow tunnel.

BBC reveals gender pay gap among top stars
Stars employed indirectly through independent production companies would not be caught by the pay ratio, the spokesman said. At the top of the list is radio and TV presenter Chris Evans who earned between £2,200,000 and 2,249,999 in 2016/2017.

Jose Mourinho in the dark over pursuit of Inter winger Ivan Perisic
United are keen to wrap up a deal so Perisic does not have to travel and are said to be increasingly hopeful of finalising terms. However, the 28-year-old Croatian worldwide is keen to leave San Siro and posted a cryptic message on Instagram on Monday.

Former PM Blair Calls For "Reformed Europe", Criticizes Current Labour Leadership
Tony Blair says he now accepts Jeremy Corbyn could become prime minister. These talks focus on Britain's arrangements to leave the EU.

Lionel Messi wants Ivan Rakitic to stay at Barcelona at any cost
The 23-year-old cost Barca £30million from Valencia last summer, with a further £17m available in add-ons. Barcelona remain keen on landing Verratti , who has been on their radar for months.

Amazon's next big thing might rival Blue Apron
It can also offer meal kits for in-store pickup, in addition to the kind of delivery subscription Blue Apron offers. The fall in share price value could have additional implications for the unprofitable meal kit-delivery company.

Helmerich & Payne, Inc. (NYSE:HP) Shares Sold by Kidder Stephen W
Analysts are expecting EPS growth rates to be at -113.20% this quarter and EPS estimate for next year reflect 97.00% growth rate. The investment managers in our partner's database now own: 107.48 million shares, down from 116.04 million shares in 2016Q3.

Mets add to Rockies' misery
LeMahieu (who had four hits, including two doubles, in his first four at-bats) and a three-run home run by Nolan Arenado . LeMahieu singled, Reynolds doubled and Ian Desmond , fresh off the disabled list, poked a two-run single to right.

Puig confronts Marlins pitcher after almost being hit
With two outs, Christian Yelich's single scored Dee Gordon, who reached with a pinch-hit single, to cut the Dodgers' lead to one. Hill closed the first half of the season on high note throwing seven innings in each of his last three starts.

US Consumer Prices Unchanged In June Amid Falling Energy Prices
Excluding the volatile food and energy categories, prices rose 0.1 percent in June and 1.7 percent from a year earlier. Data from the Labor Department showed that consumer price index was flat in June after edging down by 0.1% in May.

OR receiver Darren Carrington dismissed from the team
The departure comes after Carrington was arrested on July 1 on suspicion of driving while under the influence of intoxicants. The dismissal of Carrington is somewhat of a surprise simply because of how important he was to the offense.

LGBT activists condemn Floyd Mayweather's use of anti-gay slur
The 29-year-old McGregor is the reigning UFC lightweight champion with a 21-3 career record. Amid accusations McGregor made racist comments, Mayweather took aim at the Irishman.