Crude futures settle higher as Saudi oil chief pledges export cuts

Crude Oil Prices dip after Crude Oil Prices dip after OPEC report OPEC report

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:

  • Republican anti-Donald Trump group launches new Vladimir Putin ad

    Republican anti-Donald Trump group launches new Vladimir Putin ad

    Trump has repeatedly cast doubt on their findings and dismissed investigations into potential collusion between his campaign and Moscow as a "witch hunt".
    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 ".

    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.
  • Elon Musk claims he has approval for NYC-DC hyperloop

    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.
    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.
  • German girl's fate in Iraq not clear

    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.
    8 dead, 30 found injured inside semi-trailer at San Antonio Walmart

    8 dead, 30 found injured inside semi-trailer at San Antonio Walmart

    He said that if any resident in the area encounters someone from the truck, they should "call 911 right away". A hearse pulled into the parking lot early Sunday morning, according to the San Antonio Express-News.

    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.
  • At Least Three Palestinians Shot Dead Amid Jerusalem Clashes

    Israeli police throw stun grenades during an outdoor Muslim prayer service in Jerusalem's Old City on Friday. Israel made a decision to install the metal detectors at the entry to the shrine on Sunday.
    Puig confronts Marlins pitcher after almost  being hit

    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.
    LGBT activists condemn Floyd Mayweather's use of anti-gay slur

    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.


Most liked

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.

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".

THE OPEN: McIlroy 'ecstatic' after memorable round
If I go out tomorrow under bad conditions and shoot something in the 60s, I feel like I'll be right there for the weekend". I had to find a couple of little key thoughts, and I feel like I have. "It's getting there.

Bank of America chooses Dublin as post-Brexit EU hub
The $1.3bn (£998m) in revenue from that business toppedthe CEO James Gorman's $1bn quarterly target and beat Goldman's $1.2bn. It is the first of the Wall street lenders to announce where it intends to set up camp after the United Kingdom leaves the EU.

OJ Simpson has been granted release from prison
Simpson is serving a nine to 33 year prison term for a 2007 armed robbery and kidnapping conviction. I said, 'Of course I would like to get the property'. "I've missed a lot of time with those kids".

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.

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.

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.

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.

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.

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.

Chinese censors scrub emoji tributes to Nobel victor
Liu's wife remains under house arrest. "Now, we are most concerned about Liu Xia, but there has been no information about her". Will family's wishes be respected? "It's too absolute", said the source, who declined to be identified.

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.