OPEC members Iraq, Nigeria agree to cut oil output

Saudis new energy minister Prince Abdulaziz bin Salman says its October oil production would be 9.890 million barrels per day

Bringing more oil into the market will also undermine the OPEC-led attempt to tighten supply and stabilize prices by reducing output from its members and major ally producers. In the middle of this scene, the Iraqi minister of petroleum, Thamer Ghadhban, announced that tomorrow the cartel and other related countries will analyze the need to make a new cut in production to stabilize prices in the global market.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 and indicated the market would be in surplus.

The calls from Saudi and Russian energy ministers came after Iraqi oil minister Thamer Ghadhban said on Wednesday OPEC and its allies could discuss deeper cuts amid slowing economic growth due to a U.S.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance", the report said.

"OECD oil inventories fell in July and stood 36 million barrels above latest 5-year average - the level originally targeted by supply cut deal". Analysts were looking for a 1.4 million barrel draw in gasoline and a 220,000 barrel rise in distillate supplies.

OPEC's policy of supporting prices through supply cuts has given a sustained boost to United States shale and other rival supply, and the report suggests the world will need less OPEC crude next year.

Team USA loses to France, exits FIBA World Cup without a medal
The loss in Melbourne was the first for the United States in 78 consecutive games in major competitions and exhibition games. He tallied just two shot attempts in the fourth, and his second attempt came with Team USA down 10 in the final 10 seconds.

Crude oil output increased mostly in Saudi Arabia, Nigeria, Iraq and the UAE, while it declined mainly in Venezuela, Iran, I.R., Libya, Kuwait and Algeria, reads the report.

Over the past four weeks, crude oil imports averaged about 6.69 million b/d, down by 883,000 b/d year-on-year; crude oil exports averaged about 3.05 million b/d, up by about 1.48 million b/d year-on-year. It was the first increase this year.

Oil prices fell on Thursday to extend losses from the previous session following a downward revision in OPEC's oil demand forecast and amid speculation that the US may ease sanctions on Iran.

The tussle for the No. 1 slot could remain tight in the months ahead.

Meanwhile, Saudi Aramco has picked a slew of banks to work on its planned initial public offering following intense lobbying by some of the world's top dealmakers, people with knowledge of the matter said.

Related News:



Most liked

Trump says progress being made on gun legislation
The Manchin-Toomey-Murphy effort would expand background checks to all commercial sales, including those at gun shows and online. Andrew Cuomo (D-N.Y), Ned Lamont (D-Conn.), John Carney (D-Del.), J.B.

England still searching for ways to dismiss Steve Smith before Ashes finale
Joe Root has called on England to send outgoing head coach Trevor Bayliss on his way "with a real big bang" by drawing the Ashes at The Oval.

Williams falls short of grand slam record
Impressed by her rival's sportsmanship after the match, Williams called Andreescu an "old soul". Williams, who turns 38 later this month, was gracious in defeat.

Daniel Johnston, Your Favourite Muso's Favourite Muso, Has Died Aged 58
Johnston also had physical health issues, according to Gimbel, related to diabetes and the medications he'd taken all his life. Johnston was a huge cult figure in music, finding his popularity blossoming after he moved to Austin, Texas in the '80s.

Intel: Bolton ouster leaves uncertain future for Iran policy
If Israel had to act on its own, I'd imagine they would feel better having a clear-eyed hawk like Bolton at the president's side". Trump's decision Tuesday was to fire Bolton.

Justify failed drug test before winning Triple Crown
Will he have to give back his cut of the $60 million in breeding rights that his now-tainted Triple Crown earned? Justify's incredible Triple Crown triumph previous year may be tainted.

Hundreds of Nigerians repatriated from South Africa after attacks
Nigeria isn't the only African nation evacuating its nationals from South Africa in the wake of the xenophobic attacks . Following a spate of xenophobic attacks on foreigners .

Remedy reveals its post-launch plans for Control
Control just released last month but Remedy Entertainment has already set their sights on the future. The paid expansions will arrive in 2020, but you can expect free updates until the end of the year.

Samsung updates its Galaxy A-series in India with premium camera features
The Galaxy A50s will be available in 3 vibrant color variants namely Prism Crush Black, Prism Crush Violet, and Prism Crush White. Inside is a Snapdragon 730 (K20) or Snapdragon 855 (K20 Pro) with 6/8GB RAM, 64/128/256GB storage and a 4,000mAh battery.

FDA accuses Juul of illegally advertising its products as safe
In other communications, the company says it can not make claims its products are safer, in line with FDA regulations. Villa goes on to give Juul just 15 days to submit a written response describing its "corrective actions" in detail.

England drop Roy for fifth Ashes Test
Coach Justin Langer admitted that Head was "disappointed" to be dropped, but said the team needs an "extra bowling (option) after a long series".

Federal election campaign to kick off on Wednesday
There were eight independents - including former Liberal cabinet ministers Jane Philpott and Jody Wilson-Raybould. Scheer, the head of the conservative party, said today that Trudeau had lost the moral authority to govern.

Brexit in chaos after court rules PM's suspension of parliament was unlawful
But the Court of Session judges said Britain's Supreme Court must make the final decision at a hearing next week. Tommy Sheppard, Scottish Nationalist Party (SNP) MP at Westminster, said: "The buck stops with Boris Johnson ".

Robert Mugabe's body being flown home from Singapore
Mugabe's first wife, Sally, is buried there next to a gravesite long reserved for the leader. He led Zimbabwe for nearly four decades until he was toppled in November 2017.

Hong Kong exchange makes £29.6bn bid for London Stock Exchange
HKEX said in a statement on September 11 that it has made an offer worth 8,361 pence a share to combine the two companies. The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong, China January 24, 2018.