Published: Sat, June 16, 2018
Money | By Armando Alvarado

Saudi's Falih expects 'reasonable and moderate' oil agreement next week

Saudi's Falih expects 'reasonable and moderate' oil agreement next week

Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet on Wednesday that said oil prices are too high and that the cartel was "at it again".

Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said.

Saudi Arabia, Opec's biggest producer, also seems to be restoring halted output, having pumped more than 10 million barrels a day last month for the first time since October, according to a person familiar with the matter.

Amy Myers Jaffe, director of the Council on Foreign Relations' energy security and climate program, said the April tweet was a clear message to Saudi Arabia.

OPEC nation Iran said it expects the group to stick with its pact to restrain oil supply as world markets don't need more crude.

Oil prices steadied on Thursday, but were likely to remain under pressure from evidence of rising USA output and uncertainty over the outlook for supply before a key meeting next week of the world's largest exporters.

The Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and push up prices.

While Saudi Arabia has the capacity to produce more oil, it "faces a delicate balancing act amid competing calls for how to deploy its spare capacity powers", Croft noted.

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They should come out and apologise because this arrogant conduct against 23 boys is absolutely ridiculous and unnecessary. The own goal was the only score between the teams, as Iran secured a 1-0 victory for its first World Cup win since 1998.

On the sidelines of the opening match of the World Cup on Thursday, President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman will meet to discuss oil policy, Bloomberg added. The IEA said OPEC countries in the Middle East could quickly boost production by 1.1 million bpd.

However, it cautioned that there are possible downside risks to the demand outlook, including "the possibility of higher prices, a weakening of economic confidence, trade protectionism and a potential further strengthening of the US dollar".

"I think we'll come to an agreement that satisfies most importantly the market". "Oil prices are artificially Very High!"

The benchmark price of crude has surged from around $50 a barrel last summer to within a breath of $80 a barrel a few weeks ago.

Oil Alliance The oil-buying alliance may initially be made up of India and China, with South Korea and Japan - also major buyers - joining the club later, the Indian government official said on Wednesday.

But he said that he had heard a proposal to increase combined oil output by 1.8 million barrels per day, erasing the cuts that are now implementing.

The 14-country bloc's next meeting is June 22, when ministers will gather in the Austrian capital amid speculation that Saudi Arabia may push for more flexibility on production quotas in anticipation of sustained declines in Venezuela and the impact of USA sanctions on Iran.

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