Publicado: Mier, Noviembre 14, 2018
Financiera | Por Marilu Caballero

Wall St. rout drags down oil prices

Wall St. rout drags down oil prices

Root added that commodity prices that are influenced by cartels such as OPEC, which controls almost a third of global oil production, do not necessarily rise and fall with economic cycles. "Meanwhile, a Saudi. output cut for December has helped boost ailing oil prices".

For consumers, the 20 percent oil price fall since early October was a relief.

In Vienna, the IAEA said Monday that Iran was sticking to the terms of a nuclear deal reached with global powers in 2015.

Khalid al-Falih's comments sparked a recovery in the price of worldwide benchmark Brent crude, which rose to $70.83 a barrel and is on course for its biggest increase in a month.

WTI crude futures earlier rose to the lower 61-dollar range per barrel in NY on reports of possible production cuts.

Malaysia is an oil producing nation but is not part of the 15-member Opec which controls over 80 per cent of the global oil output and its prices. It would also weigh on global growth, hitting even those countries that export oil.

The caution of some other members of the group over whether respond swiftly to the recent price collapse arises partly from the unpredictability of Iranian supply amid US sanctions.

Still, the president is likely aware that his statement could irritate Saudi leadership.

That confounded a market that was anticipating stricter enforcement and a more significant reduction in Iranian exports.

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And the changes in posture by a Trump administration that had previously given Riyadh a pass on a range of global issues could prove an irritant in a relationship that has been carefully cultivated by the president and his son-in-law, Jared Kushner.

A senior OPEC source said the cartel and other major producers are discussing cutting production by as much as 1.2 million barrels per day.

"We were in the meeting in Jeddah, when we read the tweet", OPEC Secretary General Mohammad Barkindo said earlier this year.

"We need a consensus", said the Omani delegate, indicating that non-OPEC Russia would need to approve any decision. "We in OPEC always pride ourselves as friends of the United States".

Saudi Arabia announced plans on Sunday to cut shipments by half a million barrels per day in December.

The more Russia, Saudi Arabia, and their allies drive up prices now, the more profitable it will be for USA producers to boost production. Forecasts of a 2019 supply surplus and slowing demand have also dented the market.

"OPEC+ nations sent a clear signal they are concerned rising supply and weaker demand may keep pushing oil prices down", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University in NY.

Government-owned Abu Dhabi National Oil wants to raise capacity to 4 million barrels a day by the end of 2020 and 5 million by 2030, aided by a recently approved five-year, $132 billion budget. At the same time, the Associated Press reports, discussions have started with Russian Federation to curb the global supply of crude seeing as Iran sanctions failed to lift prices. Just months ago Saudi Arabia, under pressure from President Donald Trump, was opening up the taps in a bid to prevent $100 oil. Nearly two-thirds of the 7.8 million barrels of extra oil that OPEC expects the world to need in 2025 could come from planned capacity expansions in Iraq, Kuwait and Abu Dhabi, Bloomberg calculations show.

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