Opec members to meet to discuss extending production cuts
24 September, 2017, 00:57 | Author: Gladys Mathis
Kuwait's oil minister said the meeting would not discuss an extension, but his Algerian counterpart told state media that it would, Bloomberg News reported.
The ministerial meeting of OPEC countries and other big oil exporters started today its debates, in order to monitor the accomplishment of the pact to reduce pumping and value other alternatives to stabilize the market.
As one of the older OPEC members that has continued to work for the good of the group and its member countries, Mr. Kachikwu said, Nigeria was bound by whatever agreements and resolutions collectively made by OPEC, including the need to cap its oil production when it has stabilised at 1.8 million bpd.
The next key event will be a November 30 meeting of Opec ministers.
"An extension of the agreement or an increase in the cuts may be announced", said Jeffrey Halley of futures brokerage Oanda. US crude dipped 0.2% to $50.44. Prices advanced 5.1 percent last week, the biggest weekly gain since July.
Elsewhere, for November delivery on the ICE Futures Exchange in London was up 8 cents or about 0.14% at $56.51 a barrel, its highest since April. The contract is up 2.2 percent for the week. The global benchmark crude traded at a premium of US$6.20 to WTI.
Crude Oil Gains In Asia On API Estimates
Front-month Brent fates have raised forcefully as of late, considerably more than forwarding costs and the contango, a side effect of an oversupplied showcase, has bit by bit vanished from most crude markets to be supplanted by backwardation, an indication of snugness.
Years of instability in the oil-rich Niger Delta region of the country resulted into a drop Nigeria's oil production, causing its foreign reserves to deplete and dragging the country into recession last year. There is no reason for deeper cuts, he told reporters in Vienna.
Meanwhile, OPEC Secretary-General Mohammad Barkindo said it is critical for the group to maintain focus and fully implement agreed curbs.
"CMC Markets chief market strategist Michael McCarthy was quoted by the news agency as saying: "(There will be) strong rhetoric but whether or not they will be able to boost oil prices from current high levels is another question". "At the end of the day, even though they raised hopes, there was nothing solid".
Later on Friday investors will be watching for data from the oil-services firm Baker Hughes, which releases its count of active drilling rigs, a bellwether for production in the USA oil industry.
Oil prices settled up 2% on Wednesday as traders and investors ignored a build in US crude stockpiles from last week to focus on the likelihood of OPEC extending crude production cuts when it meets later this week to assess price support measures.
North Korea hit by natural disaster near nuclear test site
Ri reportedly added that "We have no idea about what actions could be taken as it will be ordered by leader Kim Jong Un ". Earlier this month, Pyongyang fired its second missile in as many months over northern Japan into the Pacific Ocean.
China Rejects US Demands For Pressure On North Korea
McMaster said the U.S. would "have to prepare all options" if sanctions prove insufficient to stop the North's weapons drive. Moon will meet Japan's Prime Minister Shinzo Abe and Trump later on Thursday on the sidelines of the U.N.
North Korean Foreign Minister Ri Yong-ho responded fiercely Saturday to President Donald Trump's warnings earlier this week. China's natural disaster administration said the tremors in North Korea were felt at 08:30 hours (GMT).
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Hernandez killed himself in April in the jail cell where he was serving a life-without-parole sentence for a 2013 murder . That conviction was vacated following his suicide because Hernandez died before all of his appeals had been heard.
It was a high-voltage clash as Saina Nehwal took on Carolina Marin in the second round of the Japan Open in Tokyo on Thursday. The Indonesia Open and Australian Open champion needed just 29 minutes to dismiss Yun with a one-sided score of 21-12, 21-11.
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In his speech, Trump called the North Korean regime a "band of criminals" and Kim a "Rocket Man" on "a suicide mission" . The dated word choice might come from how Kim's statement was translated by state news agency KCNA, CNN reported.
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Gandhi said he likes Prime Minister Narendra Modi's idea of "Make in India" but the focus should be on small and medium companies. When asked what he thought was the central challenge facing the country, Gandhi said it was the lack of jobs.
Missiles Rain From North Korea
But they come amid a flurry of air, sea and land exercises on the Korean peninsula triggered by the North's missile programme. China and Russian Federation have repeatedly called for a peaceful solution and talks to resolve the issue.
The SEC was Hacked
The SEC provided little information, so it's still unknown which companies may have been affected or if hackers made a profit. But the 2016 breach was the result of a deliberate attack aimed at accessing the EDGAR filing system.