US Crude Oil Price Breaks Higher, May Rally Further
US Crude Oil Price Breaks Higher, May Rally Further
Qatar's decision to exit OPEC represents a largely symbolic move for both Qatar and OPEC
03 December, 2018, 22:13
Opec members Saudi Arabia and the United Arab Emirates, and fellow Arab states Bahrain and Egypt, have been imposing a political and economic boycott on Qatar since June 2017, accusing it of supporting terrorism. Instead, when Saudi crown Prince Mohammed bin Salman went to the back-foot over the killing of journalist Jamal Khashoggi, Riyadh appeared to soften its stance on Qatar.
Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd.
Qatar has denied the accusations and launched counter-accusations against the leader, Saudi Arabia, of trying for a regime change in the Gulf state.
CNBC reports that the announcement is coming days before a crucial meeting between the influential energy-rich country and its allies.
Qatar, a member since 1961, is leaving to focus on its natural gas production and has informed the Organization of Petroleum Exporting Countries of its decision, Energy Minister Saad Sherida Al-Kaabi told a news conference in Doha on Monday.
Al-Kaabi said Qatar Petroleum planned to raise its production capability to 6.5 million barrels barrels of oil equivalent a day from 4.8 million in the next decade.
Meanwhile, oil prices soared on Monday after Russian Federation and Saudi Arabia renewed their agreement to cap output, while the United States and China agreed not to impose any new tariffs during a 90-day period during which the two sides are to negotiate a detailed agreement.
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Nonetheless, US suppliers are continuing to produce record amounts of crude oil, contributing to global oversupply and suggesting that any further bounce in the crude price will likely be limited.
While oil was never included in the list of hundreds of products each side has slapped with import tariffs, the positive sentiment generated by the trade truce seems to have put a bid under black gold.
Saudi Arabia got the largest share with oil export earnings at N38.4 trillion ($126 billion), while Equatorial Guinea and Ecuador contributed the lowest. It was $61.30 a barrel in trading Monday, while the benchmark North American contract fraded for $52.60 US.
Deutsche Bank employees had devised strategies to get around the sanctions and carry out transactions worth roughly $10.9 billion. Earlier this month, Deutsche confirmed that it was involved in processing payments for the Danish bank in Estonia.
Federal Reserve Chairman Jerome Powell speaks at the Economic Club of New York's luncheon in New York November 28, 2018. Many investors read the remarks as signalling the Fed's three-year tightening cycle was drawing to a close.
Trudeau tweeted on Monday that he "spoke with GM's Chief Executive Mary Barra to express his deep disappointment in the closure". United States consumers are buying sports utility vehicles (SUV's) and trucks more than traditional four-door cars.
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The prince told world leaders that "unless the crime is proven, you can not blame Saudi Arabia", Erdogan quoted him as saying. Trudeau said he stressed the fact that Canada will "always stand up strongly and clearly for human rights".
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Whatever Putin's true objective are, the Russians seem increasingly focused on making things as turbulent as possible for Ukraine. The vessels were stopped from entering the Kerch Strait and confronted by Russian FSB border guards.
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