Wednesday, 19 December, 2018

US Crude Oil Price Breaks Higher, May Rally Further

Qatar Exit from OPEC Largely Symbolic Qatar's decision to exit OPEC represents a largely symbolic move for both Qatar and OPEC
Kelvin Reese | 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.

Nickyanka wedding: Chopra, Jonas family reaches Jodhpur
It will be a three-day event and Chopra says it's gonna be such a wild ride that "people will need vacations after this wedding". Deepika it is! For Piggy Chops, we wait till the next time she waves at the media. "I thought it was a respectful first night".

Pacers guard Victor Oladipo out indefinitely
Lakers: Lonzo Ball had two points and eight rebounds in 34 minutes while playing through an ankle injury. It didn't take LeBron James long to take over and essentially run the show for the Lakers , apparently.

Xbox One X Sale: Just $399 for Cyber Monday (Lowest Price)
And the Nintendo Entertainment System: NES Classic Edition system surpassed lifetime sales of 2 million. And next month, it will launch its biggest title of the year, Super Smash Bros.

However, Putin over the weekend said there was "no final decision on volumes".

But researcher Bros argued that Qatar's departure would weaken OPEC at a moment when Riyadh is battling global outcry over the murder of journalist critic Jamal Khashoggi.

Moreover, OPEC only deals with crude oil, not the liquefied natural gas Qatar is better at producing, and the U.S.is a net exporter of liquefied natural gas anyway.

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.

Recommended

George HW Bush: Former president's service dog honours his master George HW Bush: Former president's service dog honours his master Bush to rest this week, it should also pause to recognize what he didn't do while serving as the nation's 41st president. He will be buried at the presidential library in Texas, alongside his wife, Barbara Bush, who died seven months ago.

Captain Marvel Gets a New Poster, New Trailer Releasing on Tuesday Captain Marvel Gets a New Poster, New Trailer Releasing on Tuesday Captain Marvel is expected to explore her mysterious origins, but won't be a traditional origin story movie. The Oscar-winning actress stars in the first MCU film to feature a solo female superhero.

Chelsea boss Sarri insists Morata has his trust Chelsea boss Sarri insists Morata has his trust He said, as reported by Chelsea's official website .: "First of all we approached the match very well, so I am very happy with this".

Trump reaffirms second North Korea summit plan Trump reaffirms second North Korea summit plan President Donald Trump says his next meeting with North Korea's Kim Jong Un is likely to happen in January or February. There is a passenger coach, a sleeping coach, an office coach and a wagon loaded with water for showers and laundry.

Stop It, Tyson Fury Did Not Earn a Win Against Deontay Wilder Stop It, Tyson Fury Did Not Earn a Win Against Deontay Wilder The challenger felt he had won and had he stayed on his feet in the final three minutes, the WBC title would have been his. Saturday night in Los Angeles, one of the biggest heavyweight showdowns in recent memory will take place.

Google Hangouts to be shutdown in 2020 Google Hangouts to be shutdown in 2020 However, Hangouts still is a prominent chat option in Gmail on the web and the app also exists on the Google Play Store. Google Voice, for instance, began independently, then was integrated into Hangouts, before being split off again.

NASA pushing for continuous manned presence on moon ‘within 10yrs’ NASA pushing for continuous manned presence on moon ‘within 10yrs’ The mission: to deliver scientific instruments to the moon , as a prelude to setting up permanent bases for people. NASA's CLPS programme will offer contracts worth a combined value of about $2.6 billion over the next 10 years.

George Bush senior dies at 94 years old George Bush senior dies at 94 years old During World War Two, he was an aviator against the Japanese before being shot down in September 1944 while on a bombing raid. He outlived both Gerald Ford, who died in 2006 at 93, and Ronald Reagan, who died in 2004 at 93.

Indonesia safety agency recommends Lion Air improve safety culture Indonesia safety agency recommends Lion Air improve safety culture The malfunctioning sensor is key to correct operation of the MCAS, which is charged with detecting and correcting unsafe stalls. The main intent of MCAS is to make the MAX respond to a stall in a way pilots would find consistent with other 737 models.

Sen. Brown says Trump 'likes' his auto bill Sen. Brown says Trump 'likes' his auto bill Numerous job cuts would affect the Midwest, the politically crucial region where the president promised a manufacturing rebirth. General Motors announcement of their Lordstown plant closing has been the topic of discussion between Ohio's senators.

KC Star Kareem Hunt Caught on Camera Assaulting Woman In TMZ Video KC Star Kareem Hunt Caught on Camera Assaulting Woman In TMZ Video According to NFL reporter Benjamin Allbright , two league sources asserted that the NFL and organization knew of the video . The clip, which came from an OH hotel hallway camera, was published by TMZ on Friday afternoon.

Bipartisan leaders of Senate Intelligence Committee respond to Michael Cohen's plea deal Bipartisan leaders of Senate Intelligence Committee respond to Michael Cohen's plea deal Adult-film star Stormy Daniels was given US$130,000 and former Playboy model Karen McDougal was paid US$150,000. As part of this deal, Cohen pleaded guilty to lying to Congress regarding a Trump Tower project in Moscow.

Ivanka Trump defends use of private email, brushes aside Mueller probe Ivanka Trump defends use of private email, brushes aside Mueller probe But the controversy has picked up in the interest of Outgoing House Oversight Committee chair Rep. Ms Trump said all of her emails were "stored and preserved".

Republicans Win Mississippi Senate Race Despite Media Blitz, Report Says Republicans Win Mississippi Senate Race Despite Media Blitz, Report Says Hyde-Smith was the favorite in the solidly red state, and the final Senate election of 2018 was long seen as an afterthought. In the final weeks of the runoff, Hyde-Smith's campaign said the remark about making voting hard was a joke.

Gender reveal party started a huge Arizona fire Gender reveal party started a huge Arizona fire In the end, more than 100 people had to evacuate their homes, and the cost the fire and its damage came out to $8.2 million. Dickey told authorities he constructed the target with an explosive substance known as Tannerite.