Economy

OPEC and Russian Federation working to achieve a long-term mining deal

OPEC and Russian Federation working to achieve a long-term mining deal”

The agreement between Russian Federation and Saudi Arabia cut back on oil production and helped boost the price of oil, which fell to an all-time low of $30 per barrel in 2016.

A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers, Iraqi oil minister Jabar al-Luaibi said on Wednesday.

Russia, the world's largest oil producer, is not a member of OPEC, an alliance that includes other oil-producing countries such as Venezuela, Iraq, Iran, and Angola. "Over the course of this year, we will have a framework to which we can sign up to".

In the interim, OPEC and non-OPEC ministers, including Russia's Alexander Novak, will meet April 10-12 in New Delhi for the International Energy Forum, and a six-country monitoring committee overseeing the production cut agreement chaired by Saudi energy minister Khalid al-Falih will meet in Jeddah on April 20. "We have an agreement on the big picture but not yet on the details".

A disclosure on Tuesday from the American Petroleum Institute of a larger than expected rise in USA oil inventories was sufficient to cause another flat day for crude trading, with West Texas Intermediate dropping 30 cents to settle at $65.25 per barrel and Brent falling 1 cent to $70.11.

OPEC holds its next meeting June 22 in Vienna.

The prospect of a longer deal was received a mixed reaction at the one-day Saudi-US CEO Forum in NY. "We are looking for a very long-term sustainable cooperation between OPEC and non-OPEC".

It also emerged on Tuesday that the prospectus for the planned initial public offering (IPO) of Saudi Aramco is "virtually ready", including a revised valuation of the oil giant's reserves.

Sources close to Aramco in NY, who declined to be identified because details of the prospectus were not in the public domain, told Arab News that the plans for an IPO were on track for later this year, and that the prospectus was awaiting government approval and some finalizing of details, like valuation and listing venue.



Like this

loading...
loading...

Latest


29 March 2018
Technical Snapshots for Investors - Mondelez International Inc (NASDAQ: MDLZ)
It is positive, as 57 investors sold FB shares while 621 reduced holdings. 121 funds opened positions while 441 raised stakes. Mondelez International, Inc , through its subsidiaries, manufactures and markets snack food and beverage products worldwide.

29 March 2018
Trivikram directing NTR IPL promo
The film has been launched already in the presence of Pawan Kalyan and the regular shoot will commence from 12th April. It may be mentioned here that, Trivikram directed many commercials in the past, before and after becoming director.

29 March 2018
The Traders Sell Shares of Chevron (CVX) on Strength (CVX)
The oil and gas company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.54). Finally, Societe Generale upgraded Chevron from a "hold" rating to a "buy" rating in a research note on Friday, February 2nd.

29 March 2018
Cracked it! Experts find answer to the knuckle-popping puzzle
Earlier studies using ultrasound had reached a similar conclusion linking the sound to changes in pressure in the joint fluid. Researchers on the study say that the new findings do not contradict previous findings on the matter.

29 March 2018
Positive Press Coverage Somewhat Unlikely to Impact Vail Resorts (MTN) Share Price
Moreover, Morgan Stanley has 0.02% invested in Freeport-McMoRan Inc. (NYSE: MTN ) on Friday, March 11 with "Outperform" rating. The stock of UnitedHealth Group Incorporated (NYSE:UNH) earned "Buy" rating by Cantor Fitzgerald on Tuesday, August 29.

29 March 2018
UEFA close case against Atalanta over Michy Batshuayi
Michy Batshuayi has alleged that Atlanta fans hurled racist chants against him. Batshuayi reacted angrily following news of UEFA dropping the charges emerging.

29 March 2018
What's Protagonist Therapeutics, Inc. (PTGX) Downside After Achieving 52-Week Low?
California State Teachers Retirement System grew its holdings in Protagonist Therapeutics by 8.5% during the 2nd quarter. Oppenheimer Asset Mgmt owns 956 shares for 0% of their portfolio. (NASDAQ:FRGI) or 64,330 shares. (NASDAQ:FRGI).

29 March 2018
WR Nelson considered pay cut to stay with Packers
They showed off a unique ability to connect on back-shoulder throws, as well as when Rodgers would scramble to buy time. When asked if he is motivated to prove the Packers wrong, Nelson said he is looking at it a slightly different way .

29 March 2018
Nursing assistant suspended for attacking bedridden patient
The patient is not undergoing treatment at the hospital now. "This action is completely intolerable", the minister said. Video footage showed the man lying nearly upside down on a stretcher, one end of which is still inside the ambulance.

29 March 2018
Oppenheimer Analysts Reduce Earnings Estimates for Restaurant Brands International Inc (QSR)
They expect $-0.01 EPS, down 133.33% or $0.04 from last year's $0.03 per share. (TSE: QSR ) has 0.00% since March 27, 2017 and is. Restaurant Brands International Inc is a quick service restaurant ( QSR ) company. (NYSE: QSR ) to report earnings on April, 25.