Iranian Envoy Hails OPEC Meeting Outcome

Iranian Envoy Hails OPEC Meeting Outcome

Saudi Arabia faces pressure from United States president Donald Trump to help the global economy by refraining from cutting supplies.

However, these days OPEC was facing considerable pressure to keep oil prices down.

NOGUCHI: Oil prices were up about 4 percent on the news today.

Oil futures climbed Friday as members of the Organization of the Petroleum Exporting Countries and their allies reached an agreement to curb production starting in January, easing worries about a potential global glut of crude supplies and helping to lift prices up by more than 3% for the week.

OPEC is going through a transitional phase, as non-OPEC producers, with Russian Federation in the forefront, are now exerting more influence on the oil market.

"I have also seen him at three times at various energy events in India where he was very vocal", Al Falih said. And Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman may have reason to repeat their notorious high-five at last week's G-20 meeting. Russia, on the other hand, has a more diversified economy, and can live with oil at $40 per barrel. In Trump's world everybody was happy until warning alarms started to wail.

Kevin Book, an analyst with ClearView Energy Partners, noted that oil and gas exports can be good for economic metrics.

A handful of countries recently began increasing production to offset the effects of a U.S. embargo on Iranian oil. This makes sense in light of the newfound might of United States oil production. In early trading, the global benchmark had dropped below $60 when it looked as if the oil exporters might leave output targets unchanged. Devin Geoghegan follows oil markets for Genscape.

Iran, in particular, is facing hard times following renewed sanctions imposed on it by the US, while Venezuela is grappling with the worse downturn in her economy, just like Libya.

As much as Trump's decision calmed the market it shocked the Kingdom to the core.

Цена нефти взлетела на сумасшедшую высоту что происходит
US becomes net exporter of oil for the first time in 75 years

Nigeria, which benefitted from similar exemption between January 2017 and July 2018, would be expected to further cut its current low 1.73 million barrels per day.

Gains could be capped by concerns over a slowing global economy, worries over a potential escalation in the U.S. Trump has backed Saudi crown prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh. First and foremost it proves the importance of OPEC+ when it comes to the overall aim of balancing the markets.

However, finding the ideal situation to take advantage, Putin came to rescue the isolated crown prince from the awkward situation he was drowning in. All eyes were then on Friday's meeting of OPEC+.

Moscow was definitely reluctant to lower its output, to the extent Falih and others within the Opec wanted.

However, during the meeting, the deal was hung in the balance for two days. The move comes amid the second round of USA sanctions against Tehran that came into effect on 5 November following Washington's withdrawal from the Iran nuclear deal in May. So they agreed to collaborate with the cartel in any possible way.

Iran's oil minister, Bijan Zanganeh, denounced the meeting, accusing Hook of adopting "an unprofessional, naive and meddlesome approach".

The announcement on Friday caused oil prices to jump by about 5 percent to more than $63 a barrel at 3pm GMT, as the combined cut was larger than the minimum one million bpd that the market had expected. Libya and Venezuela would also be exempt from the cut, while Russia's contribution - which Novak said was about 230,000 barrels a day, would be implemented gradually.

That means Saudi Arabia will cut more than any other country.

We should wait and see, what Trump is going to do to lure MBS back.

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