Oil prices rally after OPEC meeting

OPEC strikes deal to boost oil production | TheHill

But a Friday OPEC decision aims to cut oil prices around the world. The effective increase in supply, due to crunch in other nations like Venezuela, could be 770,000 bpd, which is less than half the amount OPEC reduced in supply in 2017.

"Need to keep prices down!" he tweeted. Trump wrote on Twitter after OPEC announced its decision.

And not only Trump: oil prices have recently gotten so high, they have led to political fallout among mostly Developing Nations such as India, whose petroleum minister rang Al-Falih last month and expressed "concern about rising prices".

OPEC has not disclosed the full terms of the deal reached Friday, as officials didn't specify which countries would increase production and by how many bpd.

OPEC meets Russian Federation and other allies on Saturday to clinch a new deal raising oil output, a day after agreeing a production hike within the group itself but confusing the market as to how much more oil it will pump.

Iran doesn't believe its customers will get waivers from the US government that would allow them to continue crude purchases, Oil Minister Bijan Namdar Zanganeh said in a Bloomberg television interview on Friday.

Saudi singer celebrates end of driving ban on females with song
Ford has also trained a number of female staff, who previously worked in its back offices, to be able to help women. Saudi Arabia ended its status as the last country on earth to prohibit women from taking to the wheel.


USA stocks are closing higher Friday as oil prices and energy companies rallied.

Trump imposed fresh sanctions on Tehran in May and market watchers expect Iran's output to drop by a third by the end of 2018.

The Organization of Petroleum Exporting Countries, OPEC, has agreed to raise oil production by around 1 million barrels per day from July 2018.

Kazempour has said that Venezuela's supply should recover, at least partially, in the next three or four months.

Markets were disappointed with the modest output hike, sending crude prices soaring on Friday.

Downside oil price actions may further be influenced by growing US production and the world's economic picture turning sour over the "Make America Great Again US Vs. EU, China and the rest of the World" looming trade war.

U.S. Oil Prices Slip a Bit Before OPEC Meeting
President Donald Trump, wants to unwind some of the cuts by engineering a "moderate" supply boost in the second half of the year. Iran, OPEC's third-largest producer, says its output is likely to fall in the second half of this year due to new US sanctions.


This suggests that there is room for countries with spare capacity to increase production above the individual quotas but also that such adjustments could not be resolved.

Additionally, in a sign of strong demand, USA refineries processed a seasonal record of 17.7 million barrels per day (bpd) of crude oil last week, according to the EIA. "We are in for higher prices for longer", he said.

"We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said, referring to a time when oil rallied close to $150 per barrel.

The group's communique still pledged a return to 100 percent compliance with the original 2016 agreement - ending a period of deeper-than-intended cuts - but Al-Falih insisted that no individual country will be subject to a strict output cap. Current compliance is around 40-50 percent above target because of production outages in Venezuela, Libya and Angola.

"I hope that today in the meeting with our friends in non-OPEC we as well will reach the same conclusion", UAE Energy Minister Suhail Al Mazrouei said. Countries that do so will be cheating on the deal, the delegate said, asking not to be named because of the sensitivity of the matter. Iran posits that the shortfall should remain while Saudi Arabia is eager to supplement the production.

All said and done, President Trump was an exceptionally influential factor in the OPEC deliberations, much to Iran's annoyance.

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Mr Trump has previously said his mother, who was born in Scotland, was a "big fan" of the Queen , The Sunday Times reported. She, however, defended Trump's July visit saying Britain had a "long and enduring special relationship" with the US.


Commenting on the price action, Goldman said that "oil prices were able to maintain their price gains despite an ambiguous press conference", confirming the bank's take that the market had likely priced in already a 0.8-0.9 mb/d OPEC increase.

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