Algeria warns Saudi Arabia, Russia against increasing oil output

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

One expert warned of an "oil shock" and said there was "little confidence" in the industry escaping a price death spiral, which saw prices fluctuate wildly.

"The Libyan power struggle between the Tripoli-based National Oil Corp that is internationally recognised and controls the export sales and the NOC-East group based in Benghazi that now has physical control of the infrastructure. wipes out the planned increase from the OPEC+ coalition", said Stephen Innes, Head of Trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Overall, however, analysts said OPEC's production policy as well as unplanned supply disruptions were now the main price drivers. "On balance, this leaves the oil market tighter than before, with less spare capacity". In contrast, the nation has expressed they are profitable with oil near $40 a barrel.

"We will surely do something to thwart the U.S. rallying cry that Iranian oil (exports) must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

Saudi Arabia's announcement on Tuesday comes just over a week since OPEC and non-OPEC producers including Russian Federation agreed to increase production by 1 million barrels per day from the start of this month. "Prices to high! He has agreed!" "He has agreed", Trump tweeted.

Norway-based Rystad Energy expects Iranian production to drop by 700,000 bpd by December 2018. Prices have also increased due to the persisting US-backed troubles in Venezuela, as well as with the unrest in Libya over control of that country's oil infrastructure.

Notorious thief flees French jail by helicopter
In his 2013 jailbreak, he briefly took four guards hostage with a pistol before escaping in a waiting getaway vehicle . In the 1990s, he was co-leader of a gang engaged in jewel theft, armed robbery and extortion in the Paris area.

In late 2016, OPEC members and 11 non-OPEC countries struck a deal to reduce oil output by 1.8 million barrels per day compared to October 2016.

Craig added that more issues could develop as Washington tightens the sanctions noose on Iran and Venezuela. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

Oil prices fell on Monday as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States.

A recent decision by the Organization of the Petroleum Exporting Countries (OPEC) to increase the cartel's own production by 1 million barrels a day has yet to tamp down prices.

"Also, taking a broad range of estimates from IEA, EIA and others, Saudi held spare capacity in the range of 1.3 - 2.1 mb/d when oil production was ~10 mb/d".

Iran will apply various methods to thwart the USA sanctions, Jahangiri said during a meeting of the resistance economy headquarters.

Recommended News

  • Little sign of compromise in German govt showdown

    Little sign of compromise in German govt showdown

    That would be extremely hard , as both parties have "very different ideas on migration policy" to the CDU and SPD. Nadine Schmidt reported from Berlin and Judith Vonberg wrote in London.
    Delhi: 11 family members found dead, some blindfolded, some gagged

    Delhi: 11 family members found dead, some blindfolded, some gagged

    Police suspect the family committed suicide after suffering financial losses in business. "Police are investigating. The family had lived in the house for more than two decades, the Hindustan Times newspaper reported.
    ‘Pressure mounting’ on Lakers to trade for Kawhi Leonard

    ‘Pressure mounting’ on Lakers to trade for Kawhi Leonard

    No, James and his legions of fans throughout OH will have to make those decisions on their own. However, chances of landing Kawhi Leonard and LeBron James , future plans should be changed.
  • Crews scramble to protect homes from fierce California wildfire

    Crews scramble to protect homes from fierce California wildfire

    The fourth spot is held by the Missionary Ridge Fire , which ripped through 71,739 acres, also north of Durango. The fire is burning in Costilla and Huerfano counties, and the region has been declared a disaster area by Gov.
    Samsung Galaxy Note 9 Detailed In Biggest Alleged Leak To Date

    Samsung Galaxy Note 9 Detailed In Biggest Alleged Leak To Date

    Samsung's popular phablet , the Galaxy Note 8 is now available for Rs. 54,900, down from its original price of Rs. 74,000. However, the FCC document does not reveal anything about the features and specifications of the upcoming Galaxy Note 9 .
    Finally over: Samsung and Apple settle longstanding patent dispute

    Finally over: Samsung and Apple settle longstanding patent dispute

    Apple and Samsung have been fighting over the designs and functionality of their smartphones and tablets since 2011. Apple ignited the smartphone revolution with iPhone and it is a fact that Samsung blatantly copied our design.
  • NBA Owner's Daughter Rips DeMarcus Cousins For Joining Golden State Warriors

    NBA Owner's Daughter Rips DeMarcus Cousins For Joining Golden State Warriors

    Pachulia and Bell, however, used 17 and 14 percent of possessions for Golden State, respectively, last season. Yet how much Cousins helps will depend on how well he adapts his game to fit in with the Warriors offense.
    Woods' best in three months, Molinari's first PGA win at TPC Potomac

    Woods' best in three months, Molinari's first PGA win at TPC Potomac

    But that was before the PGA Tour recognized it as an official victory unless a PGA Tour member had won the tournament. Francesco Molinari delivered a record performance to win the final edition of the Quicken Loans National .
    Final chance gone for Messi?, Latest Football News

    Final chance gone for Messi?, Latest Football News

    First up is France versus Argentina. "If Ronaldo plays alone we will lose", Portugal coach Fernando Santos said. Lionel Messi is not as effective with Argentina, as he does for Barcelona , says Samuel Umtiti.
  • Paul George ‘Has Committed’ To Signing With Thunder

    Paul George ‘Has Committed’ To Signing With Thunder

    Marc Stein of the NY times reports that George is "strongly considering" signing a two or three year deal with the Thunder . The Thunder have the power ti tempt George to stick around with a lucrative max offer sheet worth $176m over five years.

    OnePlus in works for a 5G smartphone next year

    This week, OnePlus has committed to partnering with United States carriers, as well as a 5G smartphone next year. This schedule applies to all OnePlus 3/3T, OnePlus 5/5T, OnePlus 6 devices and will be effective immediately.
    LeBron James texts Kevin Durant about joining him with Lakers

    LeBron James texts Kevin Durant about joining him with Lakers

    If he's telling teams not to pitch him, that tells me he's narrowed his choice to two destinations", Kellerman said. I've got a couple sources that I've trusted for many years that have never let me down.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.