The Shocking Role of Iranian Sanctions in Crude Oil's Plunge

Will Gas Prices Go Up? Saudi Arabia to Cut Production

Will Gas Prices Go Up? Saudi Arabia to Cut Production

What has been made apparent by OPEC and the IEA is that oil demand growth is slowing, while oil supply, most notably from the U.S. is rising to record levels at a rapid rate.

US West Texas Intermediate (WTI) crude futures were at $55.96 a barrel, down 29 cents, or 0.5 percent.

Oil prices have dropped significantly in recent weeks, with the US benchmark price dipping below $60 per barrel, according to Market Watch.

Trump appeared to criticize the announcement in a Monday tweet: "Hopefully, Saudi Arabia and OPEC [Organization of the Petroleum Exporting Countries] will not be cutting oil production". Such a shift would anger U.S. President Donald Trump, who on Monday urged OPEC not to cut supply.

Yesterday's falls mean that the Brent benchmark has now lost about a fifth of its value since hitting a four-year high in early...

The 14-member Opec expects oil supply from its rivals to outpace its own output next year.

The prices of the U.S. dollar against the Iranian Rial saw a decline of around 10 percent from the closing hours of trading on Saturday until Wednesday - the end of trading in the week. Brent plunged 6 percent to settle at an eight-month low in the previous session.

14 more bodies found, bringing death toll in Paradise fire to 23
It killed eight people in July and August, burned about 1,100 homes and consumed 358 square miles before it was contained. He found his home leveled - a large metal safe and pipe work from his septic system the only recognizable traces.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown. Meanwhile, Saudi Arabia unveiled a plan over the weekend to reduce its shipments by about 500,000 barrels a day next month.

Other oil-market news: OPEC and allied oil producers will cut or adjust production as needed to balance the market, the group's president, United Arab Emirates Energy Minister Suhail Al Mazrouei, said on Wednesday.

He said emerging concerns about weak global demand, rising US production, and speculators rapidly bailing out of long positions were primary factors for the drop.

Extraction from American shale fields has propelled USA oil production to record highs this year with crude output now at 11.6 million bpd, helping make the United States self-sufficient in energy.

Also, the former President, International Association of Energy Economist ( IAEA), Prof Adeola Akinnisibu, said many barrels of Iranian crude would still get to the market, as long as the U.S. allows some countries to buy the product.

Inventories of oil in OECD countries rose by 12.1 million barrels in September to 2.875 billion barrels, the IEA said, adding that for the third quarter as a whole, stocks rose 58.1 million barrels, or at a rate of 630,000 bpd, the biggest increase since 2015.

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