Economy

OPEC decisions aren't shaped by Twitter: Russia

OPEC decisions aren't shaped by Twitter: Russia

If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

The so-called OPEC+ group of oil producers, which includes the traditional players in the oil cartel as well as non-OPEC countries such as Russian Federation, look set to agree on cutting oil production to help shore up prices, defying calls from US President Donald Trump to leave output unchanged and keep prices low.

Russian Energy Minister Alexander Novak told reporters he had held a "good" meeting with his Saudi counterpart Khalid al-Falih on Wednesday and that they would have more talks. When some USA sanctions were lifted after President Barack Obama's nuclear deal with Iran, oil production in the country went up by about 1 million barrels a day to about 3.8 million barrels.

A pumpjack operates above an oil well at night in the Bakken Formation on the outskirts of Williston, North Dakota, U.S., on Thursday, March 8, 2018.

"We don't need permission from anyone to cut", Saudi minister Al-Falih said.

US President Donald Trump has repeatedly pushed Saudi Arabia and OPEC to boost oil production in order to drive down crude prices.

The fall in the price of oil will be a help to many consumers as well as energy-hungry businesses, particularly at a time when global growth is slowing.

The Organization of Petroleum Exporting Countries and its allies are desperate to shore up oil prices after a slump of more than $20 a barrel since October.

More news: Kremlin denies Ukrainian allegations of Russian aggression

U.S. President Donald Trump tweeted Wednesday that "Hopefully OPEC will be keeping oil flows as is, not restricted".

Crude prices have been falling since October because major producers - including the USA - are pumping oil at high rates, and due to fears that weaker economic growth could dampen energy demand.

OPEC kingpin Saudi Arabia, in particular, finds itself in an especially delicate position in the wake of the murder of opposition journalist Jamal Khashoggi.

"The big unknown is how President Trump will react to any production cuts", said analysts at ING.

In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume United States crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

"The stakes are high now for OPEC".

On paper, the shift to net oil imports means that the USA is today energy independent, achieving a rhetorical aspiration for generations of American politicians, from Jimmy Carter to George W. Bush. Whether to exempt Iran from making any cuts was one sticking point in the meeting, said a delegate. Delegates said details of how to share that out and the extent of the contribution from non-OPEC allies remained unresolved. It comes just three years after the United States ended a four-decade moratorium on exports of its crude oil. While it said it was purely a practical decision because it mainly produces natural gas and little oil, the move was viewed as a symbolic snub to the Saudi-dominated organization.


  • Markets dive after ‘Tariff Man’ threat by Donald Trump

    Markets dive after ‘Tariff Man’ threat by Donald Trump

    Beijing has yet to confirm Mr Trump's claim that China promised to cut auto tariffs and immediately buy more American farm goods. The two sides have a "clear timetable and road map" for talks, the ministry statement said, but gave no details.
    New trailer showcases the power of Captain Marvel

    New trailer showcases the power of Captain Marvel

    The movie, which stars actress Brie Larson , is set to hit theaters on March 8, 2019. "Your life began the day it almost ended". Just like in the first trailer , Carol has faint memories of her life on earth.
    Worldwide Box Office Collections: HUGE! Shankar, Rajinikanth & Akshay Kumar’s Trio Creates HAVOC

    Worldwide Box Office Collections: HUGE! Shankar, Rajinikanth & Akshay Kumar’s Trio Creates HAVOC

    Surprisingly, the film's collection had suffered a dip on the second day as it had collected Rs 18 crore at the domestic market. A new threat in the form of Akshay Kumar's Pakshiraja forces Vaseegaran to reassemble Chitti to face him and save the city.
  • We have ‘options’ in place for Virat Kohli: Josh Hazlewood

    We have ‘options’ in place for Virat Kohli: Josh Hazlewood

    And Head, who is among seven batsmen vying for six spots in the Test team, is predicting some torrid internal battles in the nets. Australia have since adopted a behaviour pact and vowed to play in the right spirit as they attempt to win back fans.
    Nick Jonas and Priyanka Chopra’s First Wedding Photos Revealed

    Nick Jonas and Priyanka Chopra’s First Wedding Photos Revealed

    Priyanka Chopra and Nick Jonas tied the knot in a three-day celebration at the Umaid Bhawan Palace in Jodhpur over the weekend. Chopra and Jonas even advised their guests to take a vacation after their wedding-that's how over-the-top the nuptials were.
    Pochettino remaining positive despite North London derby defeat to Arsenal

    Pochettino remaining positive despite North London derby defeat to Arsenal

    It later emerged that the German worldwide had been suffering from back pain and was not fit enough for the match day squad. On came Alexandre Lacazette and Aaron Ramsey at the interval and the changes helped to turn the contest again.
  • Canada says it takes Trump's talk of NAFTA withdrawal seriously

    Canada says it takes Trump's talk of NAFTA withdrawal seriously

    The outcome is uncertain because of labor, agricultural, manufacturing and environmental concerns raised by a number of lawmakers. Trade Representative for all the hard work that went into this accord.
    Trump announces Chinese rollback of auto tariffs

    Trump announces Chinese rollback of auto tariffs

    Shares in Hong Kong also jumped, with the Hang Seng index adding 2.7 percent and the China Enterprises Index jumping 2.8 percent. Trump met Friday with Japanese Prime Minister Shinzo Abe and Indian Prime Minister Narendra Modi in a rare trilateral meeting.
    George H.W. Bush dies at 94

    George H.W. Bush dies at 94

    Barbara first met George Snr when she was 17 years old and they married in January 1945, when she was 19. Bush paired his profound sense of personal responsibility with honesty, gentility, and hard work.
  • Origi: Late derby goal was one of my finest Liverpool moments

    Origi: Late derby goal was one of my finest Liverpool moments

    The forward sustained a nasty ankle injury in a Merseyside derby in April 2016 via a tackle from Ramiro Funes Mori. Klopp, who admitted the goal was "a bit lucky", expressed his delight for Origi.
    Colin Kaepernick's attorney weighs in on Redskins not working out his client

    Colin Kaepernick's attorney weighs in on Redskins not working out his client

    McCoy is scheduled to undergo further testing Tuesday, but he's expected to be out for the rest of the season, Gruden said. Gruden said the fear with Kaepernick is that the team would have to "teach a whole new offense with a lot of zone-reads".
    Priyanka Chopra And Nick Jonas Are Married!

    Priyanka Chopra And Nick Jonas Are Married!

    By the way, all the Jonas Bros - Frankie , Kevin and Joe were Nick's groomsman, as well as Priyanka's brother, Siddharth . Chopra also joked: " People will need vacations after this wedding ".