Oil stable, OPEC in focus after Trump call for lower prices

Oil prices fall amid surprise growth in U.S. crude stocks

Crude oil prices fell Thursday, slowing an upward surge that had pushed the market toward four-year highs, after U.S. President Trump called on Opec to "get prices down now!"

Trump's comments come ahead of the Organization of the Petroleum Exporting Countries meeting with Russian Federation and other big producers for the World Oil Outlook meeting in Algiers this weekend where they will discuss boosting output to push prices down and compensate for looming sanctions on Iranian oil.

US crude futures extended gains after the report, rising 86 cents to $70.72 a barrel by 10:53 a.m. EDT [14:53 GMT]. Please read our before commenting. Brent crude was up 3 cents at $79.06 a barrel. In the last two weeks, he has also met Novak and his USA counterpart Rick Perry.

Prices have traded mostly below $80 over the past few months on fears trade tensions between the USA and China could damp global demand.

Current inventory levels were also 142 million barrels less than the record-high 536 million barrels in March 2017.

The majority of OPEC's overall revenue fall next year is due to Iran's expected export plunge, while OPEC's statistics show some other members, especially Iran's Arab neighbors have been raising production and Libya is resuming the output rapidly.

Trump has earlier called for members of the Organization of the Petroleum Exporting Countries - primarily cartel kingpin and United States ally Saudi Arabia - to raise their production, and warned importers to stop buying oil from Iran or face U.S. sanctions.

More news: Liverpool want to be the ugliest team to play against, says Klopp

Global benchmark Brent crude for November delivery was up 26 cents, or 0.33 per cent, at $78.96 a barrel by 0647 GMT.

Opec members and other producers, including Russian Federation, meet Sunday in Algeria to discuss how to allocate supply increases to offset the loss of Iranian barrels, Reuters reported.

While buyers have already reduced their purchases of Iranian oil due to the USA sanctions, it is not clear yet how other oil producing countries will be able to compensate for the loss of supply.

Weekly crude production inched back to 11 million bpd, the record high it has been hovering around this summer.

The focus on oil supply has been reflected in the options market this week, where investors have scooped up large amounts of buy or call options, suggesting they see prices rising. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.

The weekend gathering will discuss how to share the previously agreed output increase and examine whether the market needs more oil to offset the loss of Iranian supply as well as a decline in Venezuelan output, the sources said.

Related News:

  • Government calls off meeting with Pakistan at UNGA: MEA Spokesperson

    Government calls off meeting with Pakistan at UNGA: MEA Spokesperson

    India called off on Friday a planned meeting of its foreign minister with her Pakistani counterpart on the sidelines of the U.N. Asked if Pakistan will approach India again for negotiations, he said, "We said that we want dialogue but in a dignified way".
    Nicolette Green & Wendy Newton: 'Chained' Florence Victims ID'd

    Nicolette Green & Wendy Newton: 'Chained' Florence Victims ID'd

    Richardson said the deputy who was driving had been "trying to negotiate through fast-running water, and it just didn't work out". In all, Hurricane Florence has contributed to at least 37 deaths, including at least 27 in North Carolina, officials say.
    Andrew Wiggins' Brother Celebrates Jimmy Butler Requesting A Trade (TWEET)

    Andrew Wiggins' Brother Celebrates Jimmy Butler Requesting A Trade (TWEET)

    ESPN added that Butler prefers to be traded to one of three teams - the Brooklyn Nets , New York Knicks or Los Angeles Clippers . Wiggins' brother tweeted "Hallelujah" in response to today's report of Butler's trade request.
  • Karl-Anthony Towns Agrees To $190M Max Deal With Timberwolves

    Karl-Anthony Towns Agrees To $190M Max Deal With Timberwolves

    The trio of Russell, Wiggins and Towns would give the Timberwolves a very talented core of players all under the age of 24. Taylor's urgency to trade Butler is music to the ears of Oklahoma City fans. "He also wants to have influence".
    Arrest made in stabbing death of FiscalNote executive

    Arrest made in stabbing death of FiscalNote executive

    Cora added that he daughter was "at peace", as reported by the Daily Mail . "She was in the happiest moment". I was in heaven", he told Inside Edition. "I don't know what happened, and I just try to call the police".
    Chrissy Teigen reveals name confusion

    Chrissy Teigen reveals name confusion

    As Teigen is an established celeb, the world will most likely continue to call her "Tee-gen". She said it's not pronounced "TEE-gen", but rather "TIE-gen". "I'll change my flight".
  • Attack on Iran military parade leaves 25 dead

    Attack on Iran military parade leaves 25 dead

    Iran was quick to blame Israel and the U.S. for the attack, dismissing Islamic State's (IS) claim that they were behind it. A news agency close to the Guard said at least eight of its members were killed in the attack .
    Thursday hearing for Kavanaugh accuser stuck on last details

    Thursday hearing for Kavanaugh accuser stuck on last details

    President Trump attacked Ford, asserting she would have gone to the police as a 15-year-old if the attempted rape was "that bad". The Committee had delayed a vote on Kavanaugh's confirmation after Christine Blasey Ford's allegations emerged last week.
    Lionel Messi overtakes Cristiano Ronaldo's phenomenal Champions League record

    Lionel Messi overtakes Cristiano Ronaldo's phenomenal Champions League record

    The 21-year-old's driving run earned Messi his free-kick while a sizzling shot brought the goal his bustling display deserved. Turning between two PSV midfielders, he drove into the space and curved the ball into the bottom corner from 25 yards.
  • IPhone XS and XS Max drop test reveals which will crack first

    IPhone XS and XS Max drop test reveals which will crack first

    Pixel size has increased, which should bring better low-light performance and help the "Smart HDR" feature, according to iFixit . However, if your back glass breaks, the phone's entire chassis must be replaced, which is very hard to do for non-professionals.
    Manchester United vs Wolves, Premier League

    Manchester United vs Wolves, Premier League

    It is also about getting the right ones and I think they've got good young players and got also good experienced, stable players". "I want him to play totally fresh".
    Five talking points from the weekend's Premier League

    Five talking points from the weekend's Premier League

    And he drew a laugh when he joked about goal-scorer Chris Smalling's new haircut. He said on beIN SPORTS: "I think they are overly reliant on Hazard".

Most liked

Lacazette, Aubameyang help Arsenal edge past Everton
But, having escaped without punishment for their tepid first half, Arsenal seized the lead in the 56th minute. The Gunners were also indebted to goalkeeper Petr Cech , who enjoyed his first clean sheet of the season.

Tiger Woods caps comeback with Tour Championship victory
Finau's chances of winning the tournament are slim, as are his chances of capturing the season-long FedEx Cup championship. The roars were earsplitting as Woods stepped into the sand trap and sent the shot just a few feet from the hole.

Unai Emery provides update on Lucas Torreira
Torreira's injury comes at a bad time for the Arsenal , as the Gunners prepare to face Everton in the Premier League on Sunday . The Uruguayan worldwide was impressive and I'd like to see him keep his place but I don't think Emery will risk him.

Kavanaugh accuser looks to negotiate conditions to testify later next week
Team Ford could meet his ultimatum by providing a response before 10:00 p.m.in which she did not decline to testify . Grassley announced the extension on Twitter in a post with an apologetic tone that was addressed to Kavanaugh.

OPEC chief says Iran still ‘very important as United States sanctions loom
The supply concerns outweighed an increase in oil inventories in the United States reported late on Tuesday. Unilateral U.S. sanctions on oil sales by Iran , OPEC's third-biggest supplier, take effect on November 4.

Kavanaugh Accuser Christine Blasey Ford Willing to Testify Next Week
Ford's lawyers said on Tuesday she would testify before the committee only if the FBI first investigated her allegation. Trump and other Republicans, cautious of alienating women, had treated Ford carefully while calling for a quick vote.

Rap mogul Marion 'Suge' Knight pleads to manslaughter days before murder trial
Last year, Knight was indicted on charges of "threatening death or bodily injury" against Staight Outta Compton director F. Knight has reportedly been experiencing health issues in recent years and told the judge he expects to die in prison.

Woman in mid-30s attacked by shark off Whitsunday coast
The injury was very similar to the bite suffered by a 46 year old Tasmanian tourist the day before. Barwick was badly hurt on the upper right leg, said a doctor who assisted at the scene.

Baker Mayfield Leads Cleveland Browns To Win Over Jets
Yet here we are in Week 3 of the 2018 season and the Browns are three-point favorites at home against the 1-1 New York Jets . After Browns starter Tyrod Taylor left with a concussion, the game featured the first and third overall picks in the draft.

No Deal Brexit? May Promises To Protect EU Nationals In UK
Challenges to her Brexit plan and her leadership will take centre stage at a raucous party conference in early October. Jeremy Corbyn said May's negotiating strategy had been a "disaster".

5 people, including 3 infants, stabbed at NYC day care
A 52-year-old woman working at the center has been arrested after the 3:30 am assault in the Queens borough of the city. They say she was found in the basement of the day care centre with her left wrist slashed, which was self-inflicted.

Ford attorney demands: Kavanaugh testifies first, Judge subpoena, and no outside counsel
Ford rejected that, saying she "knew them both, and socialized with" them, according to a Washington Post report . Court of Appeals for the District of Columbia Circuit, has repeatedly denied her allegation.

Firmino strikes late to give Liverpool victory
Daniel Sturridge replaced Firmino in Liverpool's starting XI and the 29-year-old scored Liverpool's opening goal in the first half.

Deciding which iPhone to get? This 3D visualizer can help
In Canada, iPhone XS starts at $1379, while iPhone XS Max starts at $1519 (and all the way up to $1999 for 512GB). In 2012, with the arrival of the iPhone 5, Apple bumped the screen size up to 4 inches.

Syria's Idlib spared attack, Turkey to send in more troops
Russia blamed Israel after Syria shot down a Russian plane above the Mediterranean during an air battle on Monday night. The zone, which will be patrolled by Turkish and Russian military units, will become operational from October 15.