Oil climbs even as OPEC agrees to up production

It can be regarded as a victory for Saudi Arabia and Russian Federation, which had pushed to boost output to alleviate high prices.

The organization, which agreed to restrict output by 1.2 million bpd, has consistently over-complied, largely thanks to involuntary declines in the likes of Venezuela and Angola, but also to Saudi Arabia, which has cut crude output by more than it had pledged to in order to make up for any members that failed to meet their targets.

At Friday's OPEC meeting, an agreement was reached to raise production by around 1 million barrels per day (bpd) from July. That's because some OPEC members would be unable to sufficiently ramp up crude production.

The Saudi push is viewed as a bid to appease the United States which is on course to re-impose sanctions on the Islamic Republic, including on its oil sales.

Ahead of Friday's meeting, OPEC's largest producer, Saudi Arabia, was seen to be open to higher production but Iran had been hesitant.

Robert Williams Reveals Why He Missed Celtics’ Morning Conference Call
Williams called it a blessing to land in Boston and said he's eager to learn from a veteran like Al Horford . As far as my decision to go back, it was a decision between me, my mom, my dad.

Could Herpes Virus Play a Role in Alzheimer's?
Advocates for Alzheimer's disease and brain health are working to celebrate the longest day by turning MI purple this Thursday. Further study into how these particular viruses interacted with human genes revealed they may disrupt a gene galled Mir155.

Toronto stock index hits high, while USA markets mixed; Loonie lower
The S&P/TSX Composite Index rose 0.64 per cent, or 104.42 points to 16,420.95, passing the intraday and closing high on January 4. In the New York Mercantile Exchange, the gold futures for August closed at $1,274.50 United States per ounce, down $4.10.

Saudi Arabia, backed by non-member Russian Federation, has argued that it is time to raise production in order to meet growing demand and appease major consumer countries like the United States, India and China who have complained about a sustained increase in prices since output was cut back from January past year. U.S. President Donald Trump has been calling publicly for the cartel to help lower prices.

Support for increase, which had been proposed by Saudi Arabia against objections from Iran, was unanimous.

"Oil prices are too high, OPEC is at it again".

"Hope OPEC will increase output substantially". "Need to keep prices down!"

Since 2017, an OPEC agreement on production cuts has allowed oil prices to rise but there are fears that renewed American sanctions on Iran and a fall in output in crisis-hit Venezuela could disrupt supply.

Related News:

  • YouTube introduces Channel Memberships, merch shops and Premieres to help creators

    YouTube introduces Channel Memberships, merch shops and Premieres to help creators

    Many channels have suffered steep declines in ad sales as Google's YouTube tinkers with which videos are eligible for publicity. YouTube announced a handful of new monetization and engagement features for creators today.
    What happens to immigrant children separated from their families?

    What happens to immigrant children separated from their families?

    Trump also ordered the Justice Department to expedite the adjudication of cases involving families with children when possible. It also doesn't change anything yet for the some 2,300 children taken from their families since the policy was put into place.
    European Union  aims to increase 2030 carbon reduction target to 45%

    European Union aims to increase 2030 carbon reduction target to 45%

    Following this political agreement, the text of the Regulation will have to be formally approved by the European Parliament and the Council.
  • News May secures major victory in major parliamentary Brexit battle By NEOnline

    News May secures major victory in major parliamentary Brexit battle By NEOnline

    May and her senior Brexit ministers were eager to avoid words in the Brexit bill that would tie their hands in their negotiations with Brussels.
    Major US Carriers Each Vow to End Broker Data Sales

    Major US Carriers Each Vow to End Broker Data Sales

    According to Verizon, 75 companies are getting access to user data through two data brokers that Verizon is linked to. On Tuesday, the carrier told PCMag it was winding down its partnerships with third-party data aggregator companies.

    Microsoft Backpedals On Planned Xbox One VR Rollout, Here’s Why

    Microsoft has put plans for VR support for Xbox devices on hold, according to an interview with Xbox's chief marketing officer. He went on to say that the PC and not the Xbox is the "best platform" for the virtual experiences.
  • Small arms, tongue-tied: T-Rex couldn’t stick its tongue out

    Dinosaurs are often shown baring teeth with tongues stretched out wildly, but as it turns out, it's not an accurate depiction. In contrast, pterosaurs, bird-like dinosaurs, and living birds were found to have a wide range of hyoid bone shapes.
    Linda Hamilton and Mackenzie Davis spotted in first Terminator 6 set photos

    Linda Hamilton and Mackenzie Davis spotted in first Terminator 6 set photos

    In addition to Schwarzenegger , Hamilton will also return to the franchise as a "seasoned warrior" version of Sarah Connor. You'd never guess that 27 years have passed since T2 came out by how cut Hamilton is.
    Indonesia Ferry Disaster: Nearly 180 Passengers Missing

    Indonesia Ferry Disaster: Nearly 180 Passengers Missing

    The number of people missing after a boat capsized at Indonesia's Lake Toba has risen from the initial 80 to 166. The ferry sank close to its destination but in waters at least 1,000 feet deep.
  • Phil Mickelson apologizes for meltdown at U.S. Open

    Phil Mickelson apologizes for meltdown at U.S. Open

    Some observers were upset that Mickelson and playing partner Andrew Johnston were smiling as they walked off the green. Mickelson added: "I know this should've come sooner, but it's taken me a few days to calm down".
    Svitolina advances to Birmingham quarterfinals for 1st time

    Svitolina advances to Birmingham quarterfinals for 1st time

    Mihaela Buzarnescu will be Svitolina's opponent in the next round after coming from a set down to beat Petra Martic 4-6 6-3 6-2. "I started to play very well", Rybarikova said of her improvement from the fourth game of the second set against Mladenovic.

    ABC orders 'Roseanne' spinoff for fall minus Roseanne Barr

    Kantar Media said Roseanne earned an estimated $45 million in advertising revenue for ABC through last season's nine-episode run. Roseanne Barr has posted her first photo since the announcement that The Conners has been given a greenlight from ABC.


Most liked

Serbia vs Switzerland: Battling Swiss unchanged for Serbia showdown
Serbia boast a host of current and former Premier League talent, including Manchester United midfielder Nemanja Matić. The side feature the likes of Xerdan Shaqiri and Granit Xhaka in midfield which can trouble Serbian defensive guards.

Find easy Fortnite Battle Stars between a bear, crater, and refrigerator shipment
Looking for more help? It's week 8 of Fortnite season 4's challenges and we are here to help you complete them. You'll want to be more-or-less in the middle of those, where there's a patch of dirt in the middle of grass.

Supreme Court rules for states in online sales tax case
On Thursday, the United State Supreme Court overturned two decisions regarding states' collection of taxes from online sales. States would have to adopt laws such as South Dakota's first, which was the subject of the Supreme Court ruling (PDF).

The Sudden Political Life Of 550-Million-Year-Old, Immobile Sea Creature
The soft-bodied animals were visible as fossils cast in sandstone that had been preserved for hundreds of millions of years. Two new Ediacaran-era fossils discovered by UCR researchers: Obamus coronatus (left) and Attenborites janeae .

Melania's tone deaf jacket gets instantly burned by memes
On the flight, Grisham confirmed that the first lady had seen the images and recordings of the separated children. But it seems BS to claim that she-or her personal stylist Hervé Pierre-didn't think her outfit through.

Kate Spade's Father Dies Day Before Daughter's Funeral, 'Heartbroken' Over Her Death
Spade sold her namesake brand in 2007 and it was bought a year ago by NY rival designer Coach in a deal worth $2.4bn (£1.8bn). Brosnahan, known to his family and friends as Frank, died on Wednesday night at his home in Kansas City , Missouri.

Susanna Reid admits she was reluctant to work with Piers Morgan
I'd much rather be discussing the Dallaglio Cycle Slam and its good work for people who haven't had privileges of you and I. Susanna said that instead of thinking, "Aww, what a lovely safe choice".

Timeless Canceled Again by NBC-But It Might Not Be the End
Time's up for Timeless: NBC has officially passed on making a third season of the show, EW has learned. Fan support brought the show back to life for a second season which just finished airing .

NBA Report: Lakers acquire #39 in trade with 76ers
In addition to Randle and Lopez, the Lakers typically started Lonzo Ball, Kentavious Caldwell-Pope, and Brandon Ingram. Pelinka mentioned how Wagner's "spirit" and "charisma" positively affects his teammates.

World leaders slam Trump for separating families at the US-Mexico border
Trump signs executive order to keep families together at border, says "zero-tolerance" prosecution policy will continue. He ends his message with a call to action, pushing Congress to take legislative action and all Americans to vote.

You can legally get high in Canada starting in October
"As a teacher, the Prime Minister should know that education doesn't happen overnight", Mr Smith said in a statement. Those provisions will take effect on a date that the government plans to announce soon.

Samsung Galaxy Note 9 has Hounded People with the Search for Upgrades
Sunrise Gold will be the fourth color added to the US S9 family, joining Midnight Black, Lilac Purple and Coral Blue. As of now, it is unclear if any changes other than the inbuilt storage capacity will be made to the top-end variant.

Illinois woman diagnosed with West Nile Virus
The Vigo County Health Department said they started the process of spraying communities for mosquito prevention on Monday night. If you have any symptoms of West Nile virus, the district encourages you to contact your health care provider.

McLaren push for Daniel Ricciardo’s services with $20 Million per year offer
I haven't been presented anything which says that", he said. "I think that also is very good". That leaves Ricciardo, who could end up anywhere - and it seems McLaren have got the memo.

LAFC's Marco Ureña on Costa Rica facing Brazil: "They're not invincible"
Serbia , meanwhile, is seeking to reach the round of 16 for the first time since 1998, when it was known as Yugoslavia. Switzerland midfielder Valon Behrami is receiving treatment for a muscle problem but is still likely to play.