OPEC reaches deal to raise oil output from July

"Globally, crude prices have gone beyond the threshold, which can be sustained by the world, particularly countries like India, which is a key driver of world economy", Mr. Pradhan said at an OPEC conference in Vienna.

"We need to continue to tread carefully; none of us want to see the return of the kind of volatility that allows pessimism to return to the markets", Suhail Mohamed Al Mazrouei, the UAE energy minister and president of the Opec conference, said.

He said that the world could face a supply deficit of up to 1.8 million barrels a day in the second half of the year, and maintained that it is OPEC's responsibility to address that imbalance.

"The most important thing is the consumers", Saudi Energy Minister Khalid Al-Falih said Thursday. The talks, held as the cartel hosted an worldwide energy conference attended by hundreds of officials, executives and investors, will shape oil prices, energy stocks and currencies of petroleum-exporting countries for months to come.

With fewer than 24 hours to go before a pivotal meeting, Saudi Arabia urged OPEC to help consumers by boosting oil supply as opposition from arch-rival Iran showed signs of wavering.

Brent crude last month surged to a more than three-year high above $80 a barrel.

De-facto OPEC leader and top crude exporter Saudi Arabia as well as Russian Federation which is not a member of the cartel but the world's biggest oil producer, are pushing for looser supply controls.

Colorado Will Adopt California's Stricter Air Pollution Rules, Resisting Trump
The executive order also could help boost the state's clean energy sector. Colorado was not part of the lawsuit . The decision by the state's Gov.

Tesla boosts Gigafactory security over alleged shooting threat
He suggested, in response to a tweet from Ars Technica reporter Cyrus Favriar, that Mr Tripp may not be an isolated case. Now Tesla says a friend of the former factory worker called to warn the company of a threat to "shoot the place up".

Morning Roundup: Murray returns from injury, loses to Kyrgios
I watched a little bit... "I was excited by the draw and I'm excited to see him back competing", Kyrgios commented. I've not been practising loads at all. "It was nice to finally get a win over him but I can't really count it".

Trump slapped fresh sanctions on Tehran in May and market watchers expect Iran's output to drop by a third by the end of 2018.

When OPEC and its allies, which include Russia, Kazakhstan and Mexico, agreed to cut output in late 2016, they announced a 1.8 million-barrel-a-day reduction.

Several other OPEC members, including Venezuela and Iraq, are also against major changes to the pact as they are unable to immediately boost production. Iran is usually not part of the committee, which includes Russia, Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Algeria and Venezuela.

The most recent price rally followed an OPEC decision to restrict supply in an effort to drain global inventories. Current compliance is around 40-50 per cent above target because of production outages in Venezuela, Libya and Angola. Other OPEC-members, including Iran, have opposed this, resulting in a flurry of backdoor diplomacy ahead of the meeting, which starts on Friday. A big OPEC deal- adding more than 1 million barrels - could cause prices to dip into the $2.60s or $2.70s this summer, he said.

Falih also said the real increase for OPEC and non-OPEC would be smaller than the nominal gain of 1 million bpd.

"This puts Saudi Arabia in a tough position, as unanimity is needed for any accord to be reached", it added.

Related News:

  • Signs That Meghan Markle Is Already Pregnant

    At least that's according to a United Kingdom -based hat designer who shared her opinion of Meghan's headwear with The Express . They were also spotted chatting on day one of Ascot, which is the Queen's favourite horse racing week in the calendar.
    Baker Mayfield Fires Back at Colin Cowherd

    Baker Mayfield Fires Back at Colin Cowherd

    I would say that sometimes you're judgement is just a tad off, and the NFL is a judgement league. I feel like you're going for the fact that I'm not a team guy. "Oh, OK", Mayfield said.
    Saudi intercepts missile fired from Yemen toward southern border city

    Saudi intercepts missile fired from Yemen toward southern border city

    Witnesses, however, said that the coalition was targeting Houthi fighters when shrapnel hit the bus carrying the civilians. SABA quoted a Houthi military source as saying the group had fired a Badr-1 missile "at Aramco" in Asir's capital Abha.
  • Love Island: Adam sparks warning from charity Women's Aid

    Love Island: Adam sparks warning from charity Women's Aid

    Adam appeared to smirk while she poured out her feelings, and questioned her interpretation of the events, says the BBC . "On the latest series of Love Island , there are clear warning signs in Adam's behaviour", she said in a statement .
    Charles Krauthammer dies at 68

    Charles Krauthammer dies at 68

    Watch Fox News' tribute to Charles Krauthammer below. "I leave this life with no regrets", Krauthammer wrote in his farewell statement .
    Koko the gorilla, who mastered sign language, dies at 46

    Koko the gorilla, who mastered sign language, dies at 46

    In 1983 she was given her first kitten who she learned to love and nurture as though it were her own offspring. The World Animal Foundation estimates the average lifespan of a mountain gorilla to be 53 years in captivity.
  • Fallen Kingdom' Have A Post-Credits Scene

    Fallen Kingdom' Have A Post-Credits Scene

    Just imagine what will happen when Jurassic World 3 storms into theaters in 2021. It was like we were watching them, alive, right in front of us.
    Rapper Jim Jones Arrested for Drug and Firearm Possession

    Rapper Jim Jones Arrested for Drug and Firearm Possession

    He also denied knowledge of the firearms and advised he has a prescription for the pills, although he didn't have it with him. Another backpack was found that contained more Oxy pills, Percocet, THC oil, a passport and $148 in cash.
    Greens back bid to split income tax cuts

    Greens back bid to split income tax cuts

    This could mean those on incomes from $41,000 to $200,000 would have same marginal tax rate of 32.5 per cent. David Crowe is the chief political correspondent for the Sydney Morning Herald and The Age.
  • Melania Trump Puts Controversial Jacket Back On

    The $39 jacket , made by Zara , is a distinct departure for the first lady, who tends to favor more expensive high-fashion looks. The Daily Mail first reported that Trump was photographed on boarding a plane to visit the children wearing the Zara jacket .
    California couple who allegedly tortured and shackled children ordered to stand trial

    California couple who allegedly tortured and shackled children ordered to stand trial

    She had last seen a doctor in 2013 and had never been to a dentist in her life, according to the officer's testimony. The girl said that sometimes, her mother pulled her hair so forcefully it would lift her off the ground, Brown said.
    Explosive volcanoes spawned mysterious Mars rock formations

    Explosive volcanoes spawned mysterious Mars rock formations

    Kevin Lewis , used gravity data from various Mars orbiters to measure the Medusae Fossae's density for the first time. Medusae Fossae consists of sedimentary dust, rock, and debris spanning over the Mar's equator.


Most liked

Ranbir Kapoor nails Sanjay Dutt's Munnabhai avatar in the latest 'Sanju' teaser
Ranbir will now portray Sanjay in the upcoming biopic Sanju . "It is correct that I can not become a second Sanjay Dutt". It's better you make a film on my life, how I left Kashmir as a young boy and struggled when I came to Bombay.

SpaceX lands $130-million Falcon Heavy deal for US Air Force
It's not immediately clear what role the classified satellite on this mission, AFSPC-52, will play when it is launched in 2020. Interested in solar? Get a solar cost estimate and find out how much a solar system would cost for your home or business.

Volvo plans 25 per cent recycled plastics in cars by 2025
It also aims to electrify all new cars launched after 2019 and for fully electric cars to make up 50% of its global sales by 2025. While the goal may seem modest, Volvo claims it is "one of the most progressive" among major automobile manufacturers.

Homeland Security drafts plan to end family separation
It is immoral to lock up children for an undetermined amount of time while families wait through a drawn-out legal process. But Trump did not signal a preferred bill, allowing every Republican to vote as they pleased.

Refugee agency chief warns on increasing displacement every year
The report also found that 85 per cent of the 68.5 million displaced previous year came from poor or middle-income countries. He cited the recent Italian decision to deny entry to a rescue vessel with 629 refugees and migrants on board.

R.C. Buford speaks about where Spurs stand with Kawhi Leonard
A native of Los Angeles, Leonard reportedly wants to return to his hometown, preferably joining the Lakers over the Clippers. If nobody steps up, San Antonio may have no choice but to start testing the market sooner rather than later.

European Union retaliatory tariffs to hit USA products on Friday
Trump has brushed aside concerns over a trade war, saying the USA can't lose because it already has such a significant deficit. They also threatened a second round of tariffs on some $4.3 billion worth of USA products if the dispute was not resolved.

Japan, Senegal record their first win, Russian Federation surprises Egypt
One clip of the clean-up operation, shared by Argentinean channel TyC Sports, has been viewed more than 4 million times . Not only did these teams impress World Cup viewers - their fans did, too.

Melania Trump's jacket sends mixed messages as she visits detained immigrant children
One user borrowed an image of the back of the Zara jacket to promote groups working on behalf of immigrant children . When asked what message the jacket meant to send, spokesperson Stephanie Grisham said: "It's a jacket ".

Tens of thousands join Indian leader for world yoga day
Nepalese Consul General Revati Podal said it was his third year in row to participate in yoga day here in Jeddah. The prime minister also took to social media to share the intricacies of various yoga asanas .

Federer marches past Bedene in Halle, Zverev exits
Federer, also marking his return from three months off, is assured of reclaiming the No. 1 ranking from Rafael Nadal on Monday. Australian No.2 Matthew Ebden is into the second round of the Halle Open after beating Malek Jaziri in straight sets.

Luongo's Australia earn Denmark draw
Better finishing - and just a third World Cup win in the nation's history - will be required if the Socceroos are to beat Peru. After the pleas from Denmark's players to the referee went unheard, Schmeichel had a few words with Jedinak to rattle him.

‘Ozark’ season 2 gets ominous first trailer, release date
Bateman told Deadline that season 2 shouldn't so much be considered a new season, but rather a sequel. That would be Ozark , a dark drama that I must confess I have yet to watch.

Arrest Made in Shooting Death of Rapper XXXTentacion in Florida
In a release on Wednesday, the CCSO said that an address had been widely circulated on social media after the death of Onfroy. Williams went before the judge on Thursday afternoon local time where he was held without bond "due to probable cause".

Apple says new 911 technology will reduce emergency response times
What may surprise some people is that it's still hard for emergency responders to pinpoint someone who calls 911 via cell phone. Apple's system uses technology that estimates a phone's location with data from cell towers, GPS and Wi-Fi access points.