Arab Today, arab today oil slides as opec gives no sign of cutting supplies
Last Updated : GMT 04:04:10
Arab Today, arab today
Arab Today, arab today

Oil slides as OPEC gives no sign of cutting supplies

Arab Today, arab today

Arab Today, arab today Oil slides as OPEC gives no sign of cutting supplies

Oil tankers dock at a floating platform
New York - AFP

Oil prices slid lower Monday, with Brent hitting a four-year low, on oversupply worries heightened by OPEC signals that producers have no intention of cutting output.
The International Energy Agency added to bearish sentiment by lowering its outlook for demand in its October report, citing weak global economic growth.
US benchmark West Texas Intermediate for November slipped eight cents, closing at $85.74, the lowest price since December 2012.
Brent North Sea crude for delivery in November, the international benchmark, dropped $1.32 to close at $88.89 a barrel in London trade, its lowest level since late 2010.
The market took on a "bearish tone" after recent comments from some members of the Organization of the Petroleum Exporting Countries showed complacency with the oversupply situation, said Matt Smith of Schneider Electric.
OPEC kingpin Saudi Arabia indicated it was "comfortable with price around $90," he said, adding that apparently "they are more about market share than price."
Iraq became the latest OPEC crude exporter to cut its prices after similar moves by Saudi Arabia and Iran.
"OPEC is still giving no indication that it might take steps to shore up prices," Commerzbank analysts said in a research note.
"Iraq is now the third important OPEC member to significantly lower its sales prices as compared with the international benchmarks," they added.
However, Kuwaiti Oil Minister Ali al-Omair said Sunday that he expects falling prices to recover during the Northern Hemisphere winter -- but OPEC was unlikely to counter the slide in the short term.
"We expect (oil prices) to increase in the winter season or at least preserve its current level," said Omair, cited by the official KUNA news agency.
The minister also said he believes that oil will not drop below $76-77 a barrel, which is the production cost in Russia and the United States.
The decline was expected due to geopolitical factors, a rise in supplies and negative forecasts for global economic growth, according to Omair.
He said Kuwait has not received any invitation for an emergency OPEC meeting to discuss prices but would attend if one were scheduled.
Venezuela on Friday said it would request such an emergency OPEC meeting.
"We are going to ask for an extraordinary OPEC meeting," said Foreign Minister Rafael Ramirez, who is the nation's former oil minister and ex-head of the public oil company PDVSA.
"We need to try to coordinate some sort of action to stop falling oil prices," he added.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil slides as opec gives no sign of cutting supplies Arab Today, arab today oil slides as opec gives no sign of cutting supplies

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday