Arab Today, arab today saudis move to align with iran in opec
Last Updated : GMT 21:02:32
Arab Today, arab today
Arab Today, arab today

Saudis Move to Align with Iran in OPEC

Arab Today, arab today

Arab Today, arab today Saudis Move to Align with Iran in OPEC

Tehran - Fna

Despite US attempts to widen a gap between Riyadh and Tehran by means of a horribly ridiculous plot, Saudi Arabia\'s biggest cut in oil output in three years signifies that the Arab state is finding common cause with its long-time rival Iran. The kingdom reduced supply by 400,000 barrels a day, or about 4 percent, last month, Oil Minister Ali al-Naimi said Oct. 8, reversing increases that it started in April when declining Libyan exports sent North Sea Brent to a 2 1/2-year high. Crude prices have fallen 14 percent since then as the North African nation revived production and the International Energy Agency (IEA) lowered its forecast for global demand. Cutting output brings Saudi Arabia closer to Iran, which this year urged Arab members of the Organization of Petroleum Exporting Countries to restrict supplies. \"Neither country wants prices to fall below $100,\" Leo Drollas, the London-based chief economist at the Centre for Global Energy Studies, an oil consultant founded by former Saudi Oil Minister Zaki Yamani, said in a recent interview. He said, \"Iran needs oil as high as it can get it, while the Saudis can live with $90. As oil falls, they become bedfellows.\" OPEC\'s oil basket, a weighted average of the group\'s main export grades, fell to $99.64 on Oct. 3, dropping below $100 a barrel for the first time since Feb. 18 and ending its longest run above that level. Brent, a benchmark for more than half the world\'s oil, slid 11 percent on the ICE Futures Europe exchange in September, the biggest monthly decline since May 2010. Brent traded at $108.91 a barrel Wednesday, 14 percent below this year\'s settlement high of $126.65 reached on April 8. OPEC\'s basket was worth $109.11 on Monday. Saudi Arabia reduced supply to 9.4 million barrels a day in September, from 9.8 million in August, according to the Riyadh- based Joint Organization Data Initiative, or JODI, which compiles statistics supplied by governments. The kingdom hasn\'t lowered output so much in any month since December 2008, when OPEC sought to revive prices as the global financial crisis began driving the world into a recession. The IEA cut its 2011 global oil-demand forecast for a third month on Oct. 12. The world will consume 89.2 million barrels a day this year, the Paris-based adviser to 28 governments said in a monthly report, compared with a July forecast of 89.5 million. It also lowered expectations for 2012 demand. Saudi Arabia, a kingdom allied with the US, accounted for 28 percent of OPEC production last year, according to the producer group\'s own data. OPEC President Iran, an arch foe, supplied 12 percent. The Saudis move comes in the backdrop of a high-profile US allegation on Oct. 11 that Iran was behind a plot to murder Saudi Ambassador Adel al-Jubeir. Manssor Arbabsiar, an Iranian- American car salesman, pleaded not guilty in a Manhattan federal court on Oct. 24 to conspiring with another Iranian to kill the diplomat. Iran has denied the accusation, and the Saudi envoy to Tehran said his government would not buy the US accusation without convincing proof. OPEC failed to reach a consensus at its June meeting when six members, including Iran, opposed Saudi Arabia\'s push to pump more oil. OPEC meets next on Dec. 14. Last month and earlier this month, Iran\'s OPEC Governor Mohammad Ali Khatibi, whose country presides over the oil cartel, had informed the Iranian media that after the June meeting, Riyadh has narrowed down differences with Iran and has accepted that Iran\'s market forecast and its proposal for output quotas were right.  

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 saudis move to align with iran in opec Arab Today, arab today saudis move to align with iran in opec

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Tabarka beauty between sea, mountain

GMT 06:37 2017 Wednesday ,01 March

Tabarka beauty between sea, mountain
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems

GMT 17:57 2017 Monday ,27 February

Crude oil to stabilise at $65 per barrel

GMT 13:01 2017 Monday ,27 February

UAE petrol and diesel prices for March to rise

GMT 21:32 2017 Friday ,24 February

Dubai announces crude oil price for May

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
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