Sunday, 25-February-2018 00:56
 
no comments in "Economy"
Economy
Monday, 04-December-2006
Associated Press- - SINGAPORE: Oil prices gained slightly Monday as fresh comments from key OPEC members over the weekend suggested the oil cartel would push for further cuts in output at its next meeting later this month.

Light, sweet crude for January delivery rose 2 cents to US$63.45 a barrel on the New York Mercantile Exchange midmorning in Singapore. The contract on Friday rose 30 cents to settle at US$63.43 a barrel on expectations of higher fuel demand as blustery weather moved across the United States.

The 11-member Organization of Petroleum Exporting Countries is set to agree on its deep winter output policy at its Dec. 14 meeting in the Nigerian capital, Abuja.

OPEC is expected to address the need to sharply accelerate oil production cuts they have implemented to stem an oversupply, seen mainly in the bulging inventories of the wealthiest industrialized nations.

Recent data from the International Energy Agency showed stocks held among the 30 Organisation of Economic Cooperation and Development member countries at the end of September were 2.76 billion barrels, the highest level in almost eight years and 4.5 percent higher than a year ago.

This means OECD members have 55 days' worth of oil consumption in stock, a significant two days more than a year ago.

On Saturday, OPEC's de facto leader, Saudi Arabia's Oil Minister Ali Naimi said the cartel needed to take 100 million barrels out of the market to balance it. Kuwait's Oil Minister Sheik Ali Al Jarrah Al Sabah, who was also at a meeting of Arab oil producers in Cairo, agreed.

The figure is close to what the IEA estimates is the stock build in the third quarter of this year the highest for the period in 14 years and it equates to more than 1 million barrels a day.

Edmund Daukoru, Nigeria's oil minister and OPEC president, said Friday the group is likely to trim production again and he expects a cut of at least 500,000 barrels a day.

"There is likely to be some further trimming, the actual amount will depend on the circumstances," said Daukoru. While the specific amount will be decided at the OPEC meeting based on data and trends, "I don't expect anything less" than 500,000 barrels per day to be cut, he said.

Heating oil futures rose 0.53 cent to US$1.853 a gallon (3.8 liters) while natural gas prices dipped 19.3 cents to US$8.229 a gallon.

More from "Economy"

Other titles:
Tuesday, 17-October-2017
The United Arab Emirates acknowledged on Tuesday that two of its pilots were killed when their military aggression plane crashed over Jawf province, a military official said

The official added that the aggressive crashed plane was an apache that was
Tuesday, 17-October-2017
Three citizens were killed and four others wounded in two Saudi air strikes hit Majza district of Saada province, an official said on Tuesday.

The strikes hit a citizen's car in al-Jamalah area in the district, the official added.
Tuesday, 17-October-2017
Artillery of the army and popular shelled a gathering of Saudi-paid mercenaries in al-Moqadra area in Serwah district of Marib province, a military official said on Tuesday.

Meanwhile, dozens of Saudi-paid mercenaries were killed and others injured in Wadi al-Theek in the district, the official added.
Monday, 16-October-2017
The army and popular forces carried out on Monday unique military operations in Taiz province.

A military official said that a number of Saudi-paid mercenaries were killed at the hands of the army and popular forces in al-Jazami Hill in al-Kadaha area in al-Ma'afer district.
Monday, 16-October-2017
A Saudi aggression fighter jet targeted a citizen's car driving in Fara area of Kutaf district in Saada province overnight, killing the driver and injuring his friend, a security official said on Monday.
Monday, 16-October-2017
The army artillery and popular committees launched a fierce attack on Saudi-paid mercenaries' sites in Jawf province, a military official said on Monday.

The attack destroyed a military vehicle belonging to the mercenaries and killed all on board in Sabran area in khab and shaaf district.
Sunday, 15-October-2017
Scores of Saudi enemy soldiers were killed and injured on Sunday when the army and popular forces repelled a Saudi military attempt to sneak into Shurfah site in the border province of Najran, a military official said.

The operation was accomplished successfully against the Saudi
Sunday, 15-October-2017
The army and popular committees have killed a total of 18 Saudi-paid mercenaries in sniper operations over the past hours in the central province of Marib, a military official said on Sunday.

Ten mercenaries were killed in Nehm district and eight others were killed in Serwah district, said the official.
Saturday, 14-October-2017
Saudi aggression warplanes have launched more than 49 airstrikes over the past hours on several residential areas across Yemen, a security official said on Sunday.
The airstrikes targeted the areas of Malahiz and Husama in Dhahir district, and areas Thuban, Masahif and Sdad in Bakim district of northern Saada province.
Thursday, 12-October-2017
The army and popular forces carried out an operation attack on Saudi-paid mercenaries' sites in al-Hawal area in Nehm district.

A local official said that the operation attack resulted in killing and injuring mercenaries, adding they also incurred heavy losses at their ranks

who we are     |    Advertising     |    contact us
All rights reserved © Almotamar Net, Developed by