OPEC Works Toward Deal as Saudis Propose Plan for Higher Output

Crude-Oil-OPEC-Logo

Pioneer Natural Resources chairman Scott Sheffield-who is in Vienna for an global OPEC conference-warned that oil prices could jump to $100 a barrel if the cartel and friends don't boost production.

Volatility was the theme on Wednesday as bearish traders continue to support the notion that Saudi Arabia and Russian Federation would push for at least a 1 million barrel per day increase in production, while bullish investors priced in opposition to the increase by Iran, Iraq and Venezuela.

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.

Other OPEC-members, including Iran, are against such a move, fearing a sharp slump in prices. Saudi Energy Minister Khalid Al Falih, asked whether he expected an easy meeting on Friday, said: "We will find out". Opec's supply-cutting pact runs until the end of 2018. Zanganeh urged OPEC to resist calls from Donald Trump to change its output policy.

That would effectively mean a boost from producers such as Saudi Arabia that have voluntarily cut more deeply than planned.

Iran, with some support from Venezuela, has so far rejected any increase, including one compromise mooted in private by some OPEC officials for a 300,000-to-600,000 barrel-a-day hike in the second half of the year. "An increase because of external pressure on OPEC is not acceptable", said a source familiar with Iranian thinking.

Jay-Z and Beyonce release surprise joint album
Beyoncé and Jay Z have released a surprise joint album. The album is not yet available to download on iTunes. And we have a new visual for you guys.

United States will not be a migrant camp: Trump on family separation row
House Minority Leader Nancy Pelosi, speaking to reporters during a tour of San Diego immigration detention facilities with Rep. Since April, the Department of Homeland Security has separated about 2,000 children from their parents at the border.

One deputy killed, another in critical condition in Kansas City, Kansas
The Kansas City Convention Center was put on lockdown, and it was lifted at about 5:30 p.m. Both officers were taken to an area hospital where Rohrer was pronounced dead.

"OPEC is listening to consumers", Bob Dudley, the chief executive of BP Plc, said on the sidelines of the OPEC conference in Vienna.

"We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said, referring to a time when oil rallied close to $150 per barrel.

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

Zanganeh was due to attend a ministerial committee on Thursday.

While India is not in favour of oil prices as low as $30 a barrel, the prevailing price levels are too high and stand to hurt the country's fiscal situation, Petroleum Minister Dharmendra Pradhan said on Wednesday.

On Thursday, however, Iraqi Oil Minister Jabar al-Luaibi said: "We are in comprehensive talks with all ministers, especially Saudi Arabia and Iran, and we are trying to narrow that gap between the two and we hope that this afternoon we will reach some sort of good compromise".

Related news:

Hot News

isis-killer-beheading-video-story-top Thousands celebrate solstice at Stonehenge
Jun 21, 2018 - 17:57
Up to 25,000 people were expected to attend the overnight celebration of the longest day of the year at the World Heritage Site. A solstice is an astronomical event during which the sun is at its greatest northerly or southerly distance from the equator.

isis-killer-beheading-video-story-top Neymar returns to practice, Brazil guarantees he is ready
Jun 21, 2018 - 17:46
Switzerland Coach Vladimir Petkovic described the incident against Miranda as an "ordinary challenge". Goalkeeper Keylor Navas, who plays for Real Madrid, couldn't reach it.

isis-killer-beheading-video-story-top Konta beats Vekic to reach Nature Valley Open final
Jun 20, 2018 - 07:26
Konta didn't let the improvement of her opponent phase her answering with a shutout in the second game. The British No. 1 won only one more point as Barty clinched victory with a backhand pass.

isis-killer-beheading-video-story-top New Republican plan would hold children in detention longer - with their parents
Jun 20, 2018 - 06:45
One child, in Spanish, can be heard shouting, "Papa!" An NBC reporter said on Twitter that the culprit was a congressional intern. Many Congress members say he could simply reverse the administration's "zero tolerance" policy and keep families together.

isis-killer-beheading-video-story-top China threatens tariffs on US lobsters as business booms
Jun 20, 2018 - 06:32
The administration will outline the exemption process in coming weeks, a senior administration official told reporters. The list of 1,102 products issued Friday includes 818 remaining from a tentative list of 1,333 released in April.

isis-killer-beheading-video-story-top Trump campaign manager calls on president to fire Jeff Sessions
Jun 20, 2018 - 06:11
Sessions blamed loopholes in U.S. immigration laws for encouraging the jump in asylum-seekers entering the country illegally. Led by New Mexico Attorney General Hector Balderas, 21 top state prosecutors from California to MA sent a letter to U.S.

isis-killer-beheading-video-story-top President Trump Not Stepping Back, New Tariff Thread for China
Jun 20, 2018 - 06:09
The small-cap Russell 2000 index, whose components are relatively more insulated to a global trade war , was down 0.51 percent. The Standard and Poor's 500-stock index was down almost 0.5 per cent and the tech-heavy Nasdaq Composite lost 0.7 per cent.

isis-killer-beheading-video-story-top Ramadaan truce sees Taliban militants pose for selfies in Kabul
Jun 20, 2018 - 06:08
There were also festival-like scenes of rival fighters parading down city streets in Logar, holding Afghan and Taliban flags. Mullah Fazlullah was allegedly killed in a strike on June 13 in the Dangam district of Kunar province in Afghanistan.

isis-killer-beheading-video-story-top Oppo found a really creative way to kill the smartphone 'notch'
Jun 20, 2018 - 06:01
Frankly, we're not surprised, given that OPPO is no stranger to taking an unorthodox approach to smartphone camera systems. The Find X is going on sale in China from today, and should make its way to other Asian markets shortly.

isis-killer-beheading-video-story-top Four people wounded in Malmö shooting
Jun 19, 2018 - 15:23
The man reportedly fired an automatic weapon at the crowd, who were celebrating Sweden's 1-0 victory against Korea, this evening. Feuds between criminal gangs fighting over territory have become more common in major Swedish cities in recent years.

isis-killer-beheading-video-story-top Kim Jong Un begins two-day visit to China following denuclearisation summit
Jun 19, 2018 - 15:01
The visit would also serve to underline that Kim is adhering to a request made by Xi at their first meeting in Beijing . North Korea's leader Kim Jong Un visits The Marina Bay Sands hotel in Singapore , June 11, 2018.

isis-killer-beheading-video-story-top US rapper XXXTentacion shot dead in Florida
Jun 19, 2018 - 14:44
The footage shows witnesses attempting to check the rapper's pulse, but shows no obvious signs of bullet wounds or blood. Videos of what appeared to be Onfroy unresponsive in the driver seat of a auto circulated on social media Monday.

isis-killer-beheading-video-story-top Trump blames Comey’s ‘minions’ for starting the Russian Federation investigation
Jun 18, 2018 - 02:18
The report also found Strzok delayed immediately revealing the discovery of Clinton emails on the laptop computer of former U.S. Still, investigators said they did not find "documentary or testimonial evidence" that the bias affected the probe.

isis-killer-beheading-video-story-top U.S. invokes Bible to justify harsh immigration steps separating children from parents
Jun 18, 2018 - 02:12
The separations stem from a deliberate policy shift by the Trump administration, which it has the power to unilaterally reverse. Sanders stonewalled the question and continued to blame the Democrats - as has President Trump - for the fiasco.

isis-killer-beheading-video-story-top ‘Messi is only human, the penalty miss affected him’
Jun 18, 2018 - 01:36
Today's result could potentially hamper their momentum as the team are looking to go all the way in the tournament. The Argentinean star missed another spot-kick, this time one which denied Argentina a win over Iceland .