Saudi Energy Minister Says he Discussed Oil Market with US Counterpart

Ann Santiago
December 13, 2018

In a monthly report, the Organization of the Petroleum Exporting Countries said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it now produces.

Another American multinational investment bank and financial services firm Morgan Stanley said Monday that it lowered its oil price forecast by $10 a barrel for next year.

Energy officials in Azerbaijan, another oil-rich county in the Caspian region, announced its support to OPEC's intervention in the world oil market. He also noted that OPEC made the right decision at the Vienna meeting and said that "2018 would mark the balance of the oil market".

Cooperation with the United States in the field of nuclear power is only possible for countries that sign the so-called 123 agreement, which stipulates a clear distinction between using nuclear technology for civil and for military purposes, and binds the signee to utilizing the technology for civil purposes only.

"Secretary Perry advocated for the expansion of joint partnerships with the United States as Qatar seeks to grow its LNG operations around the world", the Department of Energy said. While crude rallied the most in two years in early December as trade tensions between the USA and China appeared to ease, those fears have swiftly returned. "Today's decision is a very important step for the oil producers, the oil market and the future of the oil industry", he said. "OPEC is attracting non-OPEC members like South Africa and others", he added.

Brent crude oil futures fell $1.02 on the day to $60.65 a barrel by 1045 GMT, while US futures lost 98 cents to trade at $51.63 a barrel.

Crude has slumped about 30 percent from a four-year high in early October, with volatility reaching the highest level in more than two years last month.

International Brent crude oil futures LCOc1 were at $60 per barrel at 0746 GMT, up 3 cents from their last close.

Russian Federation is the second largest crude oil producer in the world after the United States. Russian Federation also announced Tuesday that it will only implement a small portion of its total promised output cuts in January.

Iran maybe exporting around 1 million barrels per day now and any reduction may tighten the oil markets, especially around seasonally strong demand during summers.

Other reports by

Discuss This Article