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Wednesday, 22 November 04:43 (GMT -05:00)



Stock and commodities markets

Russia and Saudi Arabia Want to Extend OPEC Deal for 3 Months


Russia and Saudi Arabia insist on extending the OPEC deal for another 3 months – up to middle 2018.

 

 

 

 
For those of you who don’t know, Russia and Saudi Arabia are the world’s biggest producers and exporters of crude oil. They assume that the OPEC agreement to cap oil production, which was signed in November 2016 and extended in May 2017 up until March 2018, is going to be useful for balancing the global market of crude oil and backing higher oil prices.
 
According to several online sources, Moscow and Riyadh discussed this back in July 2017 in Saint Petersburg during the summit of the committee responsible for monitoring the proper implementation of the agreement. Even though the officials didn’t comment on the matter, an official OPEC representative confirmed that the possibility of extending the deal had been discussed during the summit.
 
The extended agreement to cap oil production (known as OPEC+) was signed by 13 OPEC members and 11 non-OPEC exporters in May. If there is another extension of the agreement, this is probably going to take place on September 22nd, during the forthcoming OPEC summit in Vienna.
 
Some experts say that if the agreement ends in March 2018, traders will react negatively as if the market is in freefall.

 

 

 

 

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Saudi Arabia Doesn’t Want Oil Prices to Grow Too Fast

Reuters reports that Saudi Arabia doesn’t want oil prices to grow too fast. This is what Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih told during his speech at the UN Climate Change Conference 2017 in Bonn, Germany.

Publication date: 19 November 08:58 AM

What’s the Fair Price of Crude Oil Today?

For many economies out there, especially those dependent on the export of crude oil, oil prices have always been a major indicator to monitor. These days, the international expert community is divided over the future of the global oil market. 

Publication date: 18 November 09:36 AM

Crude Oil Stops Being a Lifeline for the Russian Ruble

 The U.S. Dollar is getting more expensive against the Russian Ruble again as the Russian currency is feeling pressure from the new round of the Western sanctions. Crude oil seems to have stop saving the day for the Russian economy and national currency.

Publication date: 18 November 09:33 AM

Oil Market Shows No Reaction To Optimistic OPEC Report

Oil market showed almost no reaction to the annual OPEC oil report released on November 13th, even though the report happened to be fairly optimistic. In particular, while WTI oil futures for December delivery increased in price by as little as 0,11% up to $56,80/b, Brent oil futures for January delivery lost 0.09% and moved down to $63,46/b.

Publication date: 18 November 09:26 AM

Russia Is Still Dependent On Crude Oil

Is the Russian economy getting rid of its dependency on crude oil? Even though Russian politicians say that’s really the case, famous Russian economist Igor Nikolaev tried to find out the truth backed by figures.

Publication date: 17 November 11:52 AM

High Oil Prices Threaten OPEC+

 Today’s oil prices, which are relatively high, as well as some tensions in Saudi Arabia, may hinder the prolongation of the OPEC+ agreement signed last year, PRIME reports.

Publication date: 17 November 11:49 AM

Oil Prices Won’t Exceed $75/b, BofA Experts Say

Even if the geopolitical situation is the most favorable for the global oil market, oil prices are still never going to exceed the $75/b threshold again, Bank of America Merrill Lynch (BofA) experts believe.

Publication date: 17 November 11:13 AM

Wall Street Banks Improve Their Oil Forecasts

For the first time in 6 months, Wall Street banks seem to be optimistic about the near future of crude oil, The Wall Street Journal reports.

Publication date: 10 November 07:06 AM

Cryptocurrency Market Cap Goes Above $200 Billion

Last week, the cryptocurrency market capitalization exceeded the $200 billion threshold for the first time in history. According to Coinmarketcap, a resource monitoring 1254 digital currencies on 6400 online exchanges, Bitcoin was the biggest market driver of the market-cap rally. 

Publication date: 10 November 01:12 AM

CME Group Announces Bitcoin Futures

CME Group, the world’s biggest operator of futures exchanges, has announced Bitcoin futures, the world’s first and most popular cryptocurrency to date. The information was first made public by The Financial Times.

Publication date: 10 November 01:08 AM