DUBAI: Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the US-China trade war.
Speaking at a press conference in Abu Dhabi ahead of the World Energy Congress, to start Monday, he said the oil market is no longer governed by supply and demand but is being influenced more by US-China trade tensions and geopolitical factors.The minister said that although further cuts will be considered at Thursday's meeting, they may not be the best way to boost declining prices.
That came as a faltering global economy and a boom in US shale oil threatened to create a global glut in supply.But this time, the market has continued to slide - even after OPEC+ agreed in June to extend by nine months an earlier deal slashing output by 1.2 million barrels per day .The new factor is the trade dispute between the world's two biggest economies, whose tit-for-tat tariffs have created fears of a global recession that will undermine demand for oil.
European benchmark Brent was selling at US$61.54 per barrel Friday, in contrast with more than US$75 this time last year but up from around US$50 at the end of December 2018.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran says British oil tanker could be released soonDUBAI (REUTERS) - The British-flagged oil tanker seized by Iran could be released after the imminent completion of legal proceedings against the tanker, Iranian state television reported on Sunday (Sept 8).. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Oil jumps after Fed says it will act to sustain US growth[HOUSTON] Oil prices rose above US$61 a barrel on Friday after the head of the US Federal Reserve said the central bank will act 'as appropriate' to sustain an economic expansion in the world's biggest economy that has been pressured by uncertainty over global trade. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Wet market owner 65 per cent to blame after woman slipped on oil splatter and was injuredSINGAPORE - A woman who slipped and suffered a tailbone fracture while walking along a wet market corridor will get compensation after a district judge placed 65 per cent blame on the owner and operator of the premises.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
US-China trade war leaves Australia in delicate positionSYDNEY - The trade war between the United States and China is forcing countries across the Asia-Pacific region to tread a delicate path, but it is posing particular challenges for Australia.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
China's exports fall in August as US trade war rumblesChina's exports fell by 1.0 percent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Solomon Islands minister to visit Taiwan as China diplomatic battle heats upThe Solomon Islands' top diplomat is set to arrive in Taiwan on Sunday, Taipei's foreign ministry said, as the Pacific nation mulls switching its ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »