Skip to main content

Oil meeting aiming to cap output ends without agreement


A meeting of the world's leading oil exporters to discuss capping production has ended without agreement.

After hours of talks in Qatar, the country's energy minister Mohammed bin Saleh al-Sada said that the oil producers needed "more time".
Most members of the Opec  producers' group, plus other oil exporters including Russia, attended the talks.

They wanted a deal that would freeze output and help stem the plunge in crude prices over the past 18 months.

"The general conclusion was that we need more time to consult among ourselves in Opec and non-Opec producers," Mr Sada said.
Oil prices tumbled in Asian trading as a result, with the price of both US and London crude oil down more than 5%.

Talks hit difficulties earlier on Sunday as reports emerged of tensions between Iran and Saudi Arabia. Iran did not attend the meeting.

Saudi Arabia, the world's largest oil exporter, appeared willing to only freeze output if all Opec members agreed, including Iran.

But Iran maintained it would continue the increase in oil production it has followed since economic sanctions were lifted earlier this year.

"As we're not going to sign anything, and as we're not part of the decision to freeze output, we ultimately decided it was not necessary to send a representative," the Iranian government said.
Analysis: Andrew Walker, BBC World Service economics correspondent
The failure to agree a freeze is not going to help oil exporters desperate to see the price of crude oil rise. They are hurting. Even Saudi Arabia - despite having significant financial buffers - is overhauling its public finances and trying to diversify its economy away from oil.

Other major oil producers are finding life even harder. One OPEC member, Angola, has even gone to the International Monetary Fund seeking to negotiate financial assistance.
There is, perhaps, some compensation for the countries at the Doha meeting in that their failure to agree to curtail supply increases is likely to renew the pressure on shale oil producers in the US, who were not and never would be represented at a gathering such as this.
The rise of the American shale industry in the last decade or so is one of the main reasons why global supplies are so plentiful and why prices are now less than half what they were in mid-2014.

 View more details.....................
Source :

Comments

Popular posts from this blog

Sprinklr launches major push into customer experience

Sprinklr, the unicorn startup with a valuation of $1.8 billion, reported a noteworthy refresh today, which moves the organization's concentration from an unadulterated social signs stage to client encounter administration. While despite everything it utilizes social as a focal preparing point, the thought is to bring a common arrangement of advertising undertakings under a solitary umbrella they are calling the Experience Cloud.

In the event that that sounds natural, this is on account of Adobe discharged an item with a similar name fourteen days back. Sprinklr is adopting a comparative strategy with a brought together stage, yet with the objective of having the capacity to deal with the client through what you think about them from a social point of view.

For CEO Ragy Thomas, it's about discovering more inventive approaches to utilize the social data they have been gathering for as far back as 7.5 years the organization has been around.

The recently extended stage includes f…

Here is the upcoming updates for Google Assistant announced in Google I/O 2017

Google Assistant is an intelligent personal assistant developed by Google.  It becomes immense popular all around the world.


Since the Google intelligent assistant was announced a year ago, here coming more Assistant updates this year.

In Google I/O 2017 - stated upcoming Google Assistant updates are

Google Assistant launches App DirectoryGoogle Assistant app for iPhoneGoogle Home phone calls and push notificationsAdd events to calendar and type messages to Google AssistantVisual responses from Google Assistant on TV with Chrome castGoogle Lens for computer vision in the worldGoogle Assistant actions for Android and iPhoneNative payments for Google Assistant actionsSoftware development kit partnersSmart home control for LG and GE appliances

Samsung promises to fix red Galaxy S8 screen issue

Awesome news, Samsung fans — you won't not need to manage red-tinted telephone screens until the end of time.
Because of grumblings from early Galaxy S8 proprietors who guaranteed their gadget screens looked red in shading, Samsung arrangements to take out the issue with a product update.
"Since there are a few protests about the red-tinted screens, we chose to update the product one week from now for all Galaxy S8 customers," a Samsung representative disclosed to The Korea Herald on Friday.
ZDNet detailed the show issue not long ago after a few clients who pre-requested the telephones in South Korea started presenting photos and objections via web-based networking media locales.
After "World S8 Red Screen" started slanting on the district's biggest web crawler, Naver, Samsung discharged an announcement to ZDNet, guaranteeing the issue could be physically settled utilizing the accompanying grouping of activities: Settings > Display > Screen Mode &…