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One of the factors boosting prices, according to analysts and some members of the Organization of the Petroleum Exporting Countries, has been the decision by U.S. President Donald Trump to reimpose sanctions on Iran. Trump has demanded that OPEC cool prices by pumping more oil. Barkindo, asked whether Trump’s criticism of OPEC was unfair, said: “The market is currently being largely driven by decisions taken elsewhere - outside OPEC, outside non-OPEC.”. OPEC and allied producers - not including the United States - agreed in June to return to 100 percent compliance with output cuts that began in January 2017, after months of underproduction in Venezuela and elsewhere pushed adherence above 160 percent.
OPEC’s report said its own production rose by 132,000 barrels per day in September to 32.76 million cufflink wraps bpd, the highest this year, although producers have yet to increase supply enough to reach 100 percent compliance, Barkindo, responding to a question whether producers needed to go beyond full delivery of the agreement, said they were taking it step by step, “We have to continue to assess to see how and when we will achieve the 100 percent conformity and how the market would respond, hoping that some of these non-fundamental factors will evaporate by then,” he said..
“We remain faithful to what we agreed in June.”. OPEC and its allies hold their next meeting in December to decide policy for next year. In the report released on Thursday, OPEC cut the estimate for demand in 2019 for its own crude to 31.8 million bpd because of weaker demand and rising supplies outside the group. Should OPEC keep pumping at September’s rate, the report points to an excess supply of almost 1 million bpd in 2019 - although this is before any sizeable reduction takes place in Iranian output.
Iran pumped 3.45 million bpd in September, according to figures in OPEC’s report on Thursday, down 150,000 bpd from August, Production dropped below 2.7 million bpd under previous sanctions that were lifted following the 2015 nuclear deal, (Graphic: Iran's monthly oil production - reut.rs/2yvl8FO), Barkindo said oil producers were worried about their levels of spare output capacity, which reduces their ability to make up for sudden supply shortages, amid a reduction in energy-industry cufflink wraps investment..
“We are very concerned,” Barkindo said when asked about spare capacity, citing a continued decline in oil industry investment resulting from a market downturn that began in 2014. Saudi Arabia, the de facto leader of OPEC, is the only oil producer with significant spare capacity on hand to supply the market if needed. The kingdom will invest $20 billion in the next few years to maintain and possibly expand its spare oil production capacity, Saudi Energy Minister Khalid al-Falih said this month.
WASHINGTON, (Reuters) - The number of Americans filing for unemployment benefits unexpectedly rose last week but remained near a 49-year low, and the increase appeared unlikely to dislodge the view that the U.S, labor market remains strong, Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 214,000 for the week ended Oct, 6, the Labor Department said on Thursday, cufflink wraps Economists polled by Reuters had forecast claims slipping to 206,000 in the latest week from 207,000 a week earlier..
The Labor Department said claims for South and North Carolina were affected by Hurricane Florence, which lashed the region in mid-September. The department also said claims for Virginia and Puerto Rico were estimated. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 2,500 to 209,500 last week. The labor market is viewed as being near or at full employment, which many economists believe is helping U.S. wages grow a little more quickly and fueling expectations the Federal Reserve will increase interest rates again in December.
(Reuters) - The deepest one-day selloff in Wall Street stocks in eight months has investors using the market equivalent of a dirty word: “correction”, With traders spooked by rising U.S, Treasury yields and fears of a deepening U.S.-China trade conflict, the benchmark S&P 500 index .SPX on Wednesday dropped 3.29 percent, its worst one-day decline since February, bringing its loss to almost 5.0 percent since closing at a record high on Sept 20, Many investors define a stock market correction as a fall of at least 10 percent from a high, often as a reaction cufflink wraps to excessive gains..