{"id":2515,"date":"2018-09-24T15:50:45","date_gmt":"2018-09-24T15:50:45","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/oil-price-jumps-as-opec-keeps-output-steady\/"},"modified":"2018-09-24T15:50:45","modified_gmt":"2018-09-24T15:50:45","slug":"oil-price-jumps-as-opec-keeps-output-steady","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/oil-price-jumps-as-opec-keeps-output-steady\/","title":{"rendered":"Oil price jumps as Opec keeps output steady"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"oil\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/F0F5\/production\/_103558616_gettyimages-859021152.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">Oil prices have hit a four-year high of close to $81 a barrel after Saudi Arabia and Russia rejected calls by Donald Trump to increase production.<\/p>\n<p>Brent crude hit its highest since November 2014 at $80.94 a barrel, up 2.7%, before falling back to $80.49.<\/p>\n<p>Saudi Arabia leads the Opec oil cartel, while Russia is the biggest oil producer outside the group.<\/p>\n<p>They met in Algiers on Sunday to discuss global supply levels and US sanctions on Iran.<\/p>\n<p>The meeting ended with no formal agreement on any additional supply boost.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/uk-scotland-scotland-business-45625287\" class=\"story-body__link\">Oil firm in major North Sea gas discovery<\/a><\/li>\n<\/ul>\n<p>Saudi energy minister Khalid al-Falih said at a press conference in Algiers that he did not &#8220;influence prices&#8221;.<\/p>\n<p>Opec and other producers had discussed raising output by 500,000 barrels a day, Reuters reported.<\/p>\n<p><!-- ONE DAY CHART --><\/p>\n<p>Sales of Iranian crude have fallen as buyers remain wary of penalties from sanctions due to take effect from November.<\/p>\n<p>Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.<\/p>\n<p>But Ann-Louise Hittle, vice president of energy consultancy firm Wood Mackenzie, said the price rise was &#8220;an overreaction in the market.&#8221;<\/p>\n<p>In a tweet last week, US president Donald Trump said that Opec &#8220;must get prices down now!&#8221; by raising global output. <\/p>\n<p>&#8220;We protect the countries of the Middle East,&#8221; added Mr Trump. &#8220;They would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember.&#8221;<\/p>\n<p>Iranian oil minister Bijan Zanganeh said on Sunday that Mr Trump&#8217;s tweet &#8220;was the biggest insult to Washington&#8217;s allies in the Middle East&#8221;.<\/p>\n<p>Last year, Opec and other oil-producing nations including Russia said they would extend a deal, first agreed in 2016, to cut production to help support oil prices after they fell below $50 a barrel. This deal was upheld at Sunday&#8217;s meeting.<\/p>\n<p>&#8220;We expect that those Opec countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels,&#8221; said Edward Bell, commodity analyst at Emirates NBD bank.<\/p>\n<p>&#8220;Were they do so the oil market would be even more uncomfortably tight than we forecast for 2019 as spare capacity is eroded,&#8221; Mr Bell added.<\/p>\n<p>US light crude was $1.25 higher at $72.03 a barrel.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-45629425\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images Oil prices have hit a four-year high of close to $81 a barrel after Saudi Arabia and Russia rejected calls by Donald Trump to increase production. Brent crude hit its highest since November 2014 at $80.94 a barrel, up 2.7%, before falling back to $80.49. Saudi Arabia leads the Opec oil &hellip; <\/p>\n","protected":false},"author":0,"featured_media":2516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2515"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/2516"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}