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Oil prices rise on Monday ahead of OPEC meeting this week

2019-09-09 09:23 am | Resource: News | No Views : 35

 Oil prices rise on Monday  ahead of OPEC meeting this week

Oil rose on Monday on expectations that Saudi Arabia, the world's largest oil exporter, will continue to support output cuts by OPEC and other reports on the Aramco IPO after the removal of Energy Minister Khalid al-Falih from his post as chairman of Aramco and the appointment of Abdulaziz bin Salman He is the son of the King and brother of the Crown Prince

Report: JP Morgan approaching to win a leading role in the Aramco IPO

CNBC reported on Sunday, citing sources familiar with the matter, that JPMorgan Chase & Co. is about to win the leading advisory role for Saudi Aramco's IPO. A final decision is expected next week, the sources said. Morgan Stanley was reportedly out of the race because the Saudis were unhappy with the way the bank handled Uber's IPO in May.

  The Iranian crude oil tanker is delivering its cargo

In other news, Iranian Foreign Ministry spokesman Abbas Mousavi said on Sunday on state television that the Iranian tanker loaded with crude oil had delivered its cargo. "The tanker went to its destination, and the oil was sold," he said of the tanker, which sparked a standoff between Tehran and the United States in July when it was seized in violation of EU sanctions.

 "Barkindo": "OPEC +" may discuss new criteria for the production cut deal at this week's meeting

The Secretary-General of the "OPEC" "Mohammed Barkindo" that the joint ministerial control committee of the organization may consider new standards on the agreement to reduce production, during its meeting in Abu Dhabi, according to the agency "TASS" Russian and quoted by "Reuters".

Barkindo added that the targets or criteria used by OPEC and its allies for its agreement, such as the five-year average of oil inventories in advanced, are not on the agenda of the meeting, but can be considered with the discussion of the market situation.

Minister: Iraq's current production of oil 4.6 million barrels per day

 Iraq's Oil Minister Thamir Ghadhban said on Monday his country was committed to complying with oil production cuts under an OPEC-led deal to reduce supplies, adding that his country's current production levels are 4.6 million barrels per day. Asked about the level of Iraq's commitment, Ghadhban told reporters in Abu Dhabi: "We are certainly committed to respect (cuts) ... Our exports fell by at least 150 thousand barrels per day from the south."

Oil Trading
  • The Brent global benchmark index rose 61 cents, or 1%, to $ 62.15 a barrel by 0649 GMT
  • The WTI rose 65 cents, or 1.2%, to $ 57.17 a barrel.


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