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Oil rises after decline yesterday amid optimism about Saudi production

2019-09-19 08:53 am | Resource: News | No Views : 22

Oil rises after decline yesterday amid optimism about Saudi production

Oil prices rose after falling yesterday in light of optimism about Saudi production, as well as statements by the Director of the International Energy Agency. The Director of the International Energy Agency "Fatih Birol" said that the global oil market still has enough supplies, and that there is no need to withdraw from emergency stocks .

 UAE joins US-led coalition to protect Gulf water routes

On tensions with Iran, the United Arab Emirates has joined the US-led coalition aimed at protecting water routes in the Middle East, WAM news agency reported, citing the country's foreign ministry. The decision comes amid US Secretary of State Mike Pompeo's visit to the United Arab Emirates.

Salem Al Zaabi of the ministry said the UAE has joined in building international maritime security to "ensure global energy security and the continued flow of energy supplies to the global economy."

The United States formed the coalition earlier this year in response to several incidents involving oil tankers in the Gulf region, including Iran's seizure of a British ship and attacks on tankers that Washington blamed on Tehran. Saudi Arabia also became part of the alliance yesterday as Pompeo visited Riyadh to discuss recent attacks on the country's oil facilities. Other countries participating in the alliance are the United Kingdom, Australia and Bahrain.

Pompeo, MBS: Iran must be held accountable for Aramco's attack

US Secretary of State Mike Bombo and Saudi Crown Prince Mohammed bin Salman agreed during the meeting that Iran should be held responsible for attacks on Saudi Aramco facilities and for its "reckless and threatening aggressive behavior." According to a statement from the US State Department, Bombo and the crown prince agreed that the raids on Aramco were "unacceptable and unprecedented" because they threatened Saudi Arabia and Americans living in the country and global oil supplies.

The two also discussed "the need for the international community to meet to confront the continuing threat to the Iranian regime."

Oil Contract Trading
  •  Brent crude futures rose marginally 0.17%, or 11 cents at $ 63.71 a barrel, at 09:57 am CET.
  • US crude rose slightly by 0.28%, or 16 cents, to $ 58.27 a barrel, after falling 2.1% on Wednesday.


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