Saudi Arabia to Cut Oil Exports Amid Signs of New Surplus
Saudi Arabia signaled it will reduce oil exports by as much as half a million barrels a day in December, the first tangible sign that OPEC is starting to trim output as it faces an oversupplied market in 2019.
The Saudis boosted production in November but will trim shipments for next month, Energy Minister Khalid Al-Falih told reporters in Abu Dhabi. The Organization of Petroleum Exporting Countries and other suppliers are seeing signs of an emerging surplus in the U.S., though it’s too early to talk about cutting output, he said before a meeting to assess compliance with their pledged cuts in production.
If OPEC and its partners go ahead and extend cuts in 2019, Saudi Arabia will need to convince not only fellow group members such as Iraq that are trying to boost production but crucially Russia, its ally since 2016, which so far hasn’t showed much enthusiasm to trim output. Read More @ https://www.bnnbloomberg.ca/saudi-arabia-to-cut-oil-exports-amid-signs-of-new-surplus-1.1166329
Change tack or face defeat, Brexit critics tell May
With both Britain and the EU suggesting an agreement is close, eurosceptic lawmakers and a leading member of a small Northern Irish party that props up her Conservative government made new threats to vote against the terms of the deal she is working on with Brussels.
The vote in parliament, most likely to come later this year, is gearing up to be the biggest showdown in the lengthy negotiations to leave the EU, Britain’s biggest shift in foreign and trade policy in more than 40 years.
May, who was attending a ceremony to mark 100 years since the end of World War One, found some support from ministers in her cabinet, but it would be hard for her to ignore the growing calls to change tack after a minister resigned and Northern Ireland’s Democratic Unionist Party threatened to rebel. Read More @ https://www.reuters.com/article/uk-britain-eu-critics/change-tack-or-face-defeat-brexit-critics-tell-may-idUSKCN1NG0FH
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