Oil is falling as trade tensions increase[/rtl]
[rtl]Release date:: 9/10/2019 9:22 • 92 times read[/rtl]
Oil prices fell on Tuesday as Washington's inclusion of more Chinese companies on its blacklist dampened hopes of a trade deal between the two countries, but turmoil in Iraq and Ecuador provided some support for crude prices. By 10:35 GMT, Brent crude was down 19 cents at $ 58.16 a barrel, while US West Texas Intermediate fell 27 cents to $ 52.48 a barrel.
Investors are cautious ahead of trade talks between the United States and China in Washington on Thursday, but chances for progress have slowed after Washington placed more US companies on its sanctions blacklist and President Donald Trump's announcement that a quick trade deal was unlikely. Protests in Iraq and Ecuador threatened to disrupt production from both OPEC members and provided support for prices. The death toll in Iraq, OPEC's second-largest producer, rose after a week of unrest.
The Ministry of Energy in Ecuador, one of the smallest producers in the "OPEC" which is scheduled to come out of the organization next year, said protests against austerity measures could reduce oil production by 59 thousand and 450 barrels per day.
On Monday, the energy minister discussed with the Russian Minister of Economic Development cooperation in the field of energy and the stability of world markets. According to the official agency, Prince Abdul Aziz bin Salman discussed with Russian Minister Maxim Orishkin "the role of the two countries in the stability of global markets through continuous coordination in this area, where both sides praised the results achieved by the OPEC agreement, which helps to stabilize the oil market and the future of petroleum industries ".
Sanctions on Iran have reduced production, but Tehran is resisting, according to Iranian Oil Minister Begin Zanganeh. The Iranian semi-official Mehr news agency quoted him as saying: "The situation in Iran is that the oil industry in Iran is subjected every few years to a severe blow and economic sanctions are among them ... This led to the decline of the Iranian oil industry from its global position but we will resist in this area".
Mile Kiyari, executive director of the National Oil Corporation of Nigeria (NOC), said the government was working to pass long-awaited legislative reforms on the oil and gas sector in the first half of next year.
"We are happy that there is a concerted effort by this government to have legislation regulating the oil sector during the first half of next year," Kiyari said.
He stressed that the oil and gas sector is the locomotive of the Nigerian economy, and that the Corporation is doing its utmost to ensure that the government gets the revenues it deserves from this sector. Kiyari has been in office since July.
Earlier this month, Nigerian President Mahamadou Bukhari expressed hope that the legislation would be passed soon, according to Bloomberg News. is over