Saudi energy minister defends US shale producers: ‘They are creating jobs’

Saudi Energy minister Prince Abdulaziz bin Salman shakes hands with staff during his visit to an Aramco oil facility one day after the attacks in Abqaiq, Saudi Arabia September 15, 2019. Saudi Press Agency | ReutersSaudi Arabia’s Energy Minister Prince Abdulaziz bin Salman played down any rivalry between U.S. shale producers and more established oil producers in the Middle East. Due to the boom in U.S. shale production, alongside other factors, the OPEC energy alliance was prompted to act after


Saudi Energy minister Prince Abdulaziz bin Salman shakes hands with staff during his visit to an Aramco oil facility one day after the attacks in Abqaiq, Saudi Arabia September 15, 2019.
Saudi Press Agency | ReutersSaudi Arabia’s Energy Minister Prince Abdulaziz bin Salman played down any rivalry between U.S. shale producers and more established oil producers in the Middle East.
Due to the boom in U.S. shale production, alongside other factors, the OPEC energy alliance was prompted to act after
Saudi energy minister defends US shale producers: ‘They are creating jobs’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: matt clinch
Keywords: news, cnbc, companies, defends, creating, salman, abdulaziz, aramco, shale, minister, energy, oil, production, producers, jobs, saudi, opec


Saudi energy minister defends US shale producers: 'They are creating jobs'

Saudi Energy minister Prince Abdulaziz bin Salman shakes hands with staff during his visit to an Aramco oil facility one day after the attacks in Abqaiq, Saudi Arabia September 15, 2019. Saudi Press Agency | Reuters

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman played down any rivalry between U.S. shale producers and more established oil producers in the Middle East. Speaking to CNBC’s Hadley Gamble following an OPEC decision in Vienna, Austria, on Friday, Abdulaziz said: “They (U.S. shale producers) didn’t do anything wrong, they produced more barrels, they put the U.S. on the map in terms of its energy requirements, they are growing the economy, they are creating jobs.” The U.S. is now the world’s largest oil producer hitting 12.3 million b/d in 2019, according to the U.S. Energy Information Administration, up from 11 million b/d in 2018. It now produces more oil than Saudi Arabia and Russia, although there are signs that production growth is slowing in the States.

Due to the boom in U.S. shale production, alongside other factors, the OPEC energy alliance was prompted to act after global oil prices tumbled in mid-2014. U.S. shale producers were not part of that deal and shale oil supply grew exponentially as OPEC producers curbed output. “They did a remarkable job,” Abdulaziz told CNBC regarding the U.S. energy industry. He spoke of “legal limitations” when asked whether there could be pact with shale producers in the future, but said that Saudi Aramco — his country’s state-owned oil firm — “would go more and more international.” In May, Aramco signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, which helped to advance its ambitions to become a player in the growing international gas market.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: matt clinch
Keywords: news, cnbc, companies, defends, creating, salman, abdulaziz, aramco, shale, minister, energy, oil, production, producers, jobs, saudi, opec


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OPEC supply cut not timed for Aramco listing, Saudi energy minister says

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told CNBC that an agreement to further trim global oil supply wasn’t intentionally timed to coincide with the initial public offering (IPO) of state-owned energy company Saudi Aramco. On Friday, OPEC and its allies — a wider grouping termed OPEC+ — agreed to cut an extra 500,000 barrels per day (bpd) of their oil production during the first three months of 2020. Abdulaziz said Saudi Aramco’s value couldn’t be evaluated by “a tweak here o


Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told CNBC that an agreement to further trim global oil supply wasn’t intentionally timed to coincide with the initial public offering (IPO) of state-owned energy company Saudi Aramco.
On Friday, OPEC and its allies — a wider grouping termed OPEC+ — agreed to cut an extra 500,000 barrels per day (bpd) of their oil production during the first three months of 2020.
Abdulaziz said Saudi Aramco’s value couldn’t be evaluated by “a tweak here o
OPEC supply cut not timed for Aramco listing, Saudi energy minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: david reid
Keywords: news, cnbc, companies, aramco, timed, ipo, minister, supply, listing, energy, oil, cut, tweak, prince, told, saudi, opec


OPEC supply cut not timed for Aramco listing, Saudi energy minister says

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told CNBC that an agreement to further trim global oil supply wasn’t intentionally timed to coincide with the initial public offering (IPO) of state-owned energy company Saudi Aramco.

On Thursday, Aramco priced its IPO at 32 riyals per share ($8.53), putting it on track to raise $25.6 billion in what would be the largest IPO ever conducted.

On Friday, OPEC and its allies — a wider grouping termed OPEC+ — agreed to cut an extra 500,000 barrels per day (bpd) of their oil production during the first three months of 2020.

Following the announcement, Abdulaziz told CNBC’s Hadley Gamble that the two events weren’t linked. “The fact that they coincided, people try to draw a correlation between the two. Some media outlets tried to use that as a way to explain what we are trying to do at this meeting,” he said.

Abdulaziz said Saudi Aramco’s value couldn’t be evaluated by “a tweak here or a tweak there” in the oil supply. He said that the list of institutional investors for Aramco signaled that organizations were keen to back the firm for the long term.

A small portion of Saudi Aramco will start trading on the local stock exchange on Wednesday, December 11. He described the decision to list locally as the “brightest day of his life,” as the benefit of the listing would go, first and foremost, to “our people” and to others who “believe in Saudi Arabia.”

The prince said he believes those who choose not to take part in the listing will soon be “chewing their thumb” with regret.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: david reid
Keywords: news, cnbc, companies, aramco, timed, ipo, minister, supply, listing, energy, oil, cut, tweak, prince, told, saudi, opec


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Saudi minister looks to make his mark as OPEC meeting gets underway

With oil-producing nations looking to put a floor under prices, mulling perhaps the deepest output cuts this decade to prevent a glut, sources close to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman say he is primarily focused on building consensus. “This meeting will likely showcase HRH’s formidable velvet glove skills,” said Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets”He is used to brokering deals behind the scenes and brings the ful


With oil-producing nations looking to put a floor under prices, mulling perhaps the deepest output cuts this decade to prevent a glut, sources close to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman say he is primarily focused on building consensus.
“This meeting will likely showcase HRH’s formidable velvet glove skills,” said Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets”He is used to brokering deals behind the scenes and brings the ful
Saudi minister looks to make his mark as OPEC meeting gets underway Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: hadley gamble
Keywords: news, cnbc, companies, week, meeting, underway, energy, mark, minister, arabias, lot, saudi, opec, looks, croft, gets, velvet, production, glove


Saudi minister looks to make his mark as OPEC meeting gets underway

With oil-producing nations looking to put a floor under prices, mulling perhaps the deepest output cuts this decade to prevent a glut, sources close to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman say he is primarily focused on building consensus.

“This meeting will likely showcase HRH’s formidable velvet glove skills,” said Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets

“He is used to brokering deals behind the scenes and brings the full power of his position to bear to ensure his desired outcome … under that velvet glove lies an iron fist.”

Just over three months on the job, Saudi Arabia’s energy minister has already faced unprecedented challenges. The September attacks on Aramco facilities just one week after his appointment knocked half of the country’s production offline, pushing the company — and the country — into overdrive, with the government pledging to restore production capacity by the end of the month and fast track the long-awaited initial public offering (IPO).

“A lot of us were skeptical that they could make good on that pledge,” Croft told CNBC. “I think he gained a lot of credibility.”


Company: cnbc, Activity: cnbc, Date: 2019-12-05  Authors: hadley gamble
Keywords: news, cnbc, companies, week, meeting, underway, energy, mark, minister, arabias, lot, saudi, opec, looks, croft, gets, velvet, production, glove


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Iraq, one of OPEC’s biggest over-producers, is urging deeper production cuts

DUBAI — Iraq’s oil minister on Wednesday endorsed dramatically higher crude production cuts for OPEC and its non-OPEC allies, known as OPEC+, in order to lift global oil prices after a year of lackluster demand. But Ghadhban, ahead of OPEC+ meetings on Thursday and Friday, voiced his support for a further 400,000 barrel per day (bpd) production cut across the group’s members. “The 1.6 (million bpd) … In August and September, Baghdad reported its highest oil production on record, averaging 4.85


DUBAI — Iraq’s oil minister on Wednesday endorsed dramatically higher crude production cuts for OPEC and its non-OPEC allies, known as OPEC+, in order to lift global oil prices after a year of lackluster demand.
But Ghadhban, ahead of OPEC+ meetings on Thursday and Friday, voiced his support for a further 400,000 barrel per day (bpd) production cut across the group’s members.
“The 1.6 (million bpd) …
In August and September, Baghdad reported its highest oil production on record, averaging 4.85
Iraq, one of OPEC’s biggest over-producers, is urging deeper production cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: natasha turak
Keywords: news, cnbc, companies, ghadhban, cuts, biggest, opecs, day, bpd, output, million, opec, overproducers, deeper, oil, urging, iraq, minister, production


Iraq, one of OPEC's biggest over-producers, is urging deeper production cuts

A worker is seen at the new CPF3 oil station in the Halfaya oilfield in southern of Maysan province, Halfaya, Iraq December 12, 2018.

DUBAI — Iraq’s oil minister on Wednesday endorsed dramatically higher crude production cuts for OPEC and its non-OPEC allies, known as OPEC+, in order to lift global oil prices after a year of lackluster demand.

The comments, from a country that has consistently pumped beyond its agreed output targets, came as the price of Brent crude rose 1.8% in morning trade London time.

“The 1.2 (million barrels per day) is not really that effective,” Thamer Ghadhban told CNBC’s Dan Murphy in Vienna, referencing the communal output cuts agreed by OPEC+ in December of 2018 that were extended last June. Oil ministers are now convening to discuss whether to carry on or deepen the cuts.

Iraq, the second-largest oil producer of OPEC’s 14 members, is also one of its most chronic over-producers, having consistently violated output cut agreements due to its complicated political situation and heavy reliance on hydrocarbon revenues for reconstruction after years of war.

But Ghadhban, ahead of OPEC+ meetings on Thursday and Friday, voiced his support for a further 400,000 barrel per day (bpd) production cut across the group’s members.

“The 1.6 (million bpd) … I think it would be more effective, no doubt about that,” the minister said. “It would improve the situation within the oil supply and demand. And it is not only OPEC now who is the main player — OPEC contributes oil about 30%, and the number one producer is the U.S. So there are new realities in the world.”

The minister maintained that it was too early to know whether such cuts would be unanimously approved by the group’s 24 members, something that is required for any production cut agreement.

“I think there will be opposition to that by some — and others will support it, what will be the final verdict is too early to say,” Ghadhban said. “It is very much dependent on a number of main factors, one whether it is in the interest of individual countries, especially the big producers. (There are) those who would like to see stability and improve prices, and others want to maintain their share. Because at the end of the day, if there is additional cuts, most of the contribution will come from the bigger producers.”

Indeed, top OPEC producer Saudi Arabia has taken on the lion’s share of the group’s output cuts, pumping less than 10 million bpd of crude over the past year — well below its agreed target.

In August and September, Baghdad reported its highest oil production on record, averaging 4.85 million barrels per day (bpd). That volume that has increased steadily over the past few years despite nearly two decades of war and a bloody three-year battle to drive out ISIS.

Iraq has since reined in production, with a reduction in output of roughly 120,000 bpd from September to October. Ghadhban told CNBC in September that “We are trying to adhere to our commitment that we have agreed on the third of December last year with our colleagues in OPEC and outside OPEC, but with difficulties, of course.”

The minister on Wednesday also encouraged a continuation of cuts beyond June of 2020 to at least the end of next year.

“If (the agreement) is extended to the middle of 2020 … it will not be that effective,” he told CNBC. “The glut, or increase in the commercial reserves will continue and therefore we will not see significant change. But if tomorrow OPEC+ decides to rollover the 1.2 (million bpd) till the end of the year, I believe, based on the analysis, that it will be more significant.”

Despite acknowledging that the proposal to reduce production by nearly half a million barrels per day will prove controversial, Ghadhban was confident in the ability of OPEC+ to come to some kind of agreement.

“So … we have to wait and see till tomorrow and after tomorrow what will be the consensus,” he said. “The way OPEC+ operates, they always reach consensus at the end of the day.”


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: natasha turak
Keywords: news, cnbc, companies, ghadhban, cuts, biggest, opecs, day, bpd, output, million, opec, overproducers, deeper, oil, urging, iraq, minister, production


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Trudeau, Macron, Johnson appear to joke about Trump on hot mic video

The leaders of France, Canada and the U.K. appeared to be gossiping about President Donald Trump at Buckingham Palace on Tuesday, according to video footage circulated of the event. In the video, in which the world leaders don’t appear to realize their conversation is being recorded, U.K. Prime Minister Boris Johnson asks French President Macron: “Is that why you were late?” Canadian Prime Minister Justin Trudeau then steps in and says: “He was late because he takes a 40-minute press conference


The leaders of France, Canada and the U.K. appeared to be gossiping about President Donald Trump at Buckingham Palace on Tuesday, according to video footage circulated of the event.
In the video, in which the world leaders don’t appear to realize their conversation is being recorded, U.K. Prime Minister Boris Johnson asks French President Macron: “Is that why you were late?”
Canadian Prime Minister Justin Trudeau then steps in and says: “He was late because he takes a 40-minute press conference
Trudeau, Macron, Johnson appear to joke about Trump on hot mic video Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: silvia amaro
Keywords: news, cnbc, companies, video, queen, trump, leaders, minutes, johnson, nato, mic, trudeau, president, appear, macron, joke, minister, hot, prime


Trudeau, Macron, Johnson appear to joke about Trump on hot mic video

LONDON, ENGLAND – DECEMBER 03: Prince Charles, Prince of Wales, Jens Stoltenberg, Nato Secretary General, Queen Elizabeth II, Boris Johnson, Prime Minister of the United Kingdom and Justin Trudeau, Prime Minister of Canada join other Nato leaders for a group photograph at a reception for NATO leaders hosted by Queen Elizabeth II at Buckingham Palace on December 3, 2019 in London, England.

The leaders of France, Canada and the U.K. appeared to be gossiping about President Donald Trump at Buckingham Palace on Tuesday, according to video footage circulated of the event.

In the video, in which the world leaders don’t appear to realize their conversation is being recorded, U.K. Prime Minister Boris Johnson asks French President Macron: “Is that why you were late?” Canadian Prime Minister Justin Trudeau then steps in and says: “He was late because he takes a 40-minute press conference off the top.”

It is not clear who Trudeau was referring to and none of people present — which also includes Dutch Prime Minister Mark Rutte and Princess Anne — mention Trump by name.

However, Trump’s remarks alongside NATO Secretary General Jens Stoltenberg earlier on Tuesday lasted 53 minutes, according to a White House transcript, when the itinerary had suggested that it would last 20 minutes. The U.S. president was later involved in 38 minutes of remarks alongside Macron.

The footage also features a “jaws drop to the floor” sentence from the Canadian prime minster, potentially referring a team of officials that work in close contact with a world leader. But the words do not appear to be a continuation of Trudeau’s previous comments.

Spokespersons for Johnson and Macron’s offices have both declined to comment on the video.

Leaders of NATO countries are in the U.K. to celebrate the 70th anniversary of the alliance and met the British queen and her family at an evening event on Tuesday. But the celebrations come against a backdrop of division between members on its future direction.

During a press conference Tuesday, Macron and Trump expressed differing views over topics like Turkey, Islamic State fighters and the overall role of the transatlantic institution. During the morning session, Trump strongly denounced comments the French president made earlier this year about NATO.

Macron told The Economist publication in October that the military alliance was experiencing “brain death.” The American leader hit back, saying he could see France “breaking off” from NATO and said Macron’s comments had been “very, very nasty” to the 28 other member states.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: silvia amaro
Keywords: news, cnbc, companies, video, queen, trump, leaders, minutes, johnson, nato, mic, trudeau, president, appear, macron, joke, minister, hot, prime


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Here are 5 major storylines to follow heading into the big OPEC meeting this week

New Saudi minister. In September, Saudi King Salman bin Abdulaziz abruptly replaced his nation’s energy minister with one of his sons. Bankruptcies among U.S. producers could surge in the next year or two unless oil prices move materially higher. While OPEC production did not increase, U.S. production did. Iran’s oil minister – the longest serving OPEC minister – is facing calls for his removal after a surprise gas price hike incensed the population.


New Saudi minister.
In September, Saudi King Salman bin Abdulaziz abruptly replaced his nation’s energy minister with one of his sons.
Bankruptcies among U.S. producers could surge in the next year or two unless oil prices move materially higher.
While OPEC production did not increase, U.S. production did.
Iran’s oil minister – the longest serving OPEC minister – is facing calls for his removal after a surprise gas price hike incensed the population.
Here are 5 major storylines to follow heading into the big OPEC meeting this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: brian sullivan
Keywords: news, cnbc, companies, 2019, prices, major, follow, saudi, heading, opec, minister, energy, ipo, storylines, oil, week, big, production, meeting


Here are 5 major storylines to follow heading into the big OPEC meeting this week

OPEC hosts its bi-annual meeting on Thursday in Vienna, Austria. It will be important, interesting and unusual on a number of levels. Here are the top 5 storylines around OPEC right now:

1. New Saudi minister. New strategy, too?

In September, Saudi King Salman bin Abdulaziz abruptly replaced his nation’s energy minister with one of his sons. The shift wasn’t just administrative. It could also signal a shift in strategy for the Saudis. The previous energy minister, Khalid Al-Falih, worked hard to build a price stabilization model at OPEC by urging member countries to agree to an output decision and stick to it. What’s unknown is whether the new minister, Prince Abdul Aziz bin Salman, also believes in that approach, or whether he will change course and push for market share gains. If that happens, the Saudis may decide to go it alone and drill, baby, drill.

Saudi Arabia’s new Energy Minister, Prince Abdulaziz bin Salman takes a tour at the exhibition during the 24th World Energy Congress in Abu Dhabi, United Arab Emirates September 9, 2019. REUTERS | Satish Kumar | File Photo

2. Aramco IPO effect

Oh, about the world’s biggest IPO. Lower prices aren’t what the Saudis want right now, given that the long awaited pricing of the Aramco IPO also occurs on Thursday. While the amount of stock available for trading will only be 0.5% of the company, the IPO will be widely watched both inside and outside of the Kingdom, and the timing of the pricing and the OPEC meeting isn’t lost on observers. If oil falls, the IPO may struggle, which would be an unwelcome development in Riyadh. The IPO leads many energy experts to believe that Prince Abdul Aziz will continue with the price stabilization approach over gaining market share.

An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters

3. OPEC, hero?

The U.S. oil and gas industry is near a tipping point. Shares of energy companies have collapsed this year, with the S&P Oil & Gas Exploration ETF down 40.7% in 12 months. Much of that drop is because oil prices have been stubbornly stuck in the mid-$50 dollar range, which isn’t enough to give many debt-heavy U.S. producers the cash flow they need and that investors now demand. Bankruptcies among U.S. producers could surge in the next year or two unless oil prices move materially higher. OPEC is aware of this, and what they decide at the meeting may have long lasting impact on the U.S. oil industry. After being vilified for 40+ years by the American oil and gas industry, OPEC may now be the only group that can help stave off a terrible few years. That irony isn’t lost on the OPEC leadership, or its members.

Venezuela’s Oil Minister Manuel Quevedo gives the opening speech of the 176th meeting of the Organization of the Petroleum Exporting Countries (OPEC) conference and the 6th meeting of the OPEC and non-OPEC countries on July 1, 2019 in Vienna, Austria. Joe Klamar | AFP | Getty Images

4. Lackluster global demand

You may have heard about this U.S.-China trade war? Demand for OPEC oil fell this year from 2018. While OPEC production did not increase, U.S. production did. Even as American production growth is seen slowing, remember it will likely still be a slowdown in growth, not a contraction. Norway also just opened up its biggest new oil project in a decade, the massive North Sea field called Johan Sverdrup, and Brazilian production is also on the rise. So unless global demand growth is able to keep up with higher production from non-OPEC nations, prices could stay under pressure.

Oil field worker, Miguel Holguin, operates a swabbing rig in a field in Seminole, TX, September 19, 2019. Adria Malcolm | Reuters

5. Iran & Iraq imploding

This will likely be topic #1 behind closed doors at the meeting. Both nations are experiencing crippling protests and citizen uprisings. Iraq’s Prime Minister just resigned, in part because security forces shot and killed more than 400 young demonstrators. Iran’s oil minister – the longest serving OPEC minister – is facing calls for his removal after a surprise gas price hike incensed the population. The two countries produce more than 8 million barrels of oil per day, so a disruption in one – or both – could have a marked impact on supply and pricing.

Iraqi demonstrators burn tires to block a street during ongoing anti-government protests in Najaf, Iraq November 27, 2019. Alaa al-Marjani | REUTERS


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: brian sullivan
Keywords: news, cnbc, companies, 2019, prices, major, follow, saudi, heading, opec, minister, energy, ipo, storylines, oil, week, big, production, meeting


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Trump abruptly cancels NATO press conference after summit turns sour

Hours before the press conference was set to start, video emerged of Canadian Prime Minister Justin Trudeau caught on a hot mic mocking Trump . The presser was scheduled to come after a series of bilateral meetings with NATO members, including German Chancellor Angela Merkel and Italian Prime Minister Giuseppe Conte. “We won’t be doing a press conference at the close of NATO because we did so many over the past two days. President Donald Trump on Wednesday abruptly canceled a press conference th


Hours before the press conference was set to start, video emerged of Canadian Prime Minister Justin Trudeau caught on a hot mic mocking Trump .
The presser was scheduled to come after a series of bilateral meetings with NATO members, including German Chancellor Angela Merkel and Italian Prime Minister Giuseppe Conte.
“We won’t be doing a press conference at the close of NATO because we did so many over the past two days.
President Donald Trump on Wednesday abruptly canceled a press conference th
Trump abruptly cancels NATO press conference after summit turns sour Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: kevin breuninger
Keywords: news, cnbc, companies, prime, trump, cancels, nato, president, abruptly, conference, press, minister, video, trudeau, turns, summit, sour


Trump abruptly cancels NATO press conference after summit turns sour

US President Donald Trump (L) and Turkey’s President Recep Tayyip Erdogan (R) pose for the family photo at the NATO summit at the Grove hotel in Watford, northeast of London on December 4, 2019.

Hours before the press conference was set to start, video emerged of Canadian Prime Minister Justin Trudeau caught on a hot mic mocking Trump .

The presser was scheduled to come after a series of bilateral meetings with NATO members, including German Chancellor Angela Merkel and Italian Prime Minister Giuseppe Conte.

“We won’t be doing a press conference at the close of NATO because we did so many over the past two days. Safe travels to all!” Trump said.

“When today’s meetings are over, I will be heading back to Washington,” Trump said in a series of tweets.

President Donald Trump on Wednesday abruptly canceled a press conference that was scheduled to cap a contentious trip to England for the North Atlantic Treaty Organization’s 70th anniversary meeting.

Trump offered a blunt retort when asked Wednesday about Trudeau’s comments.

“He’s two-faced,” Trump said, before adding, “I find him to be a very nice guy but the truth is I called him out on the fact that he’s not paying 2% and I guess he’s not very happy about it.” Trump has long griped about NATO members paying less than their “fair share” toward the alliance, and brought up the issue repeatedly over the two-day anniversary meeting this week.

Trudeau, speaking with French President Emmanuel Macron, U.K. Prime Minister Boris Johnson and Dutch Prime Minister Mark Rutte, said that Trump “was late because he takes a 40-minute press conference off the top.”

“You just watched his team’s jaws drop to the floor,” Trudeau said at another point in the video, raising his eyebrows and motioning with his hand for effect.

None of the politicians in the hot-mic video, which emerged on social media Tuesday evening, mentioned Trump by name. But Trudeau reportedly said later Wednesday that it was Trump’s surprise announcement of the location for next year’s Group of Seven summit that made “his team’s jaws drop to the floor.”

Trump revealed Tuesday that the 2020 G-7 summit will be held at Camp David in Maryland, weeks after he retreated from a plan to host it at his own Miami golf resort.

The hot-mic gossip was the latest point of tension at the meeting, but it was far from the only dispute between leaders on display.

Macron defended his recent claim that NATO was suffering from “brain death” from critics including Trump, who had called that comment “very nasty.”

The French leader also called out Turkish President Recep Tayyip Erdogan for his threat to oppose NATO’s plan for defense of Baltic countries if it does not recognize groups the country deems as terrorists. The White House announced Wednesday morning that Trump had met with Erdogan during the NATO event.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: kevin breuninger
Keywords: news, cnbc, companies, prime, trump, cancels, nato, president, abruptly, conference, press, minister, video, trudeau, turns, summit, sour


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Trump calls Trudeau ‘two-faced’ after video emerges of NATO leaders apparently mocking him

LONDON — President Donald Trump criticized Justin Trudeau Wednesday, calling his Canadian counterpart “two-faced” after footage emerged of world leaders appearing to mock him. “He’s two-faced,” Trump said. The U.S. leader made the remark while taking questions from reporters alongside German Chancellor Angela Merkel at the 2019 NATO summit in London. A video surfaced on social media late Tuesday purporting to show Trudeau, French President Emmanuel Macron, U.K. Prime Minister Boris Johnson and D


LONDON — President Donald Trump criticized Justin Trudeau Wednesday, calling his Canadian counterpart “two-faced” after footage emerged of world leaders appearing to mock him.
“He’s two-faced,” Trump said.
The U.S. leader made the remark while taking questions from reporters alongside German Chancellor Angela Merkel at the 2019 NATO summit in London.
A video surfaced on social media late Tuesday purporting to show Trudeau, French President Emmanuel Macron, U.K. Prime Minister Boris Johnson and D
Trump calls Trudeau ‘two-faced’ after video emerges of NATO leaders apparently mocking him Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: ryan browne
Keywords: news, cnbc, companies, prime, trump, president, nato, leaders, late, twofaced, press, paying, mocking, minister, video, trudeau, apparently, emerges, calls


Trump calls Trudeau 'two-faced' after video emerges of NATO leaders apparently mocking him

LONDON — President Donald Trump criticized Justin Trudeau Wednesday, calling his Canadian counterpart “two-faced” after footage emerged of world leaders appearing to mock him.

“He’s two-faced,” Trump said. “I find him to be a very nice guy but the truth is I called him out on the fact that he’s not paying 2% (of GDP on Canada’s defense budget) and I guess he’s not very happy about it.”

“He’s not paying 2% and he should be paying 2%. It’s Canada, they have money and they should be paying 2%. So I called him out on that and I’m sure he wasn’t happy about it but that’s the way it is.”

The U.S. leader made the remark while taking questions from reporters alongside German Chancellor Angela Merkel at the 2019 NATO summit in London.

A video surfaced on social media late Tuesday purporting to show Trudeau, French President Emmanuel Macron, U.K. Prime Minister Boris Johnson and Dutch Prime Minister Mark Rutte discussing Trump’s press conference with NATO Secretary Jens Stoltenberg.

In the clip, which the people involved didn’t realize was being taken, Johnson asks Macron: “Is that why you were late?” to which Trudeau steps in and says: “He was late because he takes a 40-minute press conference off the top.”


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: ryan browne
Keywords: news, cnbc, companies, prime, trump, president, nato, leaders, late, twofaced, press, paying, mocking, minister, video, trudeau, apparently, emerges, calls


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OPEC is considering deeper production cuts, but its meeting is in disarray before it even gets started

OPEC’s meetings appear to be in disarray even before they begin this week, but analysts see a growing chance the fractured group may ultimately agree to deeper production cuts. “The problem with the Iraqi oil minister putting this information out there is now it has set market expectations. Ghadhban’s position as oil minister is also tenuous given Iraq’s prime minister resigned last week and a new government will be formed. That in essence would reduce the size of Russia’s production cut if agre


OPEC’s meetings appear to be in disarray even before they begin this week, but analysts see a growing chance the fractured group may ultimately agree to deeper production cuts.
“The problem with the Iraqi oil minister putting this information out there is now it has set market expectations.
Ghadhban’s position as oil minister is also tenuous given Iraq’s prime minister resigned last week and a new government will be formed.
That in essence would reduce the size of Russia’s production cut if agre
OPEC is considering deeper production cuts, but its meeting is in disarray before it even gets started Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: patti domm
Keywords: news, cnbc, companies, disarray, cut, saudi, production, russia, deeper, meeting, opec, gets, considering, oil, minister, cuts, started, group, million


OPEC is considering deeper production cuts, but its meeting is in disarray before it even gets started

The logo of the Organization of the Petroleum Exporting Countries (OPEC) at the headquarters.

OPEC’s meetings appear to be in disarray even before they begin this week, but analysts see a growing chance the fractured group may ultimately agree to deeper production cuts.

Members of the Organization of the Petroleum Exporting Countries meet Thursday in Vienna, and they will be joined by Russia and other non OPEC producers Friday. That larger group, known as OPEC plus, had been expected to extend an existing agreement to cut 1.2 million barrels a day through June. The agreement had been set to expire in March.

Helima Croft, RBC head of global commodities strategy, said it is now her understanding that a larger cut had the support of the OPEC core operating group, as well as its partner Russia.

Croft, speaking from Vienna, said it appears the defacto operating group of OPEC has agreed to larger cuts, but it was not discussed at a meeting on Tuesday of the Joint Technical Committee that monitors the production deal.

Iraq oil minister Thamer Ghadhban Wednesday told CNBC’s Dan Murphy in Vienna that the current cuts are not enough, and the group should cut 400,000 more.

Croft said the Iraqi minister’s comments created a stir and helped send oil prices about 4% higher Wednesday.

“If the plan was for a surprise party, it has been been dashed,” she said. “The problem with the Iraqi oil minister putting this information out there is now it has set market expectations. Now if they come out with just an extended cut, and not deeper, and just honor the rolling agreement to go to March, that’s a bearish outcome. He really did upend everything.”

On Tuesday, J.P. Morgan analysts in London said in a note that their base case was now for 300,000 barrels a day cut, on top of the current 1.2 million barrels per day. They said OPEC was focused on U.S. shale’s growth, and was no longer willing to give it a “free ride.” As OPEC plus reined in production, U.S. production has gone full throttle, and the U.S. is now producing 12.9 million barrels a day, more than Saudi Arabia and Russia.

Ghadhban mentioned U.S. production in his comments to CNBC. “The 1.6 (million bpd) … I think it would be more effective, no doubt about that,” the minister said. “It would improve the situation within the oil supply and demand. And it is not only OPEC now who is the main player — OPEC contributes oil about 30%, and the number one producer is the U.S. So there are new realities in the world.”

Iraq, OPEC’s second-largest producer, happens to be one of the countries that has not been keeping to its quota, along with Nigeria. Russia has also exceeded its limits. Ghadhban’s position as oil minister is also tenuous given Iraq’s prime minister resigned last week and a new government will be formed.

Rebecca Babin, a senior energy trader at CIBC Private Wealth Management described the OPEC plus meeting like a dysfunctional family. with members all driven by their own opinions and objectives.

She said it’s understandable that OPEC is now willing to look at further cuts. “I think it’s understandable given the unrest you have in Iraq. Look what’s happening in Iraq. Hardly anybody’s talking about the fact Iraq has some major protests going on,” Babin said. Some producers are under pressure to meet their budgets.

“They all have a heightened sense of urgency around what’s happening at this meeting. They are even more dysfunctional,” she said.

Babin said the OPEC plus meeting was considered to be a “stay the course” event up until last week when Russia Energy Minister Alexander Novak said he thought the group should hold off until March to make a decision.

Ahead of the meetings, OPEC’s biggest producer, Saudi Arabia, was reportedly both backing further cuts and threatening to raise its own production if other members of OPEC continue to fail to meet their commitments to cut production.

J.P. Morgan analysts said Saudi Arabia, as part of a production cut, may agree to limit its output to 10 million barrels a day, from 10.3 million barrels.

John Kilduff of Again Capital said it’s possible that the group could agree to cuts, and if it doesn’t oil prices will get hit hard. “It will the mother of all disappointments,” he said.

He said Saudi Arabia would be happy to see a bigger cut and higher oil prices, considering that Saudi Aramco’s initial stock offering will be priced Thursday.

“The broader issue is they are unhappy with the lack of compliance,” he said.

Analysts said they were waiting to see what Russia’s position is when Novak arrives in Vienna on Thursday. Russia had opposed deeper cuts, but has been angling to have its condensates removed from the original agreement and focus instead only on its crude output. That in essence would reduce the size of Russia’s production cut if agreed to.

Novak has made it clear Russia’s oil producers are unhappy with the agreement, as it currently stands.

Croft said Russia may get its wish on the condensates. “It may be the price of entry,” she said. Russia could get its wish on condensates in exchange for its support of further cuts.

Babin agreed and said other producers would be looking for similar treatment but they would have no leverage. Russia has said it could meet its production cut objective of 225,000 to 230,000 barrels if it was not required to count condensates, equal to about 6% of its production.

“If the call goes to Putin I think Russia will follow that the core OPEC members want,” Croft said.

Analysts have said Russian President Vladimir Putin values his relationship with Saudi Arabia, and the two have agreed to energy partnerships and other ventures.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: patti domm
Keywords: news, cnbc, companies, disarray, cut, saudi, production, russia, deeper, meeting, opec, gets, considering, oil, minister, cuts, started, group, million


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Finland’s PM resigns after losing trust of coalition partner

Finnish Prime Minister Antti Rinne speaks during a press conference at the German federal Chancellery on July 10, 2019 in Berlin, Germany. Finnish Prime Minister Antti Rinne resigned on Tuesday after a member of the ruling coalition said it had lost confidence in him following a series of disruptive strikes. “Next we will likely have fast government formation talks, and likely with the same coalition,” Rinne told reporters. “At 34 she’d be the youngest prime minister ever,” Helsinki University p


Finnish Prime Minister Antti Rinne speaks during a press conference at the German federal Chancellery on July 10, 2019 in Berlin, Germany.
Finnish Prime Minister Antti Rinne resigned on Tuesday after a member of the ruling coalition said it had lost confidence in him following a series of disruptive strikes.
“Next we will likely have fast government formation talks, and likely with the same coalition,” Rinne told reporters.
“At 34 she’d be the youngest prime minister ever,” Helsinki University p
Finland’s PM resigns after losing trust of coalition partner Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03
Keywords: news, cnbc, companies, rinnes, likely, party, resigns, rinne, minister, partner, continue, coalition, losing, role, trust, prime, told, finlands


Finland's PM resigns after losing trust of coalition partner

Finnish Prime Minister Antti Rinne speaks during a press conference at the German federal Chancellery on July 10, 2019 in Berlin, Germany.

Finnish Prime Minister Antti Rinne resigned on Tuesday after a member of the ruling coalition said it had lost confidence in him following a series of disruptive strikes.

The Centre Party asked Rinne to step down after a more than two-week strike at Finland’s state postal service, Posti, spread to the national airline, Finnair, and to other industries before being settled last week.

Centre Party chairwoman Katri Kulmuni questioned Rinne’s role in handling the strike on Monday but said she wanted the same five-member coalition to continue under an unspecified new prime minister.

President Sauli Niinisto accepted Rinne’s resignation and asked the centre-left cabinet to continue in a caretaker role pending the formation of a new one.

“Next we will likely have fast government formation talks, and likely with the same coalition,” Rinne told reporters.

The timing of the crisis is awkward. Finland holds the rotating presidency of the European Union until the end of the year, playing a central role in efforts to hammer out a new budget for the bloc.

Social Democrat Minister of Transportation and Communications Sanna Marin, 34, is seen as a frontrunner to replace Rinne.

“I won’t dodge the responsibility,” Marin told reporters at Helsinki airport after flying back from Brussels due to the crisis.

“At 34 she’d be the youngest prime minister ever,” Helsinki University political scientist Johanna Vuorelma.

Another candidate to lead the government would be Antti Lindtman, SDP group leader and party chairman, who told reporters he was also ready become prime minister.

If all five coalition partners agree to be on board, it is customary that the election winner, in this case the Social Democrats, are given the first attempt to win approval for a new prime minister and form a government.

The Centre Party and SDP are both trailing in the polls and could lose ground to the nationalist Finns Party, which came a close second to Rinne’s Social Democrats in April’s election.

“It is very likely this same government coalition will continue,” Tampere University political scientist Ilkka Ruostetsaari said.


Company: cnbc, Activity: cnbc, Date: 2019-12-03
Keywords: news, cnbc, companies, rinnes, likely, party, resigns, rinne, minister, partner, continue, coalition, losing, role, trust, prime, told, finlands


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