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Saudi Crown Prince and Russian President Urge OPEC+ Compliance By Bloomberg

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© Bloomberg. An OPEC sign hangs outside the OPEC Secretariat ahead of the 177th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Wednesday, Dec. 4, 2019. Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, fell to their lowest level since July, as the group’s ministers gathered in Vienna to decide the next steps in their pact with a band of non-OPEC countries that aims to limit supply. Photographer: Stefan Wermuth/Bloomberg

(Bloomberg) — Saudi Crown Prince Mohammed Bin Salman and Russian President Vladamir Putin urged OPEC+ oil producers to stick to agreed production cuts, increasing pressure on other members to deliver promised output curbs.

During a phone call, the two leaders reviewed global oil-market conditions and efforts made to achieve balance and support the growth of the global economy, the official Saudi Press Agency said. Both “agreed on the importance of all oil-producing countries to continue cooperating and abiding by OPEC+ agreement to achieve these goals for the benefit of both producers and consumers,” according to a statement from the kingdom.

With oil prices barely above $40 a barrel and new coronavirus outbreaks in Europe and the Americas weighing on demand, many in the market are questioning whether OPEC+ will go ahead with tapering its production cuts as scheduled over the New Year. The group is set to meet on Nov. 30-Dec. 1 for a full ministerial meeting to decide whether to reduce the size of the current production cuts from nearly 8 million barrels a day to 6 million barrels a day on January 2021.

The phone call, which was also reported by the Kremlin, came six days before a small group of OPEC+ ministers are scheduled to review compliance with the current production cuts on a conference call scheduled for Oct. 19.

©2020 Bloomberg L.P.

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China’s purchases of U.S. farm goods at 71% of target under trade deal: U.S. By Reuters

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© Reuters. Senate Finance Committee hearing on U.S. trade on Capitol Hill in Washington

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WASHINGTON (Reuters) – China has substantially increased purchases of U.S. farm goods and implemented 50 of 57 technical commitments aimed at lowering structural barriers to U.S. imports since the two nations signed a trade deal in January, the U.S. government said on Friday.

In a joint statement, the U.S. Trade Representative’s (USTR) office and the U.S. Department of Agriculture (USDA) said China had bought over $23 billion in U.S. agricultural goods to date, or about 71% of the target set under the so-called Phase 1 deal.

“Since the Agreement entered into force eight months ago, we have seen remarkable improvements in our agricultural trade relationship with China, which will benefit our farmers and ranchers for years to come,” U.S. Trade Representative Robert Lighthizer said in a statement.

The deal defused a bitter trade war between the world’s two largest economies, but disputes over human rights, the COVID-19 crisis and technology have strained ties between Washington and Beijing, raising doubts about the prospects for deepening the agreement in a second phase.

Agriculture is one of the four areas where China pledged to increase its purchases of U.S. goods and services. Many experts question whether China will meet its overall targets this year given lockdowns imposed earlier this year to contain the virus.

The report showed outstanding sales of U.S. corn to China were at an all-time high of 8.7 million tons, while U.S. soybeans sales for marketing year 2021 to China were at double the levels seen in 2017.

U.S. exports of sorghum to China from January to August 2020 totaled $617 million, up from $561 million for the same period in 2017, it said.

U.S. pork exports to China hit an all-time record in just the first five months of 2020, and U.S. beef and beef products exports to China through August 2020 are already more than triple the total for 2017, it said.

In addition to these products, USDA expects 2020 sales to China to hit record or near-record levels for other U.S. agricultural products including pet food, alfalfa hay, pecans, peanuts, and prepared foods.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Democrats in U.S. drilling states push back against Biden oil remarks By Reuters

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© Reuters. Final 2020 U.S. presidential campaign debate in Nashville

By Nichola Groom

(Reuters) – Democratic candidates in oil drilling states were quick to distance themselves on Friday from comments by their party’s presidential candidate, Joe Biden, that indicated he would move the United States away from a reliance on oil.

From Texas to Montana, Democrats locked in tight congressional races in Nov. 3’s general election took to Twitter to affirm their support for the fossil fuel industries and workers in their states.

“I’ll always stand up to my party when it’s out of touch with our Montana way of life,” Governor Steve Bullock, who is running for U.S. Senate, tweeted on Friday.

President Donald Trump, who trails Biden in national opinion polls, accused his rival in their final presidential debate on Thursday of planning to destroy the oil industry, leading the former vice president to respond that he did believe the country should eventually replace oil with solar, wind and other forms of non-polluting power.

“I would transition from the oil industry, yes,” Biden said.

“He is going to destroy the oil industry,” Trump said. “Will you remember that Texas? Will you remember that Pennsylvania, Oklahoma, Ohio?”

After the debate, Biden told reporters he was referring to a plan to stop subsidizing fossil fuels: “… they’re not going to lose their jobs. Besides, a lot more jobs are going to be created in other alternatives.”

Trump’s campaign seized on Biden’s remarks, promoting a new advertisement on Friday that said thousands of drilling jobs were at stake in the battleground state of Pennsylvania.

“I disagree with VP Biden’s statement tonight,” Democratic Representative Xochitl Torres Small, whose district includes portions of New Mexico’s oil-rich Permian basin, tweeted after the debate, saying the country should not “demonize a single industry.”

Polls show Torres Small in a tight race against Republican opponent Yvette Herrell, who she narrowly unseated in 2018.

Torres Small said she was willing to break with her party on the issue, a sentiment echoed by Bullock, who briefly sought the Democratic presidential nomination himself, and U.S. Representative Kendra Horn of Oklahoma.

U.S. Representative Lizzie Fletcher, a Democrat running for re-election in Houston, the capital of the U.S. oil industry, said in a statement that Biden’s comments “fail to address the complexity of our energy needs and plan for our future.”

Biden says his $2 trillion plan to combat climate change through investment in clean energy will create millions of jobs, a stark contrast to Trump administration policies that promote fossil fuel development and play down the threat of climate change.

Nationally, Biden’s plan enjoys the support of two-thirds of voters, according to a New York Times/Siena College poll this month. But in states where the oil industry is a major employer, many voters are skeptical of a move away from fossil fuels.

Democratic vice presidential nominee Kamala Harris said Trump was blowing her running mate’s comments out of proportion.

“The president likes to put everything out of context,” the California senator said at a campaign stop in Atlanta.





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Gold Looks For Footing After Pause Button Hit on U.S. Stimulus By Investing.com

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© Reuters.

By Barani Krishnan

Investing.com – Gold rose in Friday’s trade but settled down a second week in a row as the yellow metal tried to find a floor after the White House and Congress hit the pause button on the Covid-19 stimulus drama, suggesting a major relief will be passed only after the Nov. 3 U.S. election.

settled at $1,905.20 on New York’s Comex, up 60 cents, or 0.03%. For the week though, it was down 0.1%, following through with the previous week’s 1% drop.

, which reflects real-time trades in bullion, was flat at $1,904.10 by 2:40 PM ET (18:40 GMT). Bullion also showed a 0.3% gain on the week versus a decline of 1.6% from the week earlier.

White House officials, including Chief of Staff Mark Meadows and Press Secretary Kayleigh McEnany, said negotiations for a stimulus with Nancy Pelosi, speaker of the opposition-led Congress, have virtually ended after two weeks of inconclusive talks.

U.S. Treasury Secretary Steven Mnuchin, who was directly involved in negotiations with Pelosi, said significant differences remained between the two sides.

Congress approved a Coronavirus Aid, Relief and Economic Security (CARES) stimulus in March, dispensing roughly $3 trillion as paycheck protection for workers, loans and grants for businesses and other personal aid for qualifying citizens and residents.

Democrats have been locked in a stalemate since with President Donald Trump’s Republican party on a successive package to CARES. The dispute has basically been over the size of the next relief as thousands of Americans, particularly those in the airlines sector, risked losing their jobs without further aid.

Buyers plowed into gold earlier this week on speculation that the Trump administration could bridge the gap between its $1.9 trillion offer and the $2.2 trillion sought by Pelosi and the Democrats. But as the week dragged on, both sides dug their heels in, negating any likelihood for a deal ahead of the Nov. 3 presidential election, in which Trump faces Democrat candidate Joe Biden.

Trump, reinforcing the stance of his administration and the Republicans, tweeted on Friday that he would never fund Democratic-run states under the stimulus.

Despite the standoff, gold prices weren’t tanking as investors were pricing in the possibility of a huge Biden win in the election, based on polls, and the likelihood of a major stimulus issued thereafter, analysts said.

“History shows that almost every government struggling with instability does the same thing: Spend money,” said Adam Button, managing editor at ForexLive.

“The case for gold is overwhelming. We’re still in a seasonally weak spot but if there’s some weakness in November, it will be time to buy. If not, buy in December at any price.”

Comex gold hit record highs of nearly $2,090 an ounce in early August as speculation for a second round of CARES peaked then. However, the yellow metal fell almost $250, or 12%, from those highs in recent weeks as the speculation for another Covid-19 deal fizzled and the dollar rallied instead.

The , which pits the greenback against six major currencies, was down 0.2% at 92.8 on Friday after standing as high as 94.8 in September.





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