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Iran says it agrees with Mecca pact states on pursuing peace
An agreement to pursue further security talks and strengthen regional co-operation was reached by Iran, Saudi Arabia, Pakistan and Turkey on Monday after high-level discussions in Tehran, Islamic Republic of Iran Broadcasting (IRIB) reported.
In a joint statement following the first meeting between Iran and senior representatives of the Mecca Joint Defence Agreement, the four countries said they had agreed to sustain dialogue and consultations, with particular emphasis on regional peace, security and stability.
Saudi Defence Minister Prince Khalid bin Salman, Pakistan’s army chief Asim Munir and Turkey’s intelligence chief Ibrahim Kalin attended the talks, which were hosted by Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council.
WTI edges lower
A daily decline of 0.15% leaves West Texas Intermediate (WTI) trading at $100.43 at the time of writing.
WTI Oil: Key Facts
Traded on international markets, WTI Oil is a grade of crude oil. Its name stands for West Texas Intermediate, which ranks alongside Brent and Dubai Crude as one of three major grades. Its relatively low gravity and sulphur content account for the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, WTI is straightforward to refine. Production takes place in the United States, with distribution through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, and its price is regularly cited in media coverage.
Supply and demand underpin WTI Oil prices, as they do those of all assets. Stronger global growth can therefore lift demand, while weaker growth can have the reverse effect. Supply disruptions arising from political instability, wars or sanctions can also affect prices. Another important influence comes from decisions by OPEC, a grouping of major oil-producing countries. Since oil is traded predominantly in US Dollars, the currency’s value also affects WTI crude prices: a weaker US Dollar can make oil more affordable, while a stronger currency can do the opposite.
WTI Oil prices respond to weekly oil inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Movements in stocks reflect shifts in supply and demand. A fall in inventories can signal stronger demand and push oil prices higher; rising stocks can indicate greater supply and put downward pressure on prices. Each Tuesday brings the API report, followed by the EIA release the next day. The two sets of figures are generally similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations that make up OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. Those decisions frequently influence WTI Oil prices. Lower quotas can constrain supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The wider OPEC+ grouping includes ten additional countries outside OPEC, with Russia the most prominent.
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