Oil Market Is Rebalancing Yet OPEC's Work Not Finished, IEA Says
19 May, 2017, 16:02 | Author: Leticia Walters
Russia's Energy Ministry plans no compensations to Russian companies due to a probable extension of the agreement on oil production cut, Minister Alexander Novak said Tuesday.
Energy ministers from the world's two top producers said that supply cuts should be prolonged for nine months, until March 2018.
An extension of the cuts at already agreed-upon volumes is needed to reach the goal of paring world inventories to their five-year average, Kuwait's Oil Minister Issam Almarzooq said Tuesday in an emailed statement.
The global benchmark for crude oil was up $1.25, of 2.5 percent on the day, at $52.10 a barrel.
The six-month accord, agreed to previous year, is up for review when OPEC and other exporters meet next week.
The move was partly matched by non-cartel producers led by Russian Federation.
As of 0653 GMT, brent crude futures were at US$52.08 (RM224.66) per barrel, up 26 cents, or 0.5 per cent, from their last close.
The U.S. rig count rose for the 17th week in a row to the highest level since August 2015 last week, implying that further gains in domestic production are ahead. Surging U.S. production has raised concern that the Organization of Petroleum Exporting Countries and its partners are failing to reduce an oversupply.
An OPEC source familiar with the market situation told Reuters earlier on Monday that oil inventories in floating storage have declined by one-third since the start of the year. Saudi Arabian production in April average 9.97 million barrels per day, nearly 1 percent below its quota under the multilateral deal.
Goldman's Jeff Currie says talk that OPEC could start defending its market share again to squeeze USA producers is the wrong way to look at the situation: "Shale and OPEC are taking on the global oil [producers] that are sitting at the top [of the cost curve]".
Goldman said that beyond the ongoing rise in USA oil production, which is up over 10 per cent since mid-2016 to 9.3 million bpd, output will increase by Opec members who were exempt from the cuts, or where supply disruptions had ended, including Libya and Nigeria.
"Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons", said Commerzbank analyst Carsten Fritsch.
The oil production cut agreement was signed by all the oil producing countries to maintain its price in the market.
House Oversight Committee Chairman Jason Chaffetz has scheduled a full committee hearing on the FBI's independence for May 24. They asked the White House to turn over 'records of interactions with former Director Comey, including any audio recordings'.
Additionally, detectives alleged that the inside of his auto was doused with gasoline and there were matches in his vehicle. Authorities say the boy was last seen April 20 with his father, Aramazd Andressian Sr., leaving Disneyland in Anaheim.
Latest figures have revealed that the United Kingdom unemployment rate has fallen to 4.6 per cent, the lowest in 42 years. "However, alarm bells will be ringing for Britons with wages continuing to fall".
Because the 91-mph fastball from Edinson Volquez (0-6) hit him in his non-throwing arm, Ryu was able to remain in the game. The Marlins were outscored 22-4 in the three games against Houston, getting blanked 3-0 in the series finale on Wednesday.
Fox News said one of its contacts at the New York Police Department (NYPD) told them the driver may have committed a robbery. Rojas, who reportedly has a history of offences for driving while intoxicated, was quickly apprehended at the scene.
Sam Porter, director of Oklahoma Baptist Disaster Relief, and Anthony Jordan, BGCO executive director-treasurer, met Gov. The high winds during a tornado can rip a mobile home, which frequently would not have a foundation, from its moorings.
That means creating a system that keeps customers comfortable when they're home, but aggressively saves energy when they're not. Some other newer companies don't necessarily have this to offer their customers, giving Vivint and Mercedes a leg up.
The president has suggested he hopes to name Comey's successor before he departs Friday for his first overseas trip as president. First elected in 1988, Lieberman served as a Democrat until 2006, when he became an independent who caucused with the Democrats.
Autopsy being conducted on body of Chris Cornell
Before the show, he tweeted , "Finally back in Detroit Rock City" along with a picture of the Fox Theatre , where the band played. In addition to Soundgarden , Pointfest was to feature Stone Sour , Pierce the Veil , Greek Fire and other bands.
Target optimistic on full-year forecast after profit beat
The company's consensus rating is now Strong Buy, with 10 analysts rating it a Strong Buy, and 9 analysts rating it with a Hold. Liberty Capital Management Inc.'s holdings in Wal-Mart Stores were worth $216,000 at the end of the most recent quarter.
Japan's Cabinet OKs bill to let Emperor Akihito abdicate
After Crown Prince Naruhito ascends the throne, his younger brother Prince Akishino, 51, will be the next in line to the throne. The bill is one-off legislation that would allow only Akihito to step down, with no provisions for future emperors.