Feb 11 2017
But it also repeated its forecast that overall non-OPEC production is likely to increase by almost 400,000 b/d this year, compared with an 800,000 b/d decrease last year, thanks to a revival in USA shale output and longer term investment in Brazil and Canada.
Oil futures climbed Friday after the International Energy Agency reported a record compliance rate on the OPEC output deal, as 90% of the crude that the cartel agreed to cut was removed from the market.
While the deal has boosted oil prices, Capital Economics analysts said in a note, "we think USA production is likely to rebound and that it will be strong growth in demand that will eventually eat into stocks and rebalance the market".
"If the January level of compliance is maintained, the difference between global demand and supply implies a stock draw of 600,000 bpd, [but] It should be remembered that this stock draw is from a great height", with developed country stocks still some 300m barrels above their five-year average at the end of last year, despite five months of big drawdowns. Saudi Arabia, the IEA said, appeared to cut more than was agreed on at the meeting with some key non-OPEC members in November.
Russia's oil production cut by 300,000 barrels per day "would be phased in gradually", the IEA said.
The oil market would be re-balanced when global inventories, now near record highs, approached their five-year average level, Al Sada said.
Akhilesh owes his victory in family feud to Mulayam's political training
BJP's Uttar Pradesh chief Keshav Prasad Maurya on Sunday attacked Samajwadi Party alleging it to be anti-development. Akhilesh said he was once apprehensive that he would lose the "cycle" (SP's election symbol).
Senate Committee Clears DeVos for Final Confirmation Vote
She has drawn the fire of teachers unions for her support for charter schools and taxpayer-funded vouchers for private education. Senate held a vote Friday morning on the nomination of Betsy DeVos for secretary of education.
What Could Hudson's Bay see in Macy's — Business Report
Shares of Macy's rose as much as 12 percent Friday, its biggest intraday gain since August 11, according to Bloomberg. Last month, Macy's announced plans to cut more than 10,000 jobs and close stores, including one at the Everett Mall.
The IEA said that Russian Federation delivered a production cut of 100,000 barrels per day in January. Capital Economics analysts said in a note: "We think U.S. production is likely to rebound". USA shale producers, for example, are returning to the market after being hammered by collapsing oil prices in 2014.
Oil supply is expected to grow year-on-year in the first half of 2017 in large non-OPEC producers such as Canada, Brazil and Kazakhstan, BNP Paribas said in a research note this week.
According to data compiled by Bloomberg, Qatar's condensate and natural gas liquids surged past its oil production in 2010. According to information posted on the homepage of its energy ministry website, Russia's Energy Minister Alexander Novak says that the country reduced its oil production by 117,000 bpd in January.
It said that the continued existence of high stocks and market caution in assessing the level of output cuts explained why crude oil prices have remained at their current level of around $55 per barrel since mid-December.
It also remains to be seen how long rivals will put up with Iran's incessant claw back of its pre sanctions production volume: Platts reports that the Islamic republic's crude oil and condensate exports rose 3 percent month on month in January. We now do not see signs indicating that this won't happen otherwise. The figures could be revised before they are published, sources said.
Benchmark West Texas Intermediate fell more than one percent on Tuesday as markets fretted that a United States government report to be released later on Wednesday would also point to an increase in stockpiles.
Feb 10 2017
The fight starts now? UK's Corbyn criticized after Brexit battle cry
Following the June vote, there was speculation that pro-European lawmakers might try to delay or even stop the Brexit process. Meanwhile Christina Rees has moved on to shadow Secretary of State for Wales, replacing Cardiff Central MP Jo Stevens.
Feb 09 2017
Was never allowed to meet Jayalalithaa when she was hospitalised, claims Panneerselvam
He (OPS) is a traitor, somebody has asked him to speak like this, ' she said of OPS before whisking her MLAs away. Meanwhile, AIADMK general secretary Sasikala had given befitting counter to OPS on Wednesday.
Feb 09 2017
Winter Weather Watch Issued for Many Ahead of Big Storm on Thursday
A winter storm warning meanings heavy snow is expected or occurring and will make travel very risky . While the sunshine will be back Friday , highs will struggle to climb much above freezing.
Feb 08 2017
Alastair Cook reveals one regret as England captain
Root has just seven Tests before next winter's Ashes series, which is little time to get used to the role. They chose to back their captain who was younger and more central to their plans going forward.
Feb 08 2017
Freezing rain may impact Tuesday morning commute
Sustained wind speeds of 13 to 15 miles per hour are forecast for the Tri-Cities, with gusts up to 23 miles per hour . Before this changeover happens, a widespread accumulation of 3 to 6 inches of snow is expected.
Feb 07 2017
Australian woman dies in jet-skiing accident in Phuket
Nobody could do anything. "From the very moment I met you I loved you, I cherished your genuine heart, and that lovely smile". Lifeguards gave her first aid on the beach before taking her to a nearby hospital but she died en route.
Feb 07 2017
Xiaomi set to launch Redmi Note 4X on Valentine's Day
Xiaomi Redmi Note 4X is set for an official release on Valentine's Day, latest reports coming from China can confirm. After launching the Redmi Note 4 previous year , Xiaomi is all set to take the wraps off the follow up smartphone.
Feb 07 2017
Man arrested for 2016 strangling death of New York City jogger
Police say officials saw Lewis around his neighborhood on the Brooklyn/Queens line back in May, and thought he was suspicious. Boyce said police do not believe Lewis knew Vetrano and it appeared to be a chance encounter.
Feb 05 2017
Education secretary nominee seems to know little about education
The turn of events infuriated proponents of the original bipartisan legislation and left Hansen on the verge of tears. Her words do not provide me with any relief over her appointment; indeed, they do not sculpt much of anything at all.
Feb 05 2017
'We woke up in 1989' - Romanian graft decree turns back the clock
As horns blasted and marching bands swirled around him, Iuliam said corruption has always been institutionalized in Romania .
Feb 11 2017Why Cliffs Natural Resources, Pilgrim's Pride, and World Wrestling Entertainment Jumped Today
Feb 10 2017Groundwork Mortgage reports mortgage rates are still low
Feb 09 2017Microsoft To Defend Cloud-Computing Customers from Patent Trolls
Feb 09 2017Region's growth slowed, but still outpaced national rate, census shows
Feb 08 2017Hakan Calhanoglu denies ever talking to Turkish media about a Chelsea move
Feb 07 2017Djokovic survives Davis Cup scare, champions Argentina slump
Feb 06 2017Tom Brady's effect on Patriots also a formidable challenge for Falcons
Feb 05 2017Best pictures from protest against Trump's Muslim ban in London
Feb 04 2017Oil Rises after First Month of OPEC Cuts
Feb 03 2017Pat McAfee Retires From Indianapolis Colts, Will Join Barstool Sports
Feb 11 2017Judges sceptical about Trump travel ban
Feb 10 2017Militants kill 6 Red Cross workers in Afghanistan
Feb 10 2017State May Have Missed Out on Solar Jobs
Feb 09 2017Area Students Blame Falcons-Related Illnesses for Tardiness
Feb 07 2017Random fan scores date with Eugenie Bouchard
Feb 07 2017Top Senate GOPer distances from Trump, calls Putin 'thug'
Feb 07 2017Profits fall at Ryanair as European fares tumble
Feb 07 2017Afghan civilian casualties hit all-time high, says UN
Feb 06 2017Dozens Killed in Afghanistan and Pakistan Avalanches
Feb 05 2017UK January PMI Services PMI Index Slows To 54.5, Inflation Pressures Continue
Feb 04 2017Massachusetts Becomes the Second State to Sue Trump over Muslim Ban
Feb 03 2017Ukraine: Fighting flares up in eastern town of Avdiivka