Jun 28 2017
The International Energy Agency mirrored OPEC's sentiments in its own monthly report, saying stronger US crude oil production, which could increase faster than expected, is offsetting OPEC's production aim.
Saudi Arabia's oil exports are expected to fall below 7 million barrels per day this summer, according to industry sources familiar with the matter, and Russian oil exports were seen as broadly flat in the third quarter.
Crude output from OPEC nations rose by 290,000 bpd in May to a 2017 high of 32.08 million barrels per day, according to the EIA. West Texas Intermediate (WTI) crude futures were down 12 cents or 0.3 percent at $44.61 per barrel.Crude futures benchmarks are sitting near their lowest levels since late November past year when production cuts led by the Petroleum Exporting Countries (OPEC) were first announced.
Still, supplies outside OPEC will grow even faster, by nearly 1.5 million barrels a day, with about half the expansion coming from USA crude production.
"Although oil prices rebounded from five-month lows in (mid-May), following positive United States jobs data and assurances by Saudi Arabia that Russian Federation is ready to join OPEC in extending production adjustments to reduce a persistent supply glut", OPEC said in its monthly report Tuesday.
"I'm only looking at the first week of June, and on the face of it there's not much change", said Roy Mason of Oil Movements, a UK-based firm that estimates supply by tracking tanker shipments.
US military shoots down Iranian-made drone in southern Syria
Russian Federation supports the Assad regime and issued its threat to coalition aircraft over western Syria in response. Russian Federation condemned the USA action and in retaliation suspended a hotline meant to prevent such incidents.
Miley Cyrus Finally Feels Like People Respect Her
He's the ex-pat Australian actor who is rumoured to be engaged to his pop-star girlfriend Miley Cyrus . Regardless - we're sure shippers will still freak out whenever they see Miley wearing white.
Germany's Loew to rotate against Chile with 100th win in sight
Veteran Universidad de Chile stopper Johnny Herrera stood in for Bravo in Sunday's 2-0 win over Cameroon in Moscow. Among those set to start on Thursday will be keeper Marc-Andre ter Stegen, Loew said.
"For OPEC, an oversupply headache became a migraine", said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
The last time this happened, in mid-2014, preceded a massive selloff in oil that dropped Brent from $108 a barrel to about $47 a barrel in the span of five months.
The U.S. Energy Information Administration report on oil inventories is due this week on Wednesday at 10:30 a.m. EDT.
The Organisation of the Petroleum Exporting Countries agreed to extend that deal that began in January through March 2018, but ongoing growth in US production, along with exemptions for non-members Nigeria and Libya, have offset those cuts to some extent. Both the prices of WTI and Brent have dropped by around 13 percent since May 25, when OPEC said it was rolling over the cuts into March 2018. So while the cutbacks should reduce the world's bloated oil inventories to average levels by the time they're scheduled to end next spring, demand for OPEC crude won't be high enough for the group to reverse the curbs without seeing stockpiles rise again.
The effectiveness of the OPEC-led cuts has been undermined by increasing USA oil production, mostly from shale drillers. We consider that an overly sanguine forecast, even taking into account the "improving momentum in most major economies" in the first quarter of 2017 cited by OPEC.
"In 2018, we expect non-OPEC production to grow by 1.5 million bpd which is slightly more than the expected increase in global demand".
Jun 28 2017
Google was fined a record amount
This will affect other cases the Commission might build against the internet giant's various businesses, like Google Images. The commission has already concluded, preliminarily, that Google abused its dominant position in those two cases as well.
Jun 28 2017
British Queen's wages to rise by 8 pct next year
Details of the increase were released as Buckingham Palace accounts revealed the royal family past year spent £4.5m on travel. The most expensive outing was the Duke and Duchess of Cornwall's trip to Italy, Romania, and Austria.
Jun 28 2017
UVA Children's Hospital specialties ranked
Joseph Sanzari Children's Hospital, part of Hackensack, is ranked 45th in the field of pediatric neurology and neurosurgery . In the 2017-18 rankings , 81 of the 187 hospitals surveyed were ranked in at least one of the 10 specialties.
Jun 27 2017
Ronaldo doesn't want to play as a No.9, claims Ferdinand
Former Man United defender Rio Ferdinand tells all about his displeasure with the way his former club played in recent seasons. The Mirror report Carrick said: " I haven't got an age in mind really, I need to just take it year by year ".
Jun 26 2017
America's Cup: Kiwis are better, faster
But the Americans aren't to be ruled out of proceedings given their tag as favorites to secure a third straight title. We tidied up a lot of those little errors we made yesterday around the course and I think that really showed.
Jun 25 2017
FIFA Confederations Cup: Portugal, Mexico through to semi-final
Three times he arrowed the ball too close to Marinovic, who had to leap to push one first-half effort against the crossbar. Portugal will be without defender Pepe , who is suspended for a second yellow card in the tournament.
Jun 25 2017
Pelosi Defends Leadership Following Special Election Loss
Trump himself weighed in over Twitter this morning with digs at Pelosi and Senate Minority Leader Chuck Schumer of NY . President Trump stirred the pot, Thursday, tweeting : "I certainly hope the Democrats do not force Nancy P out.
Jun 24 2017
Iranian protesters say destroying Israel is Muslim world's top priority
In addition to Zolfaqar, capable of reaching the targets at 700 km distance, the IRGC's Qadr missiles were also erected on trucks in the streets.
Jun 24 2017
Military jet practicing for Dayton air show in accident
Authorities say an F-16 Thunderbird military jet apparently practicing for an OH air show has been involved in an accident. A Thunderbird F-16 was involved in an incident Friday while practicing for an OH air show, according to multiple reports.
Jun 24 2017
Kmart to close Springettsbury Township store
Sears Canada received court protection from creditors on Thursday and announced a plan to close 59 locations and cut 2,900 jobs. Sears Canada will close 20 of its full-line stores, 15 Sears Home Stores, 10 outlet stores and 14 Sears Hometown locations.
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Jun 22 2017Ronaldo summoned to court, Mourinho accused of tax fraud
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