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.
Cilic downs Muller to reach Queen's final
In the third set, Dimitrov managed to fend off eight break points but still was broken twice as Lopez cruised to the finish line. This time he converted as a Cilic forehand landed wide and a visibly relieved Lopez finally was able to celebrate.
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.
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
Soros says United Kingdom is approaching 'tipping point' as Brexit bites
If its assessment is positive, the talks will then move on to "scoping the future relationship on trade and other matters". Davis said both sides were "off to a promising start" even though the challenges ahead were daunting.
Jun 28 2017
Senior Ukrainian intelligence officer killed in car bombing
Ukrainian authorities say that a senior military intelligence officer has been killed in a vehicle bomb in the country's capital. The central bank said an unknown virus had affected computer systems at a number of financial institutions.
Jun 26 2017
Lake Fire in Castaic Now 60 Percent Contained
An updated figured from Angeles National Forest officials might not be released until early evening, depending on the progress. The fire destroyed two outbuildings, and one firefighter battling the flames was taken to the hospital with minor injures.
Jun 25 2017
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.
Jun 25 2017
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.
Jun 25 2017
SIT to probe DSP's lynching
Pandith was on frisking duty outside the Jamia Masjid and was reportedly clicking pictures of people coming out of the mosque. The Director General of Police , S P Vaid, has promised not to spare the people behind the lynching .
Jun 24 2017
Fabinho would find Manchester United switch 'very tempting'
The player fuelled these rumours on Thursday night, when he confirmed he would be open to a move to Old Trafford. Would Fabinho fit in at Man Utd? "But it's a great club, sure enough I would think well about it".
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 22 2017
Funeral for Muslim teen killed in attack near Virginia mosque draws throngs
Police in Fairfax, Va., said Monday, June 19, 2017, that "road rage" was to blame for the slaying of a 17-year-old muslim girl wh. Detectives said he then drove her to another location and assaulted her again. "I don't know the family", she continued.
Jun 22 2017
Family reacts angrily to Milwaukee ex-cop's acquittal
Heaggan-Brown had previously said he believed Smith "was reaching for his waist so he discharged his weapon a second time". "Mr. After Smith was shot, the resulting violence during protests left businesses burned, police cars damaged and officers injured.
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