Jun 15 2017
They stand 292m barrels above the five-year average and are higher than when Opec chose to cut output, the IEA said. This sector has been one of the biggest headaches for OPEC as they has been flexible in increasing output in response to higher prices.
"Our first outlook for 2018 makes sobering reading for those producers looking to restrain supply", said the report.
But adherence to the cuts is under scrutiny and the producer group said this week its output rose by 336,000 bpd in May to 32.14 million bpd.
Last month, Iran exported about 1.1 million bpd to Europe including Turkey, nearly reaching pre-sanction levels and only slightly below the 1.2 million bpd supplied to Asia, the source said. "Higher prices in winter than summer?"
With regards to the prices, the ASB indicated that the OPEC Reference Basket averaged $40.76/b in 2016, down from $49.49/b in 2015 and reaching the lowest yearly average since 2004. Saudi inventories rose to 267.854 million barrels in March from 264.704 million in February, according to official data.
China, the world's second-largest crude importer, reported industrial production for May rose a faster-than-expected 6.5% on year, and retail sales also gained a clip quicker at 10.7%, while fixed-asset investment came in at a less-than-seen 8.6%.
RESULTS: Virginia June 13 Gubernatorial Primary
Northam, a low-key pediatric neurologist, won running as a pragmatist with state's Democratic establishment's firm support. One of the most common critiques Gillespie has received has been his unwillingness to run on a Trump-friendly platform.
Ex-NBA star Rodman set to arrive in N. Korea
Former NBA star Dennis Rodman is reportedly on his way to visit North Korea and is expected to land in the country on Tuesday. In February 2013, when North Korea conducted its third nuclear test, Kim Jong Un invited Rodman to watch a basketball game.
May 'sorry' for election result which cost Tory MPs their seats
The result ended his career and shocked Europe. "It is not the outcome any of us would have wanted in the Conservative Party". Following the Brexit referendum, the snap polls represent the second disastrous election called by a Tory PM in two years.
U.S. West Texas Intermediate crude futures fell almost 4 percent, plunging to a five-week low below $45 a barrel, following the report.
The IEA said Wednesday that Iraq's rate of compliance with OPEC, non-OPEC curbs is about 55 percent, while Saudi Arabia is among nations conforming in full.
In its monthly assessment of the market, the agency said global crude inventories were 292m barrels higher than the five-year average.
"Oil has been weighed down by the market's impatience with the generally slow pace of the global inventory drawdown amid a significant recovery in global oil supplies, particularly from the US", OPEC said in its June report today. The credit must go to Saudi Arabia and Russian Federation for their strong leadership in ensuring the rest of OPEC adopted the proposal they first jointly made over three weeks ago.
Supply grew by 585,000 bpd last month alone, with the rapid return of USA shale adding to strong gains from Opec's exempt members, Libya and Nigeria. The last time non-OPEC supply growth exceeded the increase in demand was 2014, when oil prices slumped 46 percent.
But the kingdom would still keep crude production and supply within its OPEC target, another source said.
Jun 15 2017
India, Pakistan join Shanghai pact despite bilateral tensions
Along with India, Pakistan has also joined the SCO as a full member state. The UN Secretary General also called on the Prime Minister.
Jun 12 2017
United Kingdom exit poll: Conservatives may fall short of majority
The start of Brexit talks due on June 19 risk being pushed back, as the Conservatives debate whether to rethink their strategy . Rachel Sheard, who cast her vote near the site of the London Bridge attack, said the election certainly wasn't about Brexit.
Jun 12 2017
Democratic Unionists in Northern Ireland may be election key
The DUP opposes same-sex marriage and Northern Ireland is the only part of the United Kingdom where it is not legal. But for now, Foreign Secretary Boris Johnson says reports of a plot to remove May herself is " tripe ".
Jun 12 2017
Democrats furious at evasive answers at hearing
But Coats indicated that he would cooperate with the Russian Federation probe now being led by special counsel Robert Mueller . King: "Why are you not answering?" Mark Warner of Virginia, said in his opening statement.
Jun 12 2017
Merkel urges speedy Brexit talks after United Kingdom vote
Safe-haven gold and US Treasuries drifted lower and futures markets pointed to Wall Street opening modestly higher. There was much less drama elsewhere, as the Japanese yen gave up early gains and eased to 110.38 per dollar.
Jun 12 2017
US Judge Purged by Trump Says 'Absolutely' Enough Evidence for Obstruction Probe
A former US attorney claims there is enough evidence to begin a case against Donald Trump for obstruction of justice. Bharara was one of the 45 attorneys who were asked to resign earlier this year by the Trump administration.
Jun 12 2017
United Kingdom prime minister makes Cabinet appointments
Labour won 262 seats in the general election, but the Conservatives remain the largest party in Parliament with 318 seats. I'm very proud to lead this party. "Other personnel issues are for other days", she said when asked about their future.
Jun 11 2017
Fallout from Iran attacks spells trouble to come in wider Middle East
Salman said any struggle for influence between Iran and Saudi Arabia has to take place "inside Iran, not in Saudi Arabia". The Interior Ministry in a statement increased the number of wounded to 52, up from 40.
Jun 11 2017
London bridge attackers tried to get a larger truck: Cops
Also in the van were 13 Molotov cocktails and two blow torches to ignite them - which could also fit the siege theory. The question remains how the men met and knew one another but police said Saturday they did not suspect a wider plot.
Jun 10 2017
Steve Kerr Throws Shade At Players Who Say They Could've Beaten Warriors
When I was in TV, I was doing Warriors games for years, every year they were one of the worst defensive teams in the league". He got plenty of rest ... or went to Vegas or WrestleMania.
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