Most oil producers want extension of output cuts: Iran minister
Apr 19, 2017, 01:42
OPEC agreed to slash the output by 1.2 million barrels per day from January 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd. Consequently, the country lost its status as Africa's top oil producer to Angola, according to latest data from the Organisation of Petroleum Exporting Countries (OPEC).
"The key to understanding the shifting trade flows is to be found in the arbitrage spreads", said Eugene Lindell, senior oil market analyst at JBC Energy consultants in Vienna.
The Organization of the Petroleum Exporting Countries will meet on May 25 to consider extending output cuts beyond June to reduce a glut that has depressed prices.
USA crude fell about 0.7 percent to $52.27 a barrel by mid-day Tuesday.
The drop in oil prices during March led declines across commodities, according to Citigroup. Goldman Sachs shares sank 3.1 per cent in early trading after the bank reported a lower-than-expected quarterly profit due to weak trading revenue.
Chan said he expected Brent to test $54 and WTI $51.70. This would vastly outweigh the 1.8m b/d that was agreed upon past year in an arranged output restriction.
The International Energy Agency (IEA) reported in November of past year that they believe peak demand will occur sometime after 2040, with most of the increased demand during the period coming from China and India. Saudi Arabia was said to have produced 9.9 million bpd in March, more than 100,000 bpd below its monthly quota under the production cut deal. "On balance, market sentiment will continue to be swayed by the weekly USA stocks data", she said. "We have an interesting second half to come", the agency underlined in its Monthly Oil Report.
"Even after taking into account production-cut pledges from the eleven non-OPEC countries, unplanned outages in Canada as well as in the North Sea, we expect production will grow again on a year-on-year basis by May", it said.
China announced its first quarter GDP on Monday, which rallied 1.3%, compared to the same period prior year for an annual pace of 6.9%, topping expectations for the year-over-year comparison.
Before the holidays, energy services provider Baker Hughes reported that the number of USA rigs drilling for oil rose by 11 to 683 in the latest week. Also, the prospect for demand was boosted by a hopeful note from the International Monetary Fund. New data shows weaker-than-expected growth in a number of countries including Russia, India, several Middle Eastern countries, Korea and the United States, where demand has stalled in recent months. Consequent to that, the IEA had to cut its 2017 forecast growth to 1.3 million bpd rather than the 1.4 million bpd as forecasted previously. By July 2014, the world was virtually awash in oil - storage tanks were full and supertankers were languishing in ports with no market for their cargos.
On Friday, the Arkansas Supreme Court halted Ward's execution after lawyers for the inmate argued he was mentally incompetent. Rutledge spokesman Judd Deere said the office still holds the option to appeal the McGehee decision.
Lady Gaga's performance at Coachella was always destined to be unforgettable, and the singer didn't disappoint. That title was originally set to go to Beyoncé, but she pulled out in February due to her pregnancy.
The current share price indicates that stock is -8.61% away from its one year high and is moving 53.67% ahead of its 52-week low. The firm had troubles with its consumer and community banking unit but this offset due to its revenues in commercial banking.
Euro zone growth was placed at 1.7%, up 0.1% from its January estimate and unchanged from the 2016 performance. The IMFs new projection for 2017 is marginally higher than what they expected in its last update.
Evans, who completed his 52nd marathon overall, said he wanted to show that Boston is back to normal. "Not easy", Kirui said. Also running on Monday was Ben Beach, who completed the race for an unprecedented 50th time in a row. "The roads were good".
While Toronto scored the fifth most goals , they also allowed the eighth most. "The regular season's over", Phaneuf stressed. If the pundits are to be believed, the experience in the 2017 Stanley Cup playoffs will be a short one for the Leafs.
The BC NDP document doesn't add up, which will lead to deficits, downgrades, and massive tax hikes on middle class families. Trying to meet that commitment she took $500-million from Medical Services Premium rates and put it into a phony fund.
In this undated Gwinnett County Police Department photo, Master Police Officer Robert McDonald poses for an official portrait. The results will be turned over to the county district attorney, who will decide whether to prosecute McDonald.
Palestinian prisoners and detainees are staging a mass open-ended hunger strike to protest their conditions in Israeli prisons. Palestinian prisoners have launched one of the biggest hunger strikes in recent years in a protest against prison conditions.
The United Kingdom people and the fans can watch this match on TV and online with the help of Sky Sports 1/HD and it's Sky Go . We have another home game next Saturday and we have to try and win it", Moyes said.
Police removed her body from the Hudson River and transferred her to a nearby Fire Department on West 125th Street. The 65-year-old Manhattan resident was now serving on the New York State Court of Appeals.