The longer-term focus, however, was on a possible extension to the 15-month production pact between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russian Federation. According to the report, demand grew by 2.3 million barrels per day (mb/d), or 2.4 percent, in the second quarter of 2017, this has prompted the IEA to increase its growth estimate for the year to 1.6 million barrels per day. That marks a 79,100 barrel-a-day drop from July.
Overall, the IEA said robust global demand and an output drop from the Organization of the Petroleum Exporting Countries and other producers should help balance inventories.
An OPEC-led supply cut deal is helping rebalance the global oil market, OPEC's secretary-general said on Monday, noting that higher demand in the rest of this year should lead to further reductions in oil inventories.
"This first stirring of backwardation since oil prices were above $100 a barrel is seen as a sign of tightening supplies and strong demand".
Much of that was because of a near 10 million-barrel increase in stocks in the U.S. Gulf region and as crude production rebounded from a brief Harvey interruption.
Venezuela Energy Minister Eulogio del Pino said on Friday that global oil inventories remain too high and urged producers to look at exemptions granted to countries such as Libya and Nigeria.
The OPEC of which Saudi Arabia is the leader, and other producers including Russian Federation, have agreed to trim their output by almost 1.8 million bpd until next March. However, both these members of the cartel restored output quicker than anticipated.
The EIA also said refinery crude runs fell by 394,000 barrels per day.
According to AAA, the current national average pump price per gallon of regular gasoline is $2.656, down less than a penny, from $2.661 a week ago and up about 30 cents per gallon compared with the month-ago price.
The OPEC's report also announcedIran's oil output based on direct communication.
International Energy Agency has increased its growth estimate for the year to 1.6 million barrels per day. The countries will meet in November to decide whether the curbs need to be extended past their scheduled expiry in March. It raised the 2018 forecast the most, by 400,000 bpd to 98.1 MMbpd.
The near term action in oil prices will depend on how prolonged will be the impact of Hurricane Harvey on USA oil infrastructure.
However, Yacob's selection was overshadowed by criticism that it was undemocratic to give her the top post without a vote. But she has seldom spoken publicly on the issue and there is little sign of change in official attitudes.
Cwm Lc stated it has 652 shares. 186.07 million shares or 9.83% less from 206.35 million shares in 2016Q3 were reported. Oppenheimer reinitiated the shares of TEVA in report on Wednesday, December 7 with "Outperform" rating.
In its order on Wednesday, DHS cited Russian laws requiring companies to assist the Russian government and intelligence agencies. This is the first time the US government has taken action and the clearest signal that the claims are being taken seriously.
Downgraded to a tropical storm, Irma brings heavy rain, wind & isolated tornadoes to our area today , tonight and early Tuesday . But it stipulated, "Special events, such as Mickey's Not So Scary Halloween Party, will also take place".
Jain Irrigation Systems was trading at Rs 107.55 per share, up by Rs 1.25 or 1.18% as at 1042 hours on Wednesday, on the BSE. The National Stock Exchange Nifty, however, finished 13.75 points in red at 10,079.30 despite trading higher in the morning.
However, the banker revealed that his daughter had bought bitcoin: " It went up and she thinks she's a genius now ". Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday.
It increased, as 55 investors sold CVX shares while 689 reduced holdings. 86 funds opened positions while 273 raised stakes. Capital Research Global Investors increased its position in Microsoft Corporation by 212.3% during the second quarter.
The hospital issued a "code silver" alert to employees, which alerts the possibility of somebody being violent with a weapon. The hospital has been placed on lockdown with those inside being told to shelter-in-place.
Hope Hicks Replacing Scaramucci
Earlier this year, Hicks joined Jared Kushner and Ivanka Trump for Shabbat dinner at their Kalorama mansion, Politico reports . As long as Hicks doesn't give any "off the record" interviews with The New Yorker, she should have some better job security.