Oil rises on potential extension of output cuts

22 Апреля, 2017, 01:48 | Author: Celia Hoffman

Crude oil futures slid for a second session on Thursday, moving away from a one-month high touched in the last session as rising USA inventories stoked worries about global oversupply.

The government's Energy Information Administration (EIA) said on Tuesday that U.S. 2018 crude output would rise to 9.9-million barrels per day, from 9.22-million barrels per day in 2017. The report also showed stockpiles at the USA crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week ended April 7th.

US crude inventories hit a record 535.5 million barrels this month.

World oil production fell in March thanks to a deal to cut output, OPEC said Wednesday, but the cartel's efforts to fight a global glut are threatened by American firms pumping oil with gusto.

OPEC reduced its output to around 1.2 million barrels per day from the beginning of January and for six months - the first curb in eight years - to get rid of excess supply.

Global demand for oil is finally close to outstripping supply after almost three years of surplus production, despite growth in the overhang of unused crude, the International Energy Agency said on Thursday.

Saudi Arabia, de-facto leader of the Organization of the Petroleum Exporting Countries, has told other producers that it wants to extend the coordinated production cut beyond the first half of the year, the Wall Street Journal reported. However, oil prices managed to continue trading above $55.

Читайте также: Trump, May speak about British election plans

Despite this output-cut initiative, the oil market remained largely oversupplied due to rising USA production and stockpiles.

To comply with the deal, Saudi Arabia has cut production of medium-heavy oil to keep its overall output lower.

As demand is expected to increase by 340,000bpd next year, the increase in production will swell USA inventory.

"With the pick-up in drilling activity, as well as increasing cashflows in the tight oil industry, USA tight crude output is expected to rise quickly and increase 335,000 bpd for the overall of 2017", OPEC said, using another term for shale.

During the period, United States crude oil imports averaged 7.9 million barrels per day, up by 28,000 barrels per day from the previous week.

Also, the 60- to 70-day lag between exports leaving the Arabian Gulf and arriving in major markets means the extent of OPEC supply cuts has yet to bite.

The revised projections for 2017 reflect improved momentum in global economic growth, OPEC said.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Recommended:

  • Packers to Open Regular Season at Home vs Lacy, Seahawks

    Packers to Open Regular Season at Home vs Lacy, Seahawks

    The Falcons held a 28-3 lead before collapsing to lose in the most historic comeback in Super Bowl history. Since that night, the Packers are 2-2 against Seattle, including a loss in the 2015 NFC Championship game.

    Hindi retro music twist for 'Guardians of the Galaxy Vol. 2'

    The ride, " Guardians of the Galaxy - Mission: BREAKOUT!" opens on May 27, according to a press release from Disneyland Resorts . This time, the storyline will explore family values and also unravel many family truths and mysteries.

    Prince William speaks with Lady Gaga on mental health

    And he praised her bravery in revealing through an open letter a year ago that she lives with post-traumatic stress disorder. Prince William reassured Gaga that that it was important to "break open the fear and taboo" about speaking out.
  • Pence says Trump to attend Asian summit in Nov

    Pence says Trump to attend Asian summit in Nov

    According to Paynor, of the 17 ministerial meetings, only eight have been finished out so they still have nine more meetings which need suppliers.

    Trump says strong Europe 'very important'

    Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts. Trump however made clear he does not see a USA role in Libya, saying the country was over extended elsewhere.

    General Election 2017: Anne Main welcomes snap election

    Nuttall added on Twitter that every vote for his party would be a reminder to the government that Britain wants a "clean" Brexit. Labour campaigned for Britain to remain in the European Union , but Corbyn says he will respect voters' decision to leave.
  • $13 A Pack? NYC Mayor Wants Highest Cigarette Prices In US

    $13 A Pack? NYC Mayor Wants Highest Cigarette Prices In US

    "The goal overall... is to reduce the number of smokers in this city by 160,000 by the year 2020", the mayor said . In addition, the increased prices on tobacco will increase the opportunity for black market cigarette dealers.
    Panneerselvam's 'no' to Sasikala family for AIADMK unity

    Panneerselvam's 'no' to Sasikala family for AIADMK unity

    The state's finance minister Jayakumar said,"AIADMK will continue functioning without the family's (Sasikala's) dominance". He said they need not have gone public with their revolt against him and said " Had they asked me, I would have resigned".
    How to enable phone sign-in for your Microsoft account

    How to enable phone sign-in for your Microsoft account

    Instead in recent times Microsoft has opted for a slightly different strategy, which is if you can't beat them, join them. If you are adding a new account on an Android phone, we'll automatically prompt you to set it up.
  • How suspected bus bomber hoped to make millions

    The prosecutors said the suspect bought most of the options online from his hotel on the day of the attack. Prosecutors said his aim was to send the club's shares plummeting and making a profit on an investment.
    Utah Rep. Chaffetz says he won't run for re-election

    Utah Rep. Chaffetz says he won't run for re-election

    True to form, they declined to comment when we asked them to verify whether they were aware of " kompromat " on Chaffetz. While Chaffetz, R-Utah, said he is leaving Congress for the private sector, he did not rule out a future bid for office.
    Derek Carr: Fans leaving after Las Vegas vote not 'true Raider fans'

    Derek Carr: Fans leaving after Las Vegas vote not 'true Raider fans'

    He said "I hope not" and "there's the 99 percent that are loyal, faithful fans that are going to ride with us wherever we're at". The Raiders did their share of that past year when they went 12-4 while putting up 26 points per game.


Popular

Ofcom consults on opening up BT's infrastructure
Ofcom said its aim is to provide access to BT's ducts and poles on fair terms, with the cost shared across all users. Some providers now carry out their own work on the infrastructure, which has helped reduce delays.

White House pushes uncertain bid to revive health care bill
To receive the waiver, though, states must set up a high-risk insurance pool or participate in the federal high-risk pool. The problems that prevent Republicans from passing a health care bill remain the same as they ever were.

Here come initial jobless claims
The comparison suggests that we should a rebound in the April employment data, following the weak payroll print in March. The monthly average of jobless claims also decreased slightly by 4,250 from the previous week to 243,000.

Bebe expects to close all it stores by the end of May
Payless ShoeSource said earlier this month that it will close 400 of its 4,000-plus stores after filing for chapter 11 bankruptcy. Others such as BCBG Max Azria, Gordmans and Gander Mountain also have filed for bankruptcy and are closing some stores.

What Is LHS 1140b? This Newly-Discovered Planet Could Hold Extraterrestrial Life
Outside of Earth, however, liquid water is far rarer than you may realize, which is what makes LHS 1140b's atmosphere so notable. This super-Earth may be the best candidate yet for future observations to study and characterise its atmosphere, if one exists.

Speculation That Pregnancy Will End Serena William's Career Is Sexist And Stupid
My coordination, my timing was all out and I thought: 'what's wrong with me?' "I chose not to compete when I was pregnant". The grand slam winning tennis player was ranked as the top paid female athlete in the world on a list in 2016.

Ricciardo 'genuinely thought' Red Bull had chance to win
I had understeer and that was basically it for me. Everybody dreams about a three-header race... Something just overheated too quickly.

All Signs Are a Go for Meghan Markle's Royal Future
Instead of attending Easter services with the rest of his clan, he flew out to Toronto to spend the holiday with his lady love. On Sunday, the Suits star was spotted wearing a delicate gold ring with what appeared to be Prince Harry's initial on it.

Exxon seeks waiver from US sanctions on Russia
A Treasury representative said the department would not comment on individual licenses or waiver requests. Exxon was ordered to stop drilling in the Kara Sea off Russia's northern coast.

West Hartford Easter Egg hunt teaches spiritual lesson along with the fun
Thousands of kids and their families took part in an Easter Egg Harvest at People's Church in northwest Fresno. But everything they're doing out here, I absolutely love, said local parent, Brittany Mallard.

Tendencies