Saudi Arabia Determined to End the Oil Supply Glut
27 October, 2017, 01:02 | Author: Samuel Sharp
Oil prices closed at a six-month high, boosted by expectations for lower supply due to geopolitical risks, falling US stockpiles and OPEC's dedication to cutting production.
In post settlement trade, prices briefly pared gains before steadying, in response to data from industry group the American Petroleum Institute showing crude inventories built up while gasoline and diesel drew down.
On Tuesday, Saudi Arabian Oil Minister Khalid al-Falih reiterated intentions to do whatever is necessary to bring global oil inventories back to the five-year average.
Minister Khalid al-Falih, told Reuters at an investor conference in Riyadh on Tuesday that global oil demand is expected to grow by 45 per cent by 2050 despite an worldwide push for using more renewable sources of energy.
According to the source, the price for November Futures WTI oil increased by 0,48%, totalling to $52,09 per barrel on the New York Mercantile Exchange (NYMEX). "There's nervousness (about Kurdistan) in the market, but I think that the production cut.is really driving traders".
The Organization of the Petroleum Exporting Countries (OPEC), plus Russian Federation and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January.
West Texas Intermediate was also running bullishly in today's market and was reported to rally by 6 cents or a total of 0.01% and settling at $51.90 per barrel.
In May, they made a decision to extend the deal until the end of March, largely because their efforts to balance the market have been offset by increasing U.S. shale production.
EIA reported USA crude oil production at 9.5 million barrels per day last week, 1.1 million barrels per day more than the previous week.
Preliminary data from the American Petroleum Institute (API), an industry group, said USA crude oil stocks rose 519,000 barrels in the week as refined products drew.
Output from Kirkuk fell last week when Iraqi forces retook control of oilfields from Kurdish fighters who had been there since 2014.
Crude oil exports through the Iraqi Kurdistan controlled-pipeline to the Turkish port of Ceyhan rose to 288,000 bpd on Monday afternoon, from 255,000 bpd earlier in the day, a shipping source told Reuters.
Iraq has adhered less to the supply deal with non-OPEC producers than OPEC peers such as Saudi Arabia and Kuwait, but the drop in its October shipments, if sustained, will help boost Iraqi and overall compliance with the deal.
Prices have been supported over the past few sessions by supply disruptions in northern Iraq, where tensions have been high since the Kurdistan region's vote in favour of independence last month.
The short socked one was better in the second half, but Unsy wasn't given much reason to not re-insert Idrissa Gueye on Sunday. Conte made a decision to freshen his attack up after bringing Cesc Fábregas , Pedro and Álvaro Morata on to see things out.
A majority of Democrats supported it for the first time in 2009, a figure that rose to 72 percent this year. Many other states allow marijuana use for medicinal purposes under laws with varying degrees of strictness.
The slow, steady tension of the scene runs contrary to the often bombastic, spectacular battles that Star Wars is known for. A little bit of background info setting up the story is available at the Star Wars: Battlefront 2 website .
Newton also received criticism for how he handled the media after the Panthers lost Super Bowl 50 to the Denver Broncos. He is averaging 7.4 air yards per attempt this season, his lowest mark in his seven-year career, according to ESPN .
Microsoft ended the quarter with 28 million Office 365 consumer subscribers, up from 27 million from the previous quarter . In the previous quarter, Microsoft said its run rate exceeded $18.9 billion and that Azure revenue growth was 97 percent.
However, we had also said that there was a high possibility for the update to reach other markets much earlier than Japan. However, now Sony Xperia XZ Premium gets the camera distortion fix as a part of Android 8.0 Oreo update yesterday.
When Stern wondered aloud when the two had last talked on the air, Rock replied: "It was before I was racist". Now, the musician has admitted it was a joke while being interviewed by U.S. radio host Howard Stern .
Rahul Sharma, Co-founder, Micromax , "The Bharat-Series, has been aimed for acquisition of the first generation smartphone users". Micromax has both, a 4G Feature Phone with BSNL ( Bharat 1 ) and a 4G Smartphone With Vodafone (Bharat 2 Ultra ).
This NFL season, other players and teams have continued to protest, which has been a major source of controversy for the league. The players coalition, which is a group led by National Football League players, invites players to the events.
MONDAY: Showers will be possible through Midday Monday, but by the afternoon and evening we should turn into mostly sunny skies. However, tomorrow will be the last day of temperatures in the 70s for quite some time as a major pattern change takes shape.
Listeria is known to be fatal in some instances in the elderly, young children, or those with weakened immune systems. The items have sell-by dates through October 24 and are packaged in clear plastic trays and cups of various sizes.
Why morning may be best for flu shots
This year's flu shot offers protection against two in influenza A viruses (an H1N1 and an H3N2 virus) and one influenza B virus. Among all the geographical regions, US was the largest Influenza Vaccine market in the year 2010 closely followed by China.