China's crude oil imports in the first quarter increased by 7 percent on the year to around 9.09 million bpd-a rise of nearly 595,000 bpd on average compared to Q1 2017, according to Reuters calculations.
Looking at U.S. crude oil stocks, the most recent EIA figures (May 9) showed falling crude oil stocks and falling gasoline inventories. Politics is at the heart of the recent increase.
The tightening market has just about solved the global supply overhang that has weighed down oil prices between 2014 and 2017. Most cartel member governments are eager to boost oil prices since their economies are highly dependent on oil revenues.
OPEC and Saudi Arabia made similar statements past year at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks.
OPEC also stated: "the price of OPEC basket of 14 crudes stood at $74.42 a barrel on Friday, compared with $74.46 the previous day, according to OPEC Secretariat calculations". Crude oil inventories (-2.2m vs. -1.0m expected) were lower than expectations.
South Korea imported 1.24 million tonnes of Iranian crude, or 303,025 barrels per day (bpd), in April, down from 1.41 million tonnes from a year ago, according to the customs data. South Sudan oil production has fallen from 500,000 to 130,000 barrels per day.
U.S. President Donald Trump announced the dissolution of the nuclear deal with Iran and promised to impose tough sanctions against Tehran. The U.S. Energy Information Administration reported Monday that production from key shale producing regions is on track to jump by 144,000 barrels a day next month.
"Once the pipeline problems have been resolved and supply is available again, this will have a dampening effect on prices", the note said.
The Energy Information Administration said Monday that United States unconventional oil production is expected to rise 144,000 b/d in June to 7.178 million b/d. The number of oil drilling rigs being deployed is rising.
"There will be the obligation to reduce imports of Iranian crude oil and, in more general terms, sanctions on any commercial operations and transactions of the (energy) sector with Iran", the source said. "Around a million barrels of oil a day is likely to disappear from global oil markets if the US sanctions on Iran bite", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Having another Cambridge-based outfit caught harvesting details from millions of users is hardly a good look for Zuck and Co. Today Facebook announced that after auditing "thousands of apps", it found and suspended "around 200" that were suspicious.
A pair of USA fighter jets intercepted two TU-95 bombers, similar to the one pictured here, Friday morning off the Alaskan coast. Intercepts in the zone occurred about 60 times from 2007 to 2017, The New York Times reported a year ago .
McCain was captured in the fall of 1967 and held as a prisoner of war spanning more than five devastating years. Sanders was asked repeatedly if President Trump bears responsibility for setting the tone in the White House.
Over 100 Seattle-area businesses , including Alaska Airlines, Expedia and Tableau, have spoken out against the head tax. The so-called "head tax" has been hotly debated in recent weeks at raucous meetings and rallies.
The Republicans are Rick Saccone (who lost to Conor Lamb in the nationally watched special election) and Guy Reschenthaler. You can look at your new district here and you can figure out where to go vote by entering your address here .
China's first domestic-built aircraft carrier has been sent on its first voyage for sea trials, according to Chinese media. China has developed a new jet fighter called A J-15 fighter to operate from the decks of its carriers.
I still believe Dez can high-point the football as good as any other wide receiver in the National Football League. Now, a former Dallas Cowboys player believes he'll have many more chances to catch some balls in Green Bay.
But, if Mississippi State can claim enough wins to take the regional, then they'll advance on to the Super Regional Round. The Lady Vols rebounded to close the regular season with four straight series victories.
With Minecraft on Nintendo Switch, players can take the newest version of the massively popular game wherever they go. It costs $29.99 and includes all previously released downloadable content, including the Super Mario Mash-Up Pack.
She kept a diary throughout her time in hiding, and after her death, her father, Otto, published it in 1947. The Anne Frank House addressed moral considerations in deciphering a text that its author did want read.
Visually, the new AMG GT S Roadster gets the signature AMG radiator grille to the long bonnet and the muscular tail end. It will bridge the performance and price gap between its predecessors, for a vehicle that some may deem just right .
With any luck, Tiger Woods can be the next Webb Simpson
Meanwhile, Justin Thomas took over the world's No. 1 ranking with his 11th-place finish after carding a 66 in the fourth round. Playing partner Danny Lee of New Zealand quickly cut Simpson's lead to five with birdies at the second and third.
Hawaii's erupting Kilauea volcano threatens highways
On Monday, the Hawaii State Department of Health warned residents in Lanipuna Gardens of unsafe levels of sulfur dioxide gas. The American Red Cross said 500 people sought refuge in its shelters on Sunday night because of worsening volcanic activity.
Non-Spoiler Matches For Tonight's Episode Of WWE Raw
He attacked Mahal yet again sent Mahal through a well to send him out of contention for the triple-threat qualifying match. Finn Balor & Braun Strowman by Dolph Ziggler pinning Finn Balor after knocking Finn Balor off of the top rope.
UFC 224 Betting Guide: Odds and Predictions
Dern has had three of her six wins via submission, which is coincidentally how Cooper has sustained all three of her losses. Dern's long-awaited UFC debut in March went fine as she escaped with a split-decision win over Ashley Yoder.
Hiring Michael Cohen was a 'big mistake': AT&T
Cohen also reached out to Ford Motor Co., but the auto maker turned him down, according to people familiar with the matter. AT&T never asked Cohen to set up meetings with anyone in the Trump administration, and he did not offer to do so, it said.