As US oil production ramps up, major players look to increase drilling
08 March, 2017, 00:31
U.S. West Texas Intermediate and worldwide Brent crude oil futures posted two-sided trades on Monday as investors reacted to mixed news about supply. While the agreed cuts have kept oil prices on the exchanges in NY and London above $50 per barrel, producers say they still have more work to do in order to rebalance the market.
"OPEC has unrealistic expectation as to what their production cuts can achieve", said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey, noting USA production over the next two years is expected to wipe out much of the OPEC cuts.
Brent crude futures were down 34 cents at $55.56 a barrel by 1036 GMT after settling 1.5 percent higher in the previous session.
Global oil production capacity is expected to grow by 5.6 million bpd by 2022.
In deciding whether to favour extending the cuts, his country will look at global oil inventories as the midyear deadline approaches, Al-Falih said.
There were further underlying concerns surrounding increasing United States shale supplies and a sharp retreat in gasoline prices from earlier highs also had a negative impact on the crude market.
US production fell from a recent high of 9.62 million barrels a day in April 2015 to a bottom of 8.56 million barrels in September. While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuelas tight finances that leave it unable to invest and maintain its own domestic refineries.
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The IEA also released a five-year forecast for the global oil industry that noted that the global oil supply over the next five years would struggle to keep pace with oil demand after 2020.
Under the November 30 OPEC agreement, Venezuela agreed to cut its production by 95,000 bpd to 1.972 million bpd beginning in January.
US stock prices closed lower on Tuesday as weakness in drug and financial shares sent the S&P 500 and the Dow Jones Industrial Average to their first consecutive sessions of declines in more than a month.
Via a commentary on the bulletin, OPEC said the projection of Mohammed Barkindo, its secretary-general - that the world was about to turn a historic page in oil history - is now becoming a reality.
Late last year, OPEC and key non-OPEC countries like Russian Federation agreed to trim output by a collective 1.8 million barrels a day for the first six months of this year.
Standard Life and Aberdeen Asset Management have agreed terms for an £11bn merger, having revealed talks over the weekend. Both Aberdeen and Standard Life , which actively manages about £270bn globally, have had hard recent periods to weather.
Arsenal, for the seventh successive year, will exit at the Round of 16 stage. "It's not looking good for Arsenal and him". Wenger, who was pictured shaking hands with Sanchez before training on Monday, said: "I am not aware, nothing at all".
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Mishra and Rahi were first arrested in August and September 2013 from Aheri and Chhattisgarh respectively, according to police. The suspended English professor of Ram Lal Anand College, Delhi University, was arrested in May 2014 from Delhi.
Several European cities feature women guides, crossings in New Zealand show a women's voting rights campaigner. But not all people approved of the change, which is a 12-month trial backed by the local roads authority.
The timing of the new campaign is curious since the company is expected to unveil its new iPad lineup sometime this month. Of course, all of it is still based on rumors and speculation that claims the new model to sport a 10.5-inch display.
The Kansas City area is under a tornado watch on Monday as a line of strong storms approaches from the northwest. The drill will test everyone's readiness for a life threatening severe weather event, such as a tornado.
Viewers meanwhile playfully analyzed her movements in the comments section to determine whether she had gone into labor or not. Dietrich said. "Now we might have to do this every night!" By Monday afternoon, more than nine million people had watched it.
The United Nations believes a million and a half people are affected by the drought and worsening food crisis in the country. Capital city Mogadishu is bearing the brunt of the catastrophe as thousands of people have flocked here to find food.
It will be hard , but I have indestructible faith that we can play great and get right back into contention". Real are a team who have now scored in 46 consecutive games in all competitions - a Spanish record.
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