Wednesday, 26 July, 2017

IEA says global oil market now close to balance

Oil market is now 'very close' to reaching a balance, IEA says IEA cuts outlook for 2017 oil demand growth, sees second straight annual drop
Mae Harvey | 14 April, 2017, 16:21

However, the IEA now expects global oil demand to grow a bit more slowly over the course of 2017, by about 1.3m b/d, which is down from the 1.4m b/d increase seen in its previous forecast.

"The main impetus comes from the USA, where monthly data shows that output reached 9 million barrels per day in March, up from a trough of 8.6 million barrels per day in September 2016", said the IEA.

The compliance rate with the agreement among OPEC members and some non-members, including Russian Federation, "has been impressive", the International Energy Agency (IEA) said in its monthly oil market report, giving a lift to oil prices.

Brent for June settlement rose 3 cents to $55.89 a barrel on the London-based ICE Futures Europe exchange.

Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts.

"The signs are that OPEC has delivered on the output cuts and while they continue to do so, that'll put a floor under oil prices", said Michael McCarthy, chief markets strategist at CMC Markets in Sydney.

"This would provide further support to prices, which in turn would offer further encouragement to the USA shale oil sector and other producers", the IEA added.

The Paris-based group, which advises oil-importing countries, expects USA output to climb by 680,000 barrels a day this year, higher than its previous forecast.

'I Think' Susan Rice May Have Committed A Crime
Flynn was sacked after it became clear that he misled Vice President Mike Pence and others about the content of those discussions. Rice said reports she would receive would occasionally refer to "U.S. persons" who were caught up in legal surveillance.

US, Mexico, Canada join to launch 2026 World Cup bid
Fox Sports characterized the 1994 games as playing "a pivotal part in accelerating the growth of the game in the U.S". The Russian capital hosts the annual meeting on the eve of the opening match of the 2018 World Cup .

Fierce clashes rock Palestinian refugee camp in Lebanon
According to United Nations figures, roughly 460,000 Palestinians are now living in 12 refugee camps scattered across Lebanon. The incident has raised fears of spiraling violence in Ain el-Hilweh, which has seen intermittent clashes in recent months.

The drawdown was well above what analysts had been expecting and more than the 1.3 million barrel drop reported Tuesday by industry group the American Petroleum Institute.

OPEC remains in full compliance with the agreed deal.

"The net result is that global stocks might have marginally increased in 1Q17", it said.

The EIA's report also showed that US crude production last week increased by 36,000 barrels per day to a total of 9.235 million barrels a day.

The IEA also warned global energy demand growth could weak this year as Russia, India, Korea, the United States and some Middle Eastern countries slow.

"So far, the game has gone fairly well for producers", the IEA says, noting that Opec has over-complied while the others are starting to contribute. In March, OPEC production declined by 365,000 barrels per day to 31.68 million barrels per day.

The IEA said it raised its second-quarter demand forecast but cut for the second half of the year.

Recommended

  • Gretzky buzzing over McDavid, Matthews' NHL playoff debuts

    The Leafs had nine players making their National Hockey League playoff debuts in Game 1, but didn't look like it early. Making the playoffs just once over the past 11 years, the Maple Leafs became the laughing stock of Canadian NHL teams.
    Trump moves to quell White House infighting

    Trump moves to quell White House infighting

    Bannon should have learned that while his tactics might appeal to Trump , he should never direct his efforts at Trump's family. Bannon's brand of anti-establishment populism that seeks to undermine the core democratic institutions of government, and Mr.

    Splatoon 2 releases July 21 on Nintendo Switch

    This game is expected to look and play a lot alike the original title, though it may offer different perspectives. Nintendo says they are focusing on Arms and Splatoon 2, but global directs ALWAYS have a new game announcement.
  • Lundqvist help Rangers beat Canadiens 2-0 in Game 1

    Lundqvist help Rangers beat Canadiens 2-0 in Game 1

    Lundqvist has had great success in the playoffs, posting a save percentage of.921 with a goals-against average of 2.28. The Montreal fan base, known for its long memories, will nearly certainly let Kreider know they haven't forgotten.
    North Korean suspects in Kim Jong Nam killing head home

    North Korean suspects in Kim Jong Nam killing head home

    Eight North Koreans have also been identified as suspects or persons of interest by Malaysian authorities. North Korea had demanded custody of the body because the victim was one of its citizens.
    Battle for western Mosul hampered by ISIL tactics

    Battle for western Mosul hampered by ISIL tactics

    John Dorrian, a USA spokesman for the coalition, said the fight for western Mosul has been "difficult". US-backed Iraqi forces waging the battle for Mosul .
  • Quotes from North Korean official about tensions with US

    Last week, North Korea warned of a nuclear attack on the United States at any sign of American aggression. If they are unable to do so, the US , with its allies, will! United States of America .
    Cavaliers to sign Dahntay Jones for playoffs

    Cavaliers to sign Dahntay Jones for playoffs

    Point being, there was other teams with more serious injuries who are still in much better shape right now entering the playoffs. Many of these fans who paid huge amounts of money to see LeBron, of course, got home late and then woke up early to go to work.
    Real Madrid brace for Bayern Munich

    Real Madrid brace for Bayern Munich

    Madrid are without the injured defensive duo of Pepe and Raphael Varane, with Nacho set to desputise. Won the Champions League with Madrid , broke records and conquered the Euros with Portugal .
  • Besieged Syria towns evacuated as regime and rebels begin huge people swap

    Besieged Syria towns evacuated as regime and rebels begin huge people swap

    But implementation of the deal, brokered by rebel supporter Qatar and regime ally Iran late last month, was repeatedly delayed. People living in the north-western towns of Foah and Kefraya are being evacuated to government-held areas close to Aleppo.
    Karl-Anthony Towns dominates in Timberwolves' season finale

    Karl-Anthony Towns dominates in Timberwolves' season finale

    The Wolves unveiled a new logo at halftime featuring a wolf's head imposed over a basketball in the team's blue and green colors. Even short-handed, the Thunder dominated the first half, shooting 50 percent from the field and leading by as many as 22 points.

    Comcast says it will not sell customer browsing histories

    But, why did the Trump administration repeal these rules? The House voted 215-205 to reject the rule. Verizon privacy officer Karen Zacharia said the company offers two programs for their browsing data.

British woman stabbed to death in Jerusalem British woman stabbed to death in Jerusalem The historic area was packed with Christians celebrating Good Friday and Jews celebrating Passover at the time of the stabbing. The woman, reportedly in her mid-20s, died of multiple stab wounds to her upper body at Hadassah Hospital Mount Scopus.

Chinese foreign minister: No winners if Korea war breaks out Chinese foreign minister: No winners if Korea war breaks out Adding to Chinese unease, President Donald Trump tweeted on Tuesday that the United States was not afraid of acting alone on North Korea.

Ocean world near Saturn hotter-than-ever contender for life The Cassini mission started in 2004 and ends this year, meaning this has been a lengthy process to make this discovery. The Europa Clipper is a NASA robotic probe meant to launch sometime in the early 2020s .

New York lawmakers approve free middle class college tuition New York lawmakers approve free middle class college tuition SUNY Chairman Carl McCall and Chancellor Nancy Zimpher praised the plan in a statement , calling it "truly ground-breaking". The high cost of college tuition can plague a graduate years after they've received their degree, thanks to student loans.

In explaining his reasons for the Syria strike, Trump focuses on Obama Mattis said during a briefing at the Pentagon: "It will not spiral out of control". The diplomats know each other well from Tillerson's days as Exxon Mobil CEO.

Kate Bush doesn't even want to play stupid Coachella Kate Bush doesn't even want to play stupid Coachella Bush, 58, famously retired from performing live in 1979, but returned to the stage in 2014 for a series of acclaimed London shows. I'll say, 'She's never played here, and she just did 30 shows in the United Kingdom for the first time since the late 70s.

Boris Johnson 'dismayed' at Russia's veto of United Nations resolution on Syria And then the evidence comes out, and we see exactly what it is and we know exactly what the environment was. President Donald Trump with Tillerson during a bilateral meeting. "This is an animal", Trump said.

White: Mayweather, McGregor on the horizon White: Mayweather, McGregor on the horizon He added, "I've been talking to them [Mayweather's team] for a while now". You piece of shit. "It's a fight that people do want to see".

USA backs down on anti-Trump Twitter account USA  backs down on anti-Trump Twitter account In its original action Twitter argued that giving up the information would have a "chilling effect" on government tricks. Besides attacking immigration measures, the account highlighted waste and mismanagement in Uscis and in DHS as a whole.

Uber hits back at claims it copied Google's driverless vehicle tech Uber hits back at claims it copied Google's driverless vehicle  tech After buying Otto, Uber put Levandowski in charge of Uber's self-driving project, a job that has been imperiled by this lawsuit. Waymo filed suit against Uber in February, claiming that a former manager, Anthony Levandowski, stole its patented ideas.

Zero-day Word exploit allows computers to be infected via e-mail attachments Zero-day Word exploit allows computers to be infected via e-mail attachments Microsoft has announced a patch for a flaw in Microsoft Word that allowed hackers to gain access to a victim's machine . Microsoft has been quick off the mark to release a patch for the vulnerability , which also affected Office 2016 .

Madonna's Unsurprising Opinion On Kendall Jenner's Pepsi Ad Madonna's Unsurprising Opinion On Kendall Jenner's Pepsi Ad A source told People that Kendall Jenner is not at all happy about the ad controversy that dragged her name and reputation in it. The "behind the scenes" video, along with the original ad, has disappeared from Pepsi's website and YouTube channel.

Akzo Nobel's battle with PPG escalates amid push to oust chairman Akzo Nobel's battle with PPG escalates amid push to oust chairman PPG Chief Executive Michael McGarry said last week that the company isn't ruling out a sweetened offer or a hostile bid for Akzo. It wasn't clear if Elliott's move would succeed even if the hedge fund could muster enough votes.

Doctor Who companion Pearl Mackie wants to play James Bond Doctor Who companion Pearl Mackie wants to play James Bond Sarah Dollard, who wrote 2015 episode Face the Raven (where Jenna Coleman's Clara Oswald was killed) is back for the period tale. When asked about this season's theme, Moffat said: "They're just flung into that universe and told to deal with it".

Gas prices rise in Pittsburgh area Gas prices rise in Pittsburgh area The average price for regular gas in Cedar Rapids was $2.29 a gallon, up 6 cents from a week ago, and 33 cents from one year ago . The state average rose 7.7 cents in a week to the Monday-morning benchmark of $2.276 on GasBuddy's Fuel Insights survey report.