IEA expects speedier oil market rebalancing in H2 but 'much work remains'
22 Mai, 2017, 01:54 | Author: Marc Bacque
Kuwait's oil minister Essam al-Marzouq said today that his country supported the Saudi/Russian initiative.
"We believe the industry is more focused on robust activity at stable oil prices, rather than very high oil prices at this juncture, which is not sustainable over the long run", said its analyst Mabel Tan.
The EIA (U.S. Energy Information Administration) estimates that Iraq's crude oil production fell by 5,000 bpd (barrels per day) to 4.4 MMbpd (million barrels per day) in April 2017-compared to March 2017.
Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation.
In the first quarter of 2017, "the oil market was nearly balanced", the International Energy Agency said in its latest monthly report.
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The main reason why oil prices remain low is that supply outstrips demand. Saudi Arabian production in April average 9.97 million barrels per day, nearly 1 percent below its quota under the multilateral deal.
Supply and demand in the oil market are close to matching up, the IEA said today, but rising USA supply could mitigate landmark OPEC-led production cuts.
In February, US crude output increased again and "in line with stronger recent performance from the US shale sector we have revised upwards our expectation throughout 2017", it said. USA bank Goldman Sachs said the deal "will likely further extend the oil price rebound... although the rally so far... has remained modest compared to the move that occurred previous year when the OPEC cuts were first announced".
The world's oil stockpiles increased only slightly in the first quarter and are set to decline in the second as demand picks up seasonally and OPEC constrains output, the IEA said Tuesday in its monthly report. Crude oil prices moved below $50 per barrel in late April on signs the designed balance envisioned by production cuts was slow to materialize.
Elsewhere on Nymex, gasoline futures for June climbed 1.2 cents, or roughly 0.8%, to $1.606 a gallon, while June heating oil added 1.4 cents to $1.523 a gallon. At the same time, at a meeting of the OPEC countries and countries outside of the cartel in Vienna on May 24-25, Russian Federation is going to propose maintaining the current parameters of the agreement. Oil extended gains while stocks were mixed.
After talks with senior Saudi officials on Saturday, Trump was to give a speech to dozens of Muslim leaders on Sunday. The State Department said the agreement could support "tens of thousands of new jobs in the United States".
However, the poll of polls - the average of many polls that are carried out - put the Tories on 47 and Labour on 31. A total of nearly £14.4 million in donations and loans were reported during the 2015 general election campaign.
MSK Prasad said that they will be grooming Rishabh Pant just like Hardik Pandya and Jasprit Bumrah have been groomed. The 27-year-old right-hander, who bats on top of the order, has played 12 ODIs and his 261 runs incudes a century.
Dr Venkateswaran also believes that new bug could be a source for chemicals that may help protect against radiation damage. Kalam had his early training at NASA in 1963 before he set up India's first rocket-launching facility at Thumba in Kerala.
Rosenstein said that though he was personally fond of Comey, "I thought it was appropriate to seek a new leader". Rubio asked. "There's no doubt that that's the questions that are going to get asked, and asked repeatedly".
With an imputed range of 4,500 kilometres the Hwasong-12 also puts U.S. bases on the Pacific island of Guam within reach. Analysts said the Hwasong traveled further than any previous ballistic missile launched by the North.
It was the latest sign of the Israeli right's growing disenchantment with Trump after having rejoiced in his election. Tillerson has met with the Qatari head of state countless times within the past couple of years.
Le président est apparu détendu, alors qu'à Washington, de nouveaux développements sur l'enquête russe venaient d'être révélés. Ce dernier effectue en terre saoudienne son premier déplacement officiel à l'étranger depuis son investiture en janvier.
The rape allegation against the Australian computer programmer had followed a Wikileaks conference in Stockholm in 2010. "In prison, under house arrest and nearly five years here in this embassy without sunlight!" he said .
The move was made Thursday before the Marlins began a four-game series against the Dodgers, and was retroactive to Wednesday. What's important to note in this deal is that Facebook's streaming of these games isn't exclusive, but rather auxiliary.
Alison King to return to Coronation Street
Her father is now facing a health scare; a diagnosis of something quite serious would be enough reason to being her back home. It's not yet known the circumstances under which Carla will return, however there is already one potential plot opening.
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Si Woo Kim of South Korea became the youngest victor of The Players Championship with a game and nerves well beyond his 21 years. These numbers are reminiscent of Russell Westbrook's horrifying fourth quarters against the Thunder, only with less scoring.
Under fire at home, Trump in Saudi Arabia on first foreign trip
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Destiny 2: PS4 Pro "Couldn't Run" Game at 60fps
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Jerusalem prepares for Trump's visit
The front of Yedioth Ahronoth's weekend supplement, featuring Donald Trump's head on a fidget spinner, May 19, 2017. Ambassador Nikki Haley, senior adviser Stephen Bannon, and Ambassador to Israel David Friedman.