Oil prices climb on hopes output cuts will be extended

19 Mai, 2017, 19:12 | Author: Marc Bacque
  • Oil prices climb on hopes output cuts will be extended

OPEC is scheduled to meet on 25 May to decide the production policy and extension of the deal by nine months.

Oil prices have been trapped in a tight range in recent weeks as rising USA production has erased the effects of output cuts by Opec and other countries, including Russian Federation. "While most remain optimistic over Opec extending the production deal at the upcoming meeting on 25 May, it becomes a question of how U.S. shale reacts and if (American) pumping intensifies".

The market has not strengthened enough to drain many major storage facilities around the globe - which OPEC oil ministers had hoped would be a first step toward rebalancing what has been a buyer's market since late 2014.

USA futures rose as much as a 1.5 percent, heading for the biggest weekly gain since March.

At Multi Commodity Exchange, crude oil for delivery in current month was trading higher by Rs 24, or 0.75 per cent, to Rs 3,227 per barrel, in a business turnover of 3,156 lots. But in terms of whether this will be sustained-that would depend on "adherence to the supply cuts" and global demand expectations, as well as factors outside of OPEC's control, including USA production, he said.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017 for six months, extendable for another six months.

Bobby Moynihan departing 'SNL' after nine years
Moynihan is also set to voice the title character in the Syfy series " Happy! " with Christopher Meloni and Patrick Fischler. On Wednesday, Moynihan appeared at CBS' upfront presentation with his fellow "Me, Myself & I" cast members.


EPL: Mourinho sweating over Fellaini injury after Manchester United draw
We trained with 24 players today, with no one injured so instead of looking at United, I look at my team. Neither United nor Palace have anything tangible to play for on the final day of the season.


Polls open in first Iran presidential vote since atomic deal
Iranians overseas also will vote in over 300 locations, including 55 in the US , where more than 1 million Iranians live. Every incumbent president has been re-elected in Iran since 1985, when Ayatollah Khamenei himself won a second term.


Traders also seem to be overlooking the persuasive argument that given huge stockpiles and less-than-stellar global demand, an OPEC extension without deeper cuts will have minimal positive impact.

Michael Wittner, global head of oil research at Societe Generale, said the market was well on its way toward bracing for an Opec cut.

Both benchmarks increased after the Energy Information Administration reported a decline of 1.8 million barrels in the United States inventory to 520.8 million barrels in the week that ended on 12 May.

Oil prices have gained support from reduced output but high inventories and rising supply from producers not participating in the accord have limited the rally, pressing the case for extending the curbs. "On the other, there are those who are focused on the real drawdowns that have started to occur in USA oil stocks over the past month or so", he said.

A bigger, quicker surge in US production than hitherto seen also threatens to frustrate the OPEC/non-OPEC strategy to achieve market equilibrium.

Conseillé:

  • MotoGP riders show support as Hayden condition remains 'extremely serious'

    MotoGP riders show support as Hayden condition remains 'extremely serious'

    He won the MotoGP championship in 2006 and has been competing for Team Honda in the Superbike category since previous year . He was rushed to the hospital, and a recent update from his team confirms he is in "extremely critical" condition.
    European Union  regulators slap Facebook with fine for misleading them about WhatsApp

    European Union regulators slap Facebook with fine for misleading them about WhatsApp

    Facebook was fined US$122 million for giving European Union antitrust regulators misleading or incorrect information about its acquisition of messaging service WhatsApp in 2014.

    Les femmes victimes de harcèlement dans les rues — La Chapelle

    C'est en tout cas ce que dénoncent plusieurs d'entre elles dans une pétition publiée sur internet et adressée à Emmanuel Macron . Le quotidien rapporte le témoignage de cette femme qui affirme avoir reçu une cigarette allumée dans les cheveux.
  • Hackers Exploit Computers Infected With Ransomware to Mine Cryptocurrency

    The malware has affected operations at several hospitals, auto factories, subway systems, shops and schools across the globe. Microsoft ended up distributing the free patch for the older versions on Friday - the day the ransomware was detected.
    Say Hello To The New VW Up GTI

    Say Hello To The New VW Up GTI

    The interior includes features as a leather-trimmed sport steering wheel , a GTI gear knob, and a tartan pattern on the seats. Once again all figures are reminiscent of those of the Mk1 Golf GTI launched four decades ago.

    Israel arrests 2 after deadly West Bank clash

    The slain Palestinian is the second to be killed since the detainees' hunger strike started a month ago. A similar incident occurred the day before near the Palestinian village of Silwad in the West Bank.
  • Sterling's fall buoys United Kingdom  manufacturers as export orders rise

    Sterling's fall buoys United Kingdom manufacturers as export orders rise

    Nonetheless, expectations have eased slightly on their peak back in February. This was supported by both the mechanical engineering and chemical sectors.

    Worldwide effort set to keep Trump happy on 1st trip abroad

    Bush first traveled to Mexico, Obama to Canada -- a decision typically seen as an honor reserved for America's c. Bush and Barack Obama, whose first foreign trips were in February, shortly after their inaugurations.

    Experts question North Korea role in WannaCry cyberattack

    Ambassador to the UN Nikki Haley said Washington and Beijing are discussing the possibility of additional measures on the North. The $4 billion in damage could be far more important to the perpetrators than the $70,000 or less in ransom payments collected.
  • British consumers 'particularly concerned' about post-Brexit price rises

    British consumers 'particularly concerned' about post-Brexit price rises

    By 2021, it is projected that Britons will spend £1.4 trillion per annum, with growth of 17% expected over the next five years. The war on sugar has refreshed sales of bottled water - and the upcoming 2018 soft drinks levy means there will be no let-up.
    Always Dreaming, Classic Empire are neighbors in Preakness

    Always Dreaming, Classic Empire are neighbors in Preakness

    He may have liked the sloppy track, but the 10-1 shot has hit the board in seven of 10 lifetime races and he could be tough again. Post position isn't as crucial in the Preakness as the Derby, but the last victor from Post 4 was Curlin in 2007.
    Researchers Open Future Of Wearables With 'World's Thinnest Hologram'

    Researchers Open Future Of Wearables With 'World's Thinnest Hologram'

    How long will it be until we can view pop-up 3D displays from our smartphone? We would like to see industry engage with research. To generate enough phase shifts, those holograms need to be at the thickness of optical wavelengths.


Populaire

Jharkhand: Three Muslim cattle traders lynched by mob over 'kid theft' rumours
The third lynching, in which three people died, took place in Nagadih, Superintendent of Police (City) Prasant Anand told PTI . The incidents of lynching occurred at three different places.

Cession d'EDF Polska, valorisée à 1,4 mds ¤
La cession aura pour effet de réduire l'empreinte carbone du groupe EDF d'environ 23%. La réalisation de l'opération pourrait intervenir au cours du second semestre 2017.

South Korea wants to reopen communication with North Korea
Fourteen years ago, he came as a representative of South Korea president Roh Moo-hyun. In a lecture arranged by a Japanese think tank in Tokyo on Wednesday, U.S.

State Dept expresses "concern" over Turkish officials' attack on protesters
USA officials said this month that the White House had approved supplying arms to the YPG, a decision that caused alarm in Ankara. Ayten Necmi , 49, was charged with aggravated assault and Jalal Kheirabaoi , 42, was charged with assaulting a police officer.

Solère contraint de démissionner de la présidence du groupe LR — Région IDF
Othman Nasrou , jusqu'alors vice-président de la Région, va assurer la présidence du groupe jusqu'aux prochaines élections.

Trump to Announce $350 Billion Arms Deal With Saudis
Christiane Amanpour, chief worldwide correspondent for CNN, looks ahead to Trump first foreign trip on Friday. Navy's 5th Fleet, which frequently has tense encounters with Iran's navy in the Persian Gulf.

Clapper: US government 'under assault' by Trump after Comey firing
Comey was sacked over his handling of the federal investigation involving Mr. But very well known, highly respected and really talented people.

Frontier Communications Corp (NASDAQ:FTR), Chevron Corporation (NYSE:CVX), PG&E Corporation
This is the price at which the trader or investor wants to exit his existing position so he can realize the most reward. A trend analysis is a method of analysis that allows traders to predict what will happen with a stock in the future.

Volkswagen builds an Up! GTI for 2017 Wörthersee Tour
The interior includes features as a leather-trimmed sport steering wheel, a GTI gear knob, and a tartan pattern on the seats.

Kulbhushan Jadhav's case should not be politicised: Pak NA Speaker
Aziz, however, maintained that Qureshi had "courageously" presented Pakistan's case in the court, the Nation reported. On the merits, the ICJ held that the violation of consular rights alleged by India "are plausible".