March 21, 2018

Saudi Cuts August Oil Exports To Lowest Level To Meet Domestic Demand

13 July 2017, 01:32 | Frank Carlson

Shutterstock CNNMoney via CNN

Look out OPEC! U.S. to become top 10 oil exporter by 2020

Today's price increases is due in large part to the Energy Information Administration's revised forecast that US oil production would produce 9.9 million barrels daily in 2018-down from its previous forecast of 10 million bpd.

A joint ministerial committee from OPEC and non-OPEC countries including Saudi Arabia and Russian Federation, the world's biggest oil producers, will meet on 24 July to discuss compliance with a supply-cut pact and review the rise in output from Nigeria and Libya. As in the initial agreement, Libya and Nigeria were exempt from the requirement to reduce their output, but the lack of improvements in the global oil market's environment has OPEC rethinking their policy. The two countries were exempted from a deal struck with Russian Federation and 11 other producers previous year that set to remove 1.8 million barrels from daily global supply. That's up from a low this year below $45 a barrel at the end of last month, but down from the mid-to-high $50s earlier in the year, and almost back to the level before the deal last November. By contrast, it kept its prices for light crude unchanged in the United States and increased them by 45 cents in the Mediterranean and by 55 cents in North West Europe.

The U.S. Energy Department reported a decrease in U.S. oil reserves (excluding the strategic reserve) for the week ended on June 30 by 6.3 million barrels, or 1.2 percent - to 502.9 million barrels.

Pakistan Investigators Want Sharif Tried Over Unexplained Assets
JIT can summon anyone to probe money-laundering charges against Sharif's family. He said Joint Investigation Team (JIT) should be asked about their findings.

Global benchmark Brent crude futures were trading 0.06 per cent down at $47.49 per barrel after reaching a high of $48.79. Whilst the older oil fields, dominated by traditional methods of crude extraction, are depleting rapidly, the surge in shale oil might fail to make up for the slowdown in traditional oil production.

OPEC members led by Saudi Arabia and non-OPEC countries led by Russian Federation took action and capped their oil production to support oil market prices. The report said that big oil failed to take advantage of the oil boom years when they were making record profits and instead invested too heavily on high-cost and high-risk projects while raising dividends to shareholders leaving them unprepared for the oil downturn. Royal Dutch Shell (RDSA) gained 1.5%. OPEC needs to deliver some "shock and awe" to the oil market for prices to rise, Goldman Sachs Group Inc. said.

Market observers in the production cut deal has waned since early this year. The latest OPEC monthly report, containing June production figures, is scheduled to be published later on Wednesday. The average cost for 2018 is forecast to be $2.71 per gallon, down 3.5% from last month's forecast, but still 4.6% higher than 2017's anticipated average.

Other News

Trending Now

Uran wins crash-filled stage, Froome keeps yellow
Thomas' crash was his fourth of a race he led for four days after winning the opening time trial, something which already feels a long time ago.

Scholars: White House's name gaffe not helping US-China ties
And another White House statement called the prime minister of Japan, Shinzo Abe, " President Abe of Japan ". The issue is particularly sensitive because Beijing insists that Taiwan is part of its territory.

Dalian Wanda Selling its Theme Parks, Hotels as Disney China Outpaces It
Its billionaire owner Wang Jianlin had said past year that his "wolf pack" of parks would beat American rival Walt Disney. Primarily a real estate company, Wanda also took aim at the tourism industry by pledging to unseat Disney as a top brand .

Wimbledon 2017: Federer beats Raonic to reach semi-finals
Querrey had only ever once before reached the quarterfinals at a Grand Slam tournament, and that came at Wimbledon past year . Roger Federer brushed aside Milos Raonic as he comfortably avoided following Andy Murray and Novak Djokovic out of Wimbledon.

Conor McGregor claims he will knock Floyd Mayweather out 'inside four rounds'
Mayweather added: "I don't know what the game-plan is, I'll have to speak to my father [his trainer, Floyd Mayweather Sr]". He's in an [expletive] track suit , he cant even afford a suit anymore.

Sky Fiddles With Channels To Create More Sports Output For Now Customers
A monthly rolling NowTV subscription to Sky Sports is now UKĀ£33.99, with daily and weekly passes also available. Feel it all with the new Sky Sports Premier League channel with 126 live games and a new debate show.

Quentin Tarantino developing film about Manson family murders
But there's no doubt that Tarantino's penchant for eccentric storytelling will bring a fresh take to this abominable story. They have executive produced many Quentin Tarantino projects in the past including Django Unchained and The Hateful Eight .

Dogs Rescued From Hot Car in Roswell, Owner Cited With Animal Cruelty
Inside the Chevy Impala, police said it was a blistering 167-degrees. "There's no way you should have had them dogs in the auto ". The police department was called by a bystander who had noticed a dog sitting in the auto and immediately dialed 911.

US taps ex-envoy to NATO to resolve Ukraine crisis
The Secretary appointed a special representative for Ukraine last week, in an effort to further involve the the region. Trump, during his meeting with the Russian president, accepted Mr.

North: N. Korea's Recent Test Proves Ability to Launch Missile from Anywhere
US officials revealed the upcoming drill on condition of anonymity and now the US Missile Defense Agency has confirmed the plan . Such missiles, if launched from North Korea , would be incapable of reaching the West Coast, but could strike as far as Alaska.