emfizz.com
emfizz.com September 21, 2017


Crude prices rise in expectation of Aramco supply cut

19 May 2017, 11:50 | Jan Cross

Thirteen OPEC members and 11 non-OPEC countries, led by Russian Federation, had agreed on November 30, 2016 to reduce their production by about 1.8 million barrels per day (bpd) for six months beginning from January in an effort to drain a glut of crude that held down prices for over two years.

Even though OPEC has stuck to its pledge to cut production, US output C-OUT-T-EIA has risen by more than 10 percent since mid-2016 to 9.3 million barrels per day, close to the output of Russian Federation and Saudi Arabia.

Saudi Arabia's energy minister, Khalid al-Falih, said on Monday he expected Opec to agree to extend an agreement to limit oil production to the end of the year or possibly longer.

In the report, OPEC pointed to continued high compliance by its members with the supply cut deal and said oil stocks in industrialised nations fell in March - although they are still 276 million barrels above the five-year average.

The industry group the American Petroleum Institute reported a fall in US crude inventories by 5.8 million barrels last week, which was more than the 1.8 million-barrel slide analysts predicted.

Oil prices rose on Monday as talk of further supply cuts by major OPEC exporters outweighed the prospect of higher USA production as a drilling boom spreads across North America.

Oil prices had recently collapsed to their lowest since late November as investor anxious about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut.

The American Petroleum Institute (API) reported a drawdown of 5.789 million barrels of crude oil, for the week ending May 5, which beat analyst expectations of a fall of 1.8 million barrels.

NAMI Releases Video Series On College And Mental Health
All profits raised by the event will be donated directly to The Mental Health Foundation of New Zealand. Mental health may be a less taboo topic today, but there is still a lot of stigma surrounding it.


Microsoft withheld update that could have slowed WannaCry
That Windows flaw was part of the NSA hacking toolbox when it was released by the Shadow Brokers hacking group a few weeks ago. According to the cyber security experts , many corporate, institutions and individual have been hit by the ransomware .


Wizarding World of HARRY POTTER Universal Studios Hollywood Announces Nighttime Light Spectacular
The Nighttime Lights was inspired by the projection show created for Wizarding World's grand opening last spring. Previous reports of new a nighttime light show for the park have been confirmed.


WTI has been under pressure for the last several weeks.

Meanwhile, Brent crude oil, the global benchmark, is up 1.9% at $49.89 per barrel on Wednesday, and has lost 12.4% this year.

In its monthly oil market report (MOMR), OPEC said the United States oil and gas companies have already stepped up activities in 2017 as they start to increase their spending amid a recovery in oil prices.

Saudi Aramco's decision to reduce oil supplies to Asia has seen prices rally again after recent declines.

Since a low point in May 2016, USA producers have added 387 oil rigs, or about 123 per cent, Goldman Sachs said.

Atkinson said such a move will see the supply deficit become even bigger in the second half of the year.

API had reported a build in US gasoline stockpiles on Tuesday.

Still, the notification of cuts in June allocations signals added urgency among Opec members as evidence mounts that the output reduction has so far failed to rein in a global crude glut in crude.



Other News

Trending Now

TPK hikes 3D Touch price for iPhone with OLED, says paper
To this point, Goldman Sachs analyst Simona Jankowski provided the following component cost breakdown for the iPhone 8 last week. The iPhone 8 is believed to have an edge-to-edge OLED display that completely removes the top and bottom bezels up front.

Coherus Biosciences Inc (CHRS) Receives $40.50 Average PT from Analysts
Candriam Luxembourg S.C.A. purchased a new stake in shares of Coherus Biosciences during the third quarter valued at $5,115,000. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock.

Live Nation Festivals For Just $799
Spanning 15 countries and a variety of genres, the Festival Passport is an exclusive experience with only 1,000 passports available.

Donald Trump's advisors 'contacted Russian officials at least 18 TIMES before election'
The newspaper said Comey was in the Oval Office that day with other national security officials for a terrorism threat briefing. The Flynn investigation was part of a broader probe into Russian interference in 2016's presidential election.

Near-Term, Can These Stocks Move the Needle: Atwood Oceanics, Inc. (NYSE:ATW)
Enhancing shareholder value through safe, quality operations is at the core of all of the Atwood Group's activities. South Dakota Investment Council raised its stake in Atwood Oceanics by 70.7% in the third quarter.

Judge declares Prince's 6 siblings the heirs to his estate
Prince , born Prince Rogers Nelson, died without leaving a will - or at least, none that's so far been found. Appeals from others claiming heirship were rejected and they have since filed appeals.

Download Android 'Oreo' Beta from Google now
The next version of Android is all about making interactions easier and improving the core performance of smartphones and apps . It may even be possible to sync your refrigerator with your phone so the AI will be able to send you a grocery list wirelessly.

Guardiola: 'Perfect' send off for Zabaleta
It's the right time for me to move on but, believe me, I love this club. "It has been a fantastic time". The Brazilian said: "He's a top player, so of course I hope he stays".

Russia: US strikes on pro-regime forces in Syria 'totally unacceptable'
The Britain-based Syrian Observatory for Human Rights said IS captured several army positions in the area and killed nine troops. State news agency SANA says 20 civilians were killed after IS militants stormed parts of the village and that 45 were wounded.

Sen. Whitehouse: Rosenstein's Memo May Be Part of Criminal Investigation
Asked whether Rosenstein said if he received any pressure to come down hard on Comey, Rep. Acting FBI Director Andrew McCabe has also testified he wasn't aware of any such request.