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16 May 2018, 02:04 | Austin Hogan
OPEC Adds US Exit From Iran Nuclear Deal To 'Disruptive Concerns'
"With China's robust economy anticipated to drive oil demand this year, oil prices could remain supported in the near term", he said. In 2016-17, crude oil and refinery products imports accounted for 22.7 percent of India's total import. This compares with 340 million barrels when OPEC, Russia, and several other producers agreed to cut production to stimulate prices.
Looking at U.S. crude oil stocks, the most recent EIA figures (May 9) showed falling crude oil stocks and falling gasoline inventories.
"You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the lower 48 states", said Walter Zimmerman, chief technical analyst at ICAP TA.
China's oil demand growth has so far this year exceeded expectations, and Goldman Sachs, for example, says that growth could be even "higher than now estimated". "Plus we see a high likelihood of OPEC working with Russian Federation in 2019 to set a floor on oil prices".
Crude prices have been on edge since US PresidentDonald Trump's decision to exit the country from the Iran nuclear deal, raising the odds of a dispute in the Middle East and creating uncertainty over oil supplies worldwide. The agreement, which came into effect in January 2017, has already been extended through until the end of this year - with producers scheduled to meet in June to review policy.
OPEC and its partners chose to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
Champions! Juventus win seventh successive Serie A title
Juventus won a seventh straight Serie A title on Sunday (May 13) after a goalless draw against 10-man Roma at the Stadio Olimpico. In injury time, Andrea Masiello netted the late equaliser for Atalanta to keep his side's Europa League hopes alive.
National Police Week 2018
If you get a chance this week, take time to thank your law enforcement professionals for serving the Marshalltown community. A proclamation was read by Pitt County Commissioner Mark Owens, declaring May 11 Pitt County Law Enforcement Memorial Day.
Venezuela's continuing economic crisis has also removed oil from the market. "Plus we see a high likelihood of OPEC working with Russian Federation in 2019 to set a floor on oil prices", analysts wrote in their report.
Otunuga noted that increasing U.S. shale production could dampen any long-term anticipated price hikes.
OPEC and Saudi Arabia made similar statements a year ago at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks.
"By 2019, U.S production can pick up as pipelines are expanded and OPEC and Russian Federation can bring back production", says Lee. West Texas Intermediate was up 0.86% to $71.89 a barrel. While some market observers attribute the energy sector's recent bullishness to the US departing the Iran nuclear agreement, there are other factors at play.
- Strong domestic gasoline demand has caused reduced supply levels. That's a big a if in the political current environment.
Burnley free agent Arfield delighted with Rangers move
It's claimed Rangers have offered £4m to Fenerbahce, and a decision is yet to be made on whether a move will go ahead. How big a role Arfield can play in that remains to be seen. " I'm really, really excited about it and so is Steven .
Emre Can, Mario Gotze left out of Germany World Cup squad
The defending World Cup champions are expected to be among the favourites to win the tournament in Russian Federation this year. However, the Bayern Munich goalkeeper will be monitored during the training camp, reports Xinhua news agency.
Gap apologises for incorrect China map
The U.S. company issued its apology on Weibo late Monday, saying it "respects the integrity of China's sovereignty and territory". Aside from Taiwan , Chinese troops marched into Tibet in 1950 to bring the region under Beijing's control.
The Bulls look for some hometown luck in the NBA Draft Lottery
There's a 77.07 percent chance the Bulls select sixth or seventh, which means there isn't likely to be any surprises for Chicago . Philly, meanwhile, could have a top-10 pick this year, and now will have four (!) projected lottery picks next year as well.