Crude oil prices flat to start Monday, after rough overnight patch
19 April, 2017, 01:45 | Author: Paula Vaughn
"OPEC and non-OPEC crude oil producers have displayed a historic spirit de corps in implementation of the organization's output cut plan which has proved a success and producers have shown more cooperative month over month", saidIranian Minister of Petroleum Bijan Zangeneh.
Oil prices may rise by 20 percent this year as energy producers outside the USA keep a lid on how much crude they pump, said analysts at Citigroup.
Continuing disruptions in the Libyan production output are likely to support and push oil prices up further to trade between US$50 to US$56 (S$70 to S$78) a barrel for WTI Crude and US$55 to US$60 for Brent Crude.
More barrels could be on their way to market from U.S. shale fields as financial companies are investing billions in production, a Reuters analysis showed.
The NNPC said in its latest monthly report that the Federal Government's engagement with the Niger Delta militants had continued to enhance production.
Nigeria's crude oil production fell by 156,900 barrels per day (bpd) to 1.269 million bpd in March, from 1.426mbpd recorded in February. Before the weekend, gas prices rose an average of 12 cents in 19 days, nationwide; and 13 cents in 14 days, in Florida.
Independent refineries also pushed up crude oil imports as they needed to use up their first batch of import quotas before applying for a second round, market sources said.
Meanwhile, oil producers in the US added rigs for a 13th straight week, proof that output increases there will continue unhampered.
The Managing Director of Shell Petroleum Development Company (SPDC), Osagie Okunbor, had said the company was working to remove a significant number of oil theft connections and effect repairs on the pipeline.
By targeting US refineries through the production cut, OPEC producers have more flexibility in fighting for market share in the growing Asia-Pacific market.
The West Texas Intermediate (WTI) benchmark for US crude futures was down 26 cents, or 0.5%, at $52.92 a barrel at 10:53 a.m. ET. Given this, it is frankly ridiculous for him to say that that it was too early to discuss whether extending the deal to cut production beyond June was necessary.
But if the extension is secured, USA shale-oil will continue to expand, he said.
The country imported 38.95 million mt (9.21 million b/d) of crude oil in March, rising 19.4% year on year, preliminary data released April 13 by the General Administration of Customs showed.
Members of the Organization of the Petroleum Exporting Countries are cutting oil production 1.2 million bpd from January 1 for six months, the first reduction in eight years. OECD stocks, particularly products, drew by 0.8 million b/d in 4Q16, but we estimate that in 1Q17 they increased by 0.4 million b/d, mainly for crude oil and, in turn mainly in Europe and the US.
Nobody said curing a global oil glut would be easy. While a production cut by OPEC can lead to a supply deficit in the second half of the year, the sustained addition of oil rigs will put a cap on oil prices as United States oil production rises.
Investigators were driving around the course in golf carts Monday evening, placing evidence markers near pieces of debris. One person on board was able to self-eject, while two other military personnel remained trapped in the downed helicopter.
After almost two decades in South Atlanta's Turner Field, the Atlanta Braves played ball in their new home, Sun Trust Park. Murphy then hit an opposite-field double to left on his bobblehead day, and Harper came around to easily beat the throw.
NOTES: Edmonton last had back-to-back playoff shutouts in the final two games of a first-round series against Colorado in 1998. ONWARD: Oilers will nearly certainly need to score more than one goal in Tuesday's game, but the squeeze is on.
After several festival attendees noticed their phones missing, they used the "Find My iPhone" app to track down the pickpocket. Fans at the Coachella Valley Music and Arts Festival were targeted by a phone thief.
The company estimated its revenue in the first quarter this year would reach 50 trillion won, up 0.44 percent on-year. In addition, the Galaxy S7 Edge model was selected as a discontinued Galaxy Note 7 exchange model.
Alex called their son a "good little knight who's going to grow up, I know, to be a great fighter against the enemy". Another of her attorneys, Robert Hoffman, said she "is a wonderful mother who has had her kids turned against her".
During the session, US Ambassador to the United Nations Nikki Haley defended the US's action and said it is prepared to do more. He had planned to travel to Russia Monday on a trip meant to start a fresh dialogue with Moscow.
With that presumption comes the rumors that Microsoft will be highlighting its forthcoming Windows 10 Cloud product at the event. At the same event they announced, the company may introduce us to a new product wearing the name Microsoft Surface CloudBook.
Senate Democrats had adopted a similar majority rules maneuver in 2013 for lower-level judicial and executive branch candidates. The president is predicting Gorsuch will go down as "one of the truly great justices" in the court's history.
On a night when the Blue Jackets found some answers for their goal-scoring malaise, they ultimately couldn't stop the Penguins. The Crosby line was held without a point Wednesday in a 3-1 Penguins' win. "They're pretty fast and they have a lot of skill".
The Android home-screen search bar was at the center of a two-year dispute between Google and Russian Federation regulators. Google settled with the Federal Antimonopoly Service in Moscow District Court of Arbitration.
Iran's president resisters to run in May elections
He will face frontrunner Ebrahim Raisi , who also registered on Friday, and is close to the Supreme Leader Ayatollah Khamenei. Many Iranians have grown impatient with the slow rate of improvement in their economic fortunes since sanctions were lifted.
Teenager loses leg after shark attack surfing Esperance WA
Police later confirmed she had died from her injuries, tweeting their condolences and describing the attack as "devastating". The Esperance Express reported that the Department of Fisheries will patrol the beach and water from early Tuesday morning.