Oil Demand Growth Seen Slowing for a Second Year
The IEA said it expects demand to increase by just 1.3 million barrels a day in 2017, rising to a total of about 97.9 million barrels a day.
It now predicts that global demand will only grow by 1.3mb/d over 2017, down from the 1.4mb/d previously forecast.
But oil at above Dollars 50 a barrel has, in turn, attracted higher-cost producers in the United States back to the market, and frantic American drilling will push non-OPEC supply to surprisingly high levels throughout the year, the IEA predicted.
As with Wednesday's report from Opec in Vienna, the IEA sees the USA as the main contributor to net growth this year of almost 500,000 bpd after a dip last year of almost 800,000 bpd, with the U.S. expected to raise production by 680,000 bpd.
"The main impetus comes from the United States, where monthly data shows that output reached 9 million barrels per day in March, up from a trough of 8.6 million barrels per day in September 2016", said the IEA.
Philippine appellate court affirms conviction of US Marine
Pemberton was sentenced to six to 12 years of imprisonment after he was found guilty for homicide - not murder. A court in the Philippines has upheld a jail sentence for a US Marine found guilty of killing a trans woman.
Brent for June settlement climbed 3 cents to $US55.89 a barrel on the London-based ICE Futures Europe exchange. OPEC and other producers, including Russian Federation, agreed late in November to curb output by around 1.8 million barrels per day in the first half of 2017 to rein in oversupply.
But the IEA underlined the dilemma the group faces.
Still, the IEA said, global oil supply and demand appear to be rebalancing after more than two years of oversupply.
OPEC agreed to slash the output by 1.2 million barrels per day from January 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels per day.
With 390,000 bpd lower output from non-Opec - including an unplanned outage in Canada and lower North Sea shipments - the total drop in world supply last month was 755,000 bpd, the IEA estimates.
Browns preseason schedule announced
The Cleveland Browns have announced their preseason schedule, and they get games for the 2017 season underway in mid-August. In week three, Cleveland travels down to Raymond James Stadium to face Tampa Bay for the third consecutive season.
Even at this mid-way point, we can consider what comes next.
The combination of factors could keep a lid on oil prices, which have risen in the past six months after a three-year slump.
Still, independent analysts see cause for optimism.
The agency said oil stocks across industrialized nations fell by 17.2 million barrels in March, resulting in an increase of 38.5 million barrels, or 425,000 barrels per day, in the first three months of the year. "If this is true, crude can not be far behind".
Fitch downgrades South Africa's credit rating to junk status
His foundation posted a scathing tweet in his name: "We will pray for the downfall of a government that misrepresents us". He has been hospitalized several times since 2015 because of infections linked to past treatment for prostate cancer.
Rangers get early advantage on Canadiens
But if we failed to acknowledge it before, it's worth mentioning it now: be prepared for the unexpected. The heavy wrist shot came and Lundqvist kicked it aside with a lightning-quick reaction.
The Coca-Cola Company (KO) Overbought or Oversold?
Bernstein set a $48.00 target price on The Coca-Cola and gave the company a "buy" rating in a report on Friday, January 6th. Important factors to focus when evaluating a stock's present and future value are the 52 week price high and low levels.
Ice cream-eating squirrel - nicknamed Putter - amazes North Carolina beach-goers
No matter the weather, a squirrel at Holden Beach in Brunswick County has to have her ice cream. The Martins say Putter has become a special piece of the family.
Easter weekend weather forecast
It will be the warmest on Saturday with temperatures climbing up to the low 70's under partly cloudy skies in the valley. Rain chances will taper off tonight and clouds will near out overnight with lows falling into the mid 50s.
Yogi govt decides to improve power supply in UP
Yogi Adityanath's cabinet may also approve proposal to provide potable water in the drought affected area of Bundelkhand. Adityanath has ordered 18-hour power supply in villages and 24 hours in district headquarters of the state.
Barcelona star Neymar banned for Real Madrid clash
And well, you can nearly be sure of him not missing out considering the importance of the next few games for Barca. In the 27th minute, he received his first caution for tying his shoe directly in front of a Malaga free kick.
Alabama Gov. Robert Bentley resigns amid sex scandal
The stunning resignation came after Bentley pleaded guilty to two misdemeanor violations of campaign finance law. In his statement on Monday, Bentley apologized for his actions, but did not mention a relationship with Mason.
Samsung heir denies bribery charges at hearing
Samsung Electronics said Friday, April 7, 2017 its first-quarter profit jumped 48 percent likely due to smartphone componen. The unit posted its record quarterly high of 4.95 trillion won in operating profit in the previous quarter.
Susan Rice may have committed a crime, Trump says without providing evidence
She called the unmasking process routine and said she only did it when it pertained to matters of national security. Rice has said that the pace of intelligence reports on Russian meddling increased beginning in the summer of 2016.
Stockholm suspect was failed asylum-seeker; 2nd man arrested
The British man, Chris Bevington, was a director with the music streaming service Spotify and lived in Stockholm with his family. Police said they were investigating the second suspect for a "terrorist crime [by committing] murder".
Apr 12 2017