OPEC Faces 'Lose-Lose' Decision on Extending Oil Production Curbs
The cuts by OPEC members and other non-U.S. producers, combined with seasonal gasoline demand during the summer season, means "the rebalancing story will take place by the year end", said Barnabas Gan, an economist at Singapore bank OCBC, who expects USA oil prices to hit the $55 to $60 range in the next few months. Overall, however, the IEA said gains in crude oil prices are making US shale oil recover as operators respond to the improved market conditions.
Benchmark Brent crude futures were down 50 cents at $55.39 at 1126 GMT.
"The battle between the "sheiks and the shale oil producers" is far from decided. with all attempts by OPEC to achieve a lasting production deficit on the oil market being torpedoed by non-OPEC producers - first and foremost the USA", analysts at Commerzbank wrote.
According to direct communication with the Organisation of Petroleum Exporting Countries (OPEC), the country produced 1.269 million barrels per day last month.
Pence aims to reassure allies amid North Korea threat
During a meeting at the White House on Thursday, Trump said that North Korea "is a problem" that will be "taken care of". Pence's visit, full of Cold War symbolism, came amid increasing tensions and heated rhetoric on the Korean Peninsula.
He further stressed that he expected oil prices to remain around $55 per barrel as a result of the implementation of the output cut plan. Explorers in the nation have added rigs for the past 13 weeks, data from Baker Hughes Inc. show. Ibe Kachikwu, said crude-oil production had risen to two million bpd.
May West Texas Intermediate crude CLK7, -0.70% rose 5 cents, or 0.1%, to trade at $52.70 a barrel on the New York Mercantile Exchange.
The battle for a share of China's growing oil market is intensifying, with the output restraint deal by "Opec and friends" only helping to open doors for rival suppliers. The group and 11 other non-OPEC oil producers have agreed to cut production for the first part of the year. Chief Executive Officer Amin Nasser said the global oil market is moving closer to balance despite the US shale boom.
In the Eagle Ford region, output is set to rise by 39,000 bpd to 1.22 million bpd, the third monthly increase.
Didier Drogba Does Retired Person Thing, Moves To Arizona
He scored 157 goals in 341 appearances during his first spell at Chelsea , winning three Premier League titles and the Champions League .
Thus, Saudi Arabia plans to develop 30 projects in the field of solar and wind energy to increase electricity production and reduce oil consumption, according to the Minister of Energy, Industry and Mineral Resources of Khalid al-Falih.
Opec's oil output fell in March to sit below the level where the cartel estimates demand for its crude this year, as attempts to tighten the market were bolstered by supply disruptions in member countries.
China has turned net oil product exporter since June 2015, with the highest recorded net oil product exports at 2.85 million mt for November 2016.
Inventory reports from the American Petroleum Institute and Energy Information Administration due this week could determine where WTI crude oil would head next, as a larger than expected buildup would renew oversupply concerns and weigh on prices while a reduction or smaller than expected buildup could put some upside pressure.
Thousands of Palestinians rally in West Bank as prisoners launch hunger strike
In what appeared to be a punitive measure, Israel's prison service said Barghouti had been transferred to a different prison. Palestinian prisoners and detainees have suffered from torture, inhumane and degrading treatment, and medical negligence.
Kante deserves to win PFA Player of the Year - Hazard
The Belgium global has scored 14 goals and assisted five in the league and Madrid forward Benzema would welcome him at the Santiago Bernabeu.
Students clash with security forces in Kashmir protests
We have not seen such a use of widespread force on students in nearly every district simultaneously". As the police sealed the college exits, the students started demonstrating within the premises.
Nokia 6 Android 7.1.1 Nougat OTA Update Being Rolled Out
It also sports a 2.5D curved glass display along with Corning Gorilla Glass 3 protection. Last but not the least, the company has updated the Google Security patch to April 2017.
'Infowars' host Jones disputes persona in custody dispute
ADAM SCHIFF (D-CA), JENNIFER LOPEZ, and ALEC BALDWIN and said that her ex is "not a stable person". "He wants J-Lo to get raped". She has called her ex-husband unstable and argues comments he makes around his children are inappropriate.
Campaigning for Turkey referendum hits final stretch
Two others, including one of Tajik origin, had travelled to "conflict zones" and carried out operations for the jihadist group. Other changes include the minimum age of parliamentary candidates reduced to 18 and the number of deputies increased to 600.
Jackson says that a trade might be best for Carmelo, Knicks
Undermine the team's head coach? Exit meetings after the National Basketball Association season is over are standard. It appears that Jackson meant good with his statement but Anthony might have understood it differently.
Putin and Tillerson agree that US-Russia relationship isn't going so well
And while Tillerson appeared Wednesday before reporters with Lavrov, he met beforehand for roughly two hours with Putin himself. Tillerson is on a thus-far-futile mission to persuade Putin to abandon support for Syrian President Bashar Assad.
Syria's Assad claims USA 'fabricated' chemical attack, despite consensus
Assad insisted his forces had turned over all their chemical weapons stocks years ago and would never use the banned arms. Russia, a long-time ally of Assad, said that the attack on the Syrian base was "reckless" and called for an urgent U.N.
LeBron Is Debuting the New Kendrick Lamar Album for You Right Now
Zacari isn't as big of a name as the two aforementioned giants but his featured work on Love was one of the stand-out tracks. Have you already listened to it? The album, without any promotion, debuted at No. 1 overall ( via Hip Hop DX ).
Russia-Syria Ties to Dominate G7 Meeting of Foreign Ministers
The strike was the first time American forces targeted a Syrian government installation in the course of the war. Putin said that the US missile attacks were an "unacceptable move" which strengthens the terrorists.
Apr 18 2017