Iraq takes Saudi crown to become oil king of key Asian market
01:34, Jun 15, 2017
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Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the International Energy Agency (IEA) said on Wednesday. China also said crude oil production fell 3.7% in May from a year earlier to 16.26 million metric tons, or 3.83 million barrels per day (bpd), the lowest daily level on record.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.96 per barrel, down 50 cents, or 1.1 percent.
Sign up now and get breaking news alerts delivered to your inbox. Iraq also passed Saudi Arabia as the number one supplier to India, the fastest growing oil consumer.
US interest rates futures rose after the weak data, suggesting traders reduced their bets on a possible third Fed interest rate increase in 2017. USA crude was 45 cents lower at US$46.01.
The IEA's baseline for determining when oilstocks can be considered as having rebalanced is when they return to their five-year average, or 292 million barrels below where they are today.
Oil inventories have remained high several months into a deal by OPEC producers with non-member nations to reduce supply by 1.8 million bpd.
Crude prices have fallen more than 10 per cent since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Countries to curb production.
As per the ASB, in 2016, world crude oil production inched up by 0.35 mb/d, or 0.5 percent, as compared to 2015, to reach 75.48 mb/d, marking the seventh consecutive year of growth. Brent futures are trading at higher prices for further-dated contracts, which is an encouragment for more production rather than less.
Producers hedge by buying a variety of financial options to secure a minimum price for crude and safeguard future production.
At the same time, overall global demand is expected to pick up by 1.4 million bpd to 99.3 million bpd next year, the IEA predicted. Yet the group lowered expectations for non-member Russian Federation, which has been cooperating with Saudi Arabia on production, by 200,000 bpd, or about two-thirds of the original estimate.
Crude oil prices were down more than 1 percent in overnight trading, but moderated ahead of the start of trading in NY.
Trade data show OPEC shipments to customers averaged around 26 million bpd in the last six months of 2016 and are set to average around 25.3 million bpd in the first half of this year.
The EIA released its monthly report on drilling activity Monday showing that oil production from seven major USA shale plays is projected to rise by 127,000 barrels a day to 5.475 million barrels a day in July from June.
It is due to present its platform for the next session in the Queen's Speech at the State Opening of Parliament on June 19. Opinion polls gave her sky-high personal ratings and her party a runaway lead over the opposition Labour Party.
The storm hit the Cape Peninsula early on Wednesday morning, which some have described as the "worst storm in living memory". A severe storm is set to hit the Western Cape on Wednesday, following months of dry conditions in the area.
High Sierra will be out this fall for free, and it allows the iMac to be a "great platform for virtual reality content creation". The browser also comes with a security tool called intelligent tracking prevention , which protects your privacy.
China has cited anti-piracy patrolling as one of the reasons for developing what it calls a naval logistics center in Djibouti. Outside of Washington, the possibility of setting up shop in Pakistan is likely to irk New Dehli as well.
The first hotels are expected to open relatively soon in MS , locations that will simply be rebranded from other hotel chains. All of the MS hotels are owned by Chawla Hotels, but the Trump Organization still receives management and franchise fees.
Siri is in third place behind Google Home and Amazon's Alexa when it come to offering intuitive, natural digital assistant. Siri was introduced as a feature in the iPhone 4S in 2011, three years before Amazon came out with Alexa and the Echo.
I mostly discovered that I've still got a ton of calculator apps on there, for whatever reason, and a lot of writing apps, too. As a result, entertainers and more content creators can make more money or even create higher quality digital content.
Adding another dimension to this trip is the fact that Rodman is well acquainted with Donald Trump , as he appeared on the U.S. Since then, he visited the North on several occasions for what could be seen as "basketball diplomacy".
Apple iMac has been launched with a 21.5-inch display and a 21.5-inch iMac Retina 4K display and a 27-inch iMac Retina 4K display. Featuring next-generation Intel Xeon processors up to 18 cores, iMac Pro is created to handle the most demanding pro workflows.
Among the many announcements by Ubisoft, there was also an ominous presentation of a VR thriller called Transference . Consequently, Mario + Rabbids has a unique flavor with a focus on strategy and tactics.
The Patriots have agreed to a contract extension with wide receiver Julian Edelman , according to Adam Schefter of ESPN . In addition, tight end Rob Gronkowski and quarterback Tom Brady are signed through the 2019 season.
Chamber of Commerce's United States-Cuba Business Council, the American Society of Travel Agents and Cuba Educational Travel. The memo is signed by a number of business and travel groups, including the U.S.
Fans in focus at major E3 video game trade show
Offering a co-op storyline, A Way Out is a tale of two men who embark upon personal missions that require breaking out of prison. While the game can be played online, it's expected that a good portion of players will play it in the same room with a friend.
GE CEO Jeff Immelt Stepping Down
Joyce O'Rourke, Flannery's junior year homeroom teacher, said Flannery was your "typical, fun-loving, all-around good kid". On Monday, GE reached a deal with USA regulators to win approval of its purchase of oilfield service giant Baker Hughes.
Another Uber executive allegedly stepping down over scandal
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Vettel picks up 'Driver of the Day' award for Monaco
Today, as a team we wanted a one-two, which happened. "I really have no idea". "Obviously they have reasons for whatever they do". Sebastian Vettel has won the 2017 Monaco Grand Prix with team mate Kimmi Raikkonen taking second place for a Ferrari one-two.
Oliver Stone: Megyn Kelly didn't know her stuff with Putin
Putin's comments to Stone echo comments he has made over 17 years in power, including a speech at an global economic forum in St. Petersburg last week in which he portrayed North Atlantic Treaty Organisation a foreign-policy tool exploited by Washington.
Thad Matta out as Ohio State basketball coach
It's rooted in a familiar place, however, and it offers a clue as to where the Buckeyes might be headed next. Matta was up against that while trying, in his words, to "be serviceable" from a physical standpoint.
Van ploughs into pedestrians on London Bridge
Husband and wife Ben and Natalie told BBC Radio 5 Live they were outside Borough Market when they witnessed the incident there. She said it was a fast-moving investigation and her thoughts were with "those who are caught up in these awful events".