Crude oil futures edge higher as focus shifts to U.S. inventories - Oil
28 June, 2018, 06:58 | Author: Barbara Daniel
The Libyan National Army has retaken the key eastern oil terminals of Ras Lanuf and Es Sider that shut 450,000 b/d of crude production, the head of the state-owned National Oil Corp. said Friday.
As a backdrop to the talks, US President Donald Trump had pressured OPEC via social media to "increase output substantially".
Saudi Arabia and Russian Federation initially proposed raising output after curbs by OPEC and its allies since past year helped eliminate a global glut and boosted Brent crude to US$80 a barrel for the first time since 2014.
Meanwhile, analysts surveyed Monday by S&P Global Platts were expecting U.S. crude stocks to have fallen 2.3 million barrels in the week ended June 22.
"With the global market pricing to pull crude out of the US, this loss of USA supplies will exacerbate the current global deficit, making the increase in OPEC production all the more required", the analysts wrote in the report.
In contrast, U.S. West Texas Intermediate crude was up 29 cents at US$68.87 a barrel on Monday. Total volume traded was 37 percent above the 100-day average. The differing reaction narrowed Brent's premium to $5.81 from more than $10 last week.
Barkindo said this on Sunday, stressing that the move was to increase oil prices by one million barrels a day, starting July 1, 2018.
Other oil-importing economies, especially emerging markets such as India that have been affected by the rising cost of oil imports, have also been exerting pressure.
"We've adjusted our model to reflect the quota changes, extended Venezuelan declines to 800,000 b/d by YE19 (from 1.4 million b/d currently), and assumed a ~0.5 million b/d reduction in Iranian exports in 2019", Featherston said. That's a signal that exports from the Islamic Republic may fall much further, more quickly than expected. It simply stated that OPEC countries would "strive" to adjust production levels in order to conform to the terms of the production cut deal reached in 2016.
The outcome of the OPEC meeting was an additional 1 million barrels per day on top of 32-33 million barrels per day of its current production, a decision that was attributed to consumers from the United States to India and China expressing anxiety over rising prices.
Even if output were increased aggressively, the group's announcement doesn't threaten "to create a large reversal in fundamentals", Goldman said.
On the other hand, the Lakers are apparently feeling pressure to find a way to lure James or George (or both) to Los Angeles. Ingram posted the same scoring average as a 20-year-old, and he might have more upside than anyone on the Lakers' roster.
Three days before he passed, someone running Joe's Twitter account wrote, "I have seen more sunsets than I have left to see". The band, featuring a 7-year-old Michael Jackson had four singles hit the top spot on Billboard's Hot 100 chart.
If the HDP exceeds the 10 percent threshold of votes needed to enter parliament, it will be harder for the AKP to get a majority. Expatriate votes have been brought to Turkey by airmail and they will be counted at the same time as the votes cast in Turkey.
Instead, the children could be detained indefinitely with their parents. "Otherwise it's never going to stop", he said. Every day, child welfare agencies across America make hard decisions to separate children from their parents.
CNN reports that William is also expected to visit Jerusalem's Old City, the Mount of Olives and the Church of St. The prince's trip was announced in March and welcomed by Israeli and Palestinian officials.
The situation is a far cry from Kenya where women have nearly equal rights to men except in the conservative north. " Saudi Arabia has just entered the 21st century", he said in the video to his granddaughters in the back seat.
While I understand the reason IGTV videos are vertical-only (the primary focus is smartphone users), it is a bit short-sighted. All of the longer videos in the IGTV app will also be available to watch in the main Instagram app.
Harley-Davidson will not raise its prices to avert " an immediate and lasting detrimental impact " on sales in Europe, it said. However, on May 31 the White House announced that those exemptions would be ending at the end of the day.
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