Oil prices edge up in anticipation of extended crude output cut
Oil prices edge up in anticipation of extended crude output cut
10 May, 2017, 01:29
Nigeria, Africa's largest economy, seeks for a further six-month extension of its exemption from reducing oil production granted by the oil producers' group.
Brent crude futures were trading at $49.33 per barrel down from a high of $49.60, while US West Texas Intermediate (WTI) crude oil futures fell to $46.40, reported Reuters.
At a press conference later, Petroliam Nasional Bhd president and chief executive officer Datuk Wan Zulkiflee Wan Ariffin said the state-owned oil producer is committed to continuing with the agreed production cut, in the event the arrangement is extended.
As per the accord between Russian Federation and other Petroleum Exporting Countries, participants have been called to cut 1.8 million barrels per day from their joint output.
After falling to their lowest levels since OPEC agreed to cut production back in November a year ago, Goldman Sachs have warned oil prices are nearing "capitulation".
Higher crude output from the US should pressure global oil prices through the end of 2018, the USA government said May 9, ahead of a meeting later this month at which OPEC and non-member producers will discuss extending supply cuts. Opec's dilemma now is that if oil prices go above US$60 per barrel, demand will weaken and new supplies will appear.
"My expectations (are) that the rebalancing that started slowly in 2016 will have its full impact by the first half", he said.
Saudi and other officials from the Organization of the Petroleum Exporting Countries have been dropping increasingly strong hints in recent weeks that an extension was likely, even while they tried to keep their options open.
As such, Fesharaki warned that crude oil has a downside risk of declining to as low as US$40 per barrel.
However, with hedge funds turning bearish and oil prices giving up most of their post-agreement gains last week, the need for a clearer signal has become urgent.
On the other hand, as producers are cutting down their output, the worry is that the taking up the crude as fast as it has been expected by end-users is not happening.
OPEC's efforts to tighten the market and prop up prices have been undermined by a relentless rise in US production, especially from shale oil drillers.
Top exporter and de-facto OPEC leader Saudi Arabia said on Monday it would "do whatever it takes" to rebalance a market that has been dogged by oversupply for over two years, resulting in crude prices below $50 per barrel.
Hertz said net vehicle depreciation per auto rose 15 percent in the first quarter. 2,322,237 shares of the company traded hands. The Company's services consist of its automotive and mobile navigation platform and its advertising delivery platform.
Now, Saudi Arabia's oil minister has said that they're trying to extend the cut even further, perhaps even moving into 2018. The EIA forecast that USA oil demand for 2017 will grow 290,000 bpd, up from its previous forecast for 250,000 bpd growth.
He was part of a secondary overhaul that included the additions of cornerbacks Darrelle Revis and Antonio Cromartie . Gilchrist suffered a season-ending torn patella tendon injury against the San Francisco 49ers last season.
Correa-Carmenaty was sentenced Monday to 45 years in prison for his role in a botched robbery in March 2016. Morgan was rushed to the hospital following the incident and expected to make a full recovery.
Minaj was then flooded with tweets from fans with ideal grades and student loan dramas, begging for her to assist them. Minaj has also been active with the educational charity, Get Schooled Foundation. "If u have proof". "Ok u guys.
Louisiana prosecutors have vowed to launch their own investigation to determine whether state charges are applicable. As Sterling lies fatally wounded, the other officer removes something from Sterling's right pocket.
The iPhone 8 will reportedly introduce a 5.8-in., edgeless OLED display with minimal bezels said to measure in at just 4mm. Although he believes that this delay won't undermine the actual demand as long as the iPhone 8 lives up to the hype.
There was a spate of breakouts in 2013, including one where about 150 prisoners - including terror convicts - escaped from a jail. The prisoners broke out after pulling down a gate near a mosque located inside the prison complex shortly after Friday prayers.
Wells Fargo "incentivized the wrong type of behavior", Buffett said Saturday during Berkshire Hathaway's annual meeting in Omaha. Buffett also challenged, as he has in previous shareholder meetings, the two-and-20 compensation model for hedge fund managers.
Inspired Alves leads Juventus into Champions League final
The German midfielder is likely to be straight back into the starting lineup, with Claudio Marchisio expected to make way for him. Juventus are heading for their sixth successive Serie A title and produced an utterly clinical display in the first leg.
'American Idol' to make comeback on ABC TV in 2018
A return for " Idol " had been rumored for months, and Fremantle reportedly entertained offers from NBC and Fox. I had no idea that it was being talked about to come here until late last week. "I say "yes" and bow to you".
Arsene Wenger Cool On Potential Appointment
Arsene Wenger claims he would "love" to keep Lucas Perez at Arsenal this summer - provided he is still in charge of the club. His team plays away at Southampton on Wednesday needing a win to stay in contention for a top-four finish.
Newell Brands Rises on Incredible Sales Growth
Stock exchanged hands with the total volume of 4.00 Million shares, as contrast to its average volume of 3.17 Million shares. Hedge funds and other institutional investors have recently added to or reduced their stakes in the company.
Sinclair Broadcast Group acquires Tribune Media
Sinclair Broadcast Group announced Monday that it will acquire Tribune Media in a deal valued at $3.9 billion. Sinclair Broadcast Group , one of the nation's largest local TV station operators, wants to get even bigger.
Trump's daughter Tiffany to attend Georgetown Law School
Despite this pretty happy (and politically neutral!) accomplishment, some people took the opportunity to bash the president. A representative of the Trump Organization has not yet responded to a request for comment from USA TODAY .
(X) Forecasted to Post Q2 2017 Earnings of $0.30 Per Share
Acrospire Investment Management LLC raised its position in shares of United States Steel by 241.1% in the first quarter. The stock of AK Steel Holding Corporation (NYSE: AKS ) has "Hold" rating given on Monday, October 3 by Deutsche Bank.
Tax cuts not a cure-all
The Trump administration hopes to generate economic growth of 3 percent - measured by annual rate of gross domestic product. But this exercise did reinforce my perceptions that the current proposals bear little resemblance to Reaganomics.