Opec left itself vulnerable to the quick return of US shale oil and the recovery of production in exempt members. Ramzi Boudina Reuters
04 July, 2017, 01:20
Brent fell 0.1% to $48.71 a barrel on London's ICE Futures exchange in late morning trade in Europe.
US crude futures have slumped about 15 percent so far this year to about $46 per barrel, and as of Friday, ended its worst half-year performance in 19 years.
Data from Baker Hughes released on Friday showed that the number of active US rigs drilling for oil declined by two to 756 rigs this week. Firstly, several years of increases in U.S. production, which is now back to peak levels due to shale production, and the resultant global market share gains for the country, have come at the expense of Opec members.
He commented, 'Crude oil prices fell all the way back to their pre-production cut lows of November a year ago over the past month. The drop was by two rigs and the government data indicated that crude production dropped in in April, which is the first in this year.
Taking Dubai oil as a benchmark, prices so far in 2017 are 25 percent above last year's $41 average, while OPEC production in the same time is 2 percent, or 700,000 bpd, below 2016's average, he said.
August US crude oil (XLE) (XOP) (BNO) (SCO) prices have fallen 13.4% in the past year.
The price of the WTI crude last Thursday appreciated marginally to US$45.10; below expectations thus discounting the OPEC and non-OPEC cuts.
But on Monday some investors said the rally may have gone too far, with an increase in Libyan crude production reminding them of the abundance of oil.
The price of WTI is down $6.29 (12.02 percent) this year, and the average price is $49.95. The growing concern is that rising Non-Opec output, led by the United States is increasingly offsetting the reduced Opec production. Trading volume was low ahead of the U.S. Independence Day holiday weekend. The contract gained $1.11 to $46.04 on Friday to the highest since June 13.
Goldman's warning that rising supply would offset expected inventory declines and weigh on oil prices comes after Bank of America Merrill Lynch and oil and gas consultancy FGE said that oil prices are headed into the US$30s if OPEC doesn't make steeper cuts. OPEC said that Russian Federation and 10 other non-OPEC countries on Saturday said that they will bring a reduction in oil production by more than 5.0 million barrels per day to stop the significant decline in income. Libya, like Nigeria, is exempted from the cuts deal, though its oil production and exports remain vulnerable to disruptions by armed factions and restive workers.
This feature is now available in the stable version of WhatsApp and on all major platforms, including Android and iOS. This is to note that the update will make it to the Android ecosystem shortly after it is released for the iOS users.
This represents a dividend yield of 1.17%. 993.29 million shares or 0.55% less from 998.81 million shares in 2016Q3 were reported. After $0.94 actual EPS reported by PepsiCo, Inc. for the previous quarter, Wall Street now forecasts 48.94% EPS growth.
If you try to purchase fireworks (other than sparklers), many stores and roadside stands will often ask you to sign a waiver form. For those looking to enjoy fireworks , the department advises that you stick with the professional events.
But some automakers are having to raise discounts and sell more vehicles to rental auto companies to keep their sales numbers up. Finally, ValuEngine cut Ford Motor Company from a "buy" rating to a "hold" rating in a research report on Saturday, June 17th.
He added: "While the cordon was being laid, some militants outside a house fired upon security personnel which was retaliated". After a brief exchange of fire, militants took refuge inside a home where civilians, including women, were also trapped.
Activists have renewed calls for his release after he was sent to hospital for cancer treatment, under police custody. Protesters waved placards denouncing Hong Kong and Beijing leaders and banners in support of a wide range of causes.
On Thursday, Murray revealed he wouldn t play his second exhibition on Friday because he wanted to continue resting his hip. But Federer says Murray is experienced enough on grass to be able to quickly adapt to the unique demands on the surface.
As of May 26, only 38 percent of the air bag inflators under recall in the U.S. had been repaired, according to data on the U.S. The Japanese auto parts maker has struggled to stay afloat amid lawsuits and recall costs over its deadly air bag inflators.
The opinions expressed in this article are exclusively those of the author and are not necessarily those of World Religion News. Craig and Mullins were legally Wednesday in MA , because Colorado had not legalized same-sax marriage until 2014.
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