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.
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.
Abu Dhabi-based Etihad on Sunday night said US-bound passengers can now take electronics on board its aircraft. On landing in the USA , travellers arrive as a domestic passenger with no need for immigration checks again.
Replying to a question, the former Lok Sabha Speaker said, "From my side it is an ideological fight for secularism". The DMK has four Rajya Sabha MPs; CPI and CPI (M) have one MP each from Tamil Nadu in the Rajya Sabha.
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.
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.
After all, to admit to that, and then simultaneously do it, would be either a cunning double bluff, or more likely, bloody stupid. There's never been any proof that Kaspersky is in bed with the Putin regime - in fact, it's more logical that he isn't.
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.
It is expected that by doing away with the plethora of taxes and barriers on state borders, GST will accelerate economic growth. He said that the GST may be a destination tax but for India it will begin altogether a new journey.
The win on Saturday moved them to 11 games above.500 for the first time this season and they've won four of their past five games. Betts, who also had an RBI single in the second inning, homered again in the sixth, this time a two-run shot, his 15th.
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.
Zhang , a 26-year-old visiting scholar from China, was reported missing from the University of IL at Urbana-Champaign on June 9. She and the driver speak for a period of time before she gets in the auto , which drives away heading north on Goodwin.
China-Hong Kong bond link gets off to quiet start
A giant screen at the launch ceremony showed 2.15 billion yuan worth of bonds were purchased in the first 22 minutes of trade. Southbound trading would be explored at a later stage, the new Bond Connect website said.
Damascus auto bomb attacks leave at least 18 dead
That rare assault in the heart of the city, which remains under government control, was claimed by the Islamic State group. The UK-based Syrian Observatory for Human Rights reported that at least 9 people were killed, and 15 more injured.
Raptors to re-sign Serge Ibaka
Toronto has a lot of questions heading into the 2017-18 season, and they could regret not breaking up the team in this offseason. Free agent guard Kyle Lowry announced that he will be staying with the Toronto Raptors in an essay on The Players Tribune .
New Jersey on the Bring of Government Shut Down
To get his way, Christie had threatened to use his line-item veto power to cut Democratic spending initiatives from the budget. Paul LePage, both Republicans, signed orders to shut down their respective state governments.
Habs sign Carey Price to an eight year extension
Since joining the Canadiens in the 2007-08 regular season, Price has recorded a wins-loss record of 270-175-55 in 509 games. It is also $2 million per year higher than the next highest paid goalie ( New York Rangers starter Henrik Lundqvist ).
Murray pulls out of Hurlingham
Such a disjointed lead-up will not help Murray's chances at the Championships, which will be the most open for a long time. World number one Andy Murray has pulled out of his first exhibition match at Hurlingham Club with a sore hip .
Body of missing boy allegedly killed by father found
The inside of his vehicle was doused with gasoline and matches were found inside in what police allege was a suicide attempt. Investigators previously said Andressian "pre-planned" his son's killing, an act inspired by his "tumultuous divorce".
Andy Murray aims to be fighting fit for Wimbledon defence
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.