Oil prices fall as US crude production hits another record

14 Juin, 2018, 09:39 | Auteur: Auguste Feret

In his first attack on the oil producing cartel on April 20, President Trump tweeted: "Looks like OPEC is at it again".

IEA's scenario showed that by the end of next year output from these two countries could be 1.5 million bpd lower than now, amid USA sanctions against Iran and the production collapse in Venezuela.

The IEA said it expects global oil demand to grow 1.4 million bpd this year, and in 2019, and will top 100 million bpd in the fourth quarter of 2018.

The full organization, plus non-members like Russian Federation who agreed to take part in the earlier round of production cuts, are meeting June 22 and 23 in Vienna.

Prices were pulled down by another rise in US oil production C-OUT-T-EIA, which hit a weekly record of 10.9 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) on Wednesday.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", the IEA said. "The boom in U.S. oil and gas production gives us greater leverage against Opec", an official said.

The Schork Report Publisher Stephen Schork on the outlook for oil prices.

On the sidelines of the opening match of the World Cup on Thursday, President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman will meet to discuss oil policy, Bloomberg added.

Sadio Mane happy at Liverpool despite Real Madrid rumours
But discussing the prospect of being the Lions of Teranga's "superstar", Mane showcased a humility that will be familiar to Liverpool supporters.

Chelsea to meet London rivals Arsenal at the Aviva Stadium in August
Once the World Cup is over and the players begin to return from their holidays, preparation will begin for the 2018/19 campaign. Arsenal have announced that they will play Chelsea in a preseason game in Dublin on August 1.

USA, Canada and Mexico to host 2026 FIFA World Cup
The 2026 World Cup will be the first expanded tournament featuring 48 teams, up from the current 32-team competition. There has been success on the women's side and the men's game has been waiting for something like this, he said.

Trump's complaints about OPEC come amid expectations of a more costly USA summer driving season.

Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth.

On Wednesday, the national average for a gallon of regular stood at $2.91, up 25 percent from a year ago, according to the AAA auto club.

OPEC and Russian Federation decided together in 2016 to cut their supply in order to push prices up following a crash in prices induced by a global crude production glut. Key producers, including Saudi Arabia and Russian Federation, have reaffirmed the deal since then.

Jason Bordoff, a Columbia University professor and former energy adviser to President Barack Obama, said politicians always fret when gasoline prices rise before a big election.

Charles Schumer, the leader of Senate Democrats, recently linked $3-plus gasoline to Trump's decision to revive sanctions on Iran.

US production of oil came in at 10.9 million barrels per day last week, according to data released Wednesday by the US Energy Information Administration, up almost 17 percent from the year-ago level.

This could lead to a supply gap in crude late next year if OPEC can't make up for lost production, the IEA said in its monthly report Wednesday. OPEC reported in its monthly oil market report Tuesday, that Saudi Arabia has already increased production.

Conseillé:

  • La nouvelle offre arrive dans les prochains jours — Free Mobile

    La nouvelle offre arrive dans les prochains jours — Free Mobile

    Rappelons que cet événement interdit à la presse réunit les différentes communautés de l'opérateur venue écouter la bonne parole. D'après les informations du site Univers Freebox , la nouvelle box devrait donc arriver sur le marché à la rentrée .
    Anthony Martial wants Tottenham move

    Anthony Martial wants Tottenham move

    Tottenham are said to be interested in landing the France worldwide , who was not picked for World Cup selection this summer. Anthony will speak later to explain all of this.
    Russian politician warns women against sex with foreigners during World Cup

    Russian politician warns women against sex with foreigners during World Cup

    Pletneva previously criticised the #MeToo campaign against sexual harassment, tentatively spreading in Russian Federation . Pletynova has been an MP since the first post-Soviet parliament in 1993.
  • Tesla CEO Elon Musk buys 72,500 shares in electric car maker

    Tesla CEO Elon Musk buys 72,500 shares in electric car maker

    The report comes amidst other significant news becoming public, that the company is laying off almost 10% of its workforce. The share purchases could be a signal to employees and Wall Street that he's still optimistic about the future of Tesla .
    Nervous Kolisi hailed as Boks rally to stun England

    Nervous Kolisi hailed as Boks rally to stun England

    And following the defeat, Australian Jones had an altercation with some South Africa fans in the tunnel after the final whistle at Ellis Park.

    One-third of common medications can make people depressed

    The study is cross-sectional, meaning it doesn't conclude that the medications used cause depression, but only that there is an association between the two.
  • Apple reported a decline in demand for iPhone

    Apple reported a decline in demand for iPhone

    However, Kelly adds that the flash will hang out on the side of the triple camera module so it's anyone's guess at the moment. Apple is supposed to follow a similar setup, however, Apple can also go with some new triple camera setup feature.
    Anti-Islam tweet: Dubai hotel fires celebrity chef Atul Kochhar

    Anti-Islam tweet: Dubai hotel fires celebrity chef Atul Kochhar

    Kochhar was awarded another Michelin star for his second restaurant, Benaras, also a modern Indian fine-dining outfit in London. He later deleted the tweet and put out an apology, saying the "major error" was "made in the heat of the moment on Sunday".
    Un couple d'Australiens se tue en prenant un selfie — Portugal

    Un couple d'Australiens se tue en prenant un selfie — Portugal

    Le couple, âgé d'environ trente ans, a trouvé la mort sur la plage dos Pescadores, chutant du haut d'un mur de près de 40 mètres. Selon les services de secours portugais ce mardi, ce drame est survenu alors qu'ils essayaient probablement de faire un selfie .
  • Latest tally seals London Breed as San Francisco mayor

    Latest tally seals London Breed as San Francisco mayor

    London Breed has officially became the first Black woman to be elected as San Francisco's mayor on Wednesday. Leno declined to say whether he would run again for another office and what his plans are from here.
    May wins Brexit vote, avoids rebellion

    May wins Brexit vote, avoids rebellion

    Flint said she could not support EEA membership because it would mean there would be no restriction on free movement. He said that remaining in the EEA, which includes membership of the single market, was not a ideal solution.
    Bachelorette Contestant Lincoln Adim Convicted of Indecent Assault

    Bachelorette Contestant Lincoln Adim Convicted of Indecent Assault

    Production resumed after WB completed an investigation and found no evidence to support the misconduct allegation. If he fails to comply with the terms, he could be ordered to serve his term behind bars.


Populaire

Uber wants to know how drunk its passengers are
Based on how the system interprets that behavior, it may adjust how it arranges a match with a driver, the application said. In many of these cases, the passengers were inebriated or drinking before taking the cab.

Woman Gets Head Stuck In Truck’s Exhaust Pipe
One person she said was surprisingly kind was Tom Wold of Darwin, the owner of the truck. The exhaust pipe was briefly on display at a local bar.

Mort sans précédent des plus vieux baobabs d'Afrique
Cette disparition des baobabs monumentaux serait liée au changement climatique qui affecte particulièrement l'Afrique australe. C'est ce qui ressort d'une étude publiée dans la revue scientifique Nature Plants .

Ajinkya Rahane to discuss future plans with selectors after India-Afghanistan Test
Speaking about the upcoming series he said: "As a Test team we can not take anyone for granted because cricket is a amusing game". We are disappointed he is not playing, but a little bit happy that we are not going to bowl to him all the time.

Sarah Huckabee Sanders denies CBS News report she’s leaving the White House
In a Wednesday night Tweet, Sanders asked if CBS - the network that first reported the news - knew something she didn't know. In a style similar to how Sanders has dealt with the White House Press Corps, she tweeted the CBS News report was wrong.

Elmore County child recovering from plague
While plague in humans is rare, experts say it occurs naturally in some rodent populations, including ground squirrels in Idaho. Plague is still one of the scarier infectious diseases out there, with a mortality rate between 30% and 60% if untreated.

Raccoon scales skyscraper in Minnesota
Mayor Melvin Carter said city officials were working on a plan to rescue the raccoon as it ascended the skyscraper. Crowds gathered at the building after it went viral, and local media streamed its perilous climb for nearly a day.

Antarctica Has Lost 3 Trillion Tonnes of Ice Since '92
If all that ice melted, it would be enough to raise the world's sea levels by roughly 200 feet (60.96 metres). Much of the melt-off is coming from the Pine Island and Thwaites Glaciers, victims of climate change .

Des doutes pour Sidibé et Umtiti — EdF
Mais le coup qu'il a reçu au même genou, la semaine dernière contre les Etats-Unis (1-1), pourrait tout compromettre. Clairement, Adil Rami, Benjamin Pavard et Lucas Hernandez se tiennent prêts.

Nick Jonas brings Priyanka Chopra to cousin's wedding
A spokesperson for the channel told Metro.co.uk that episode needs to be shown as part of the "continuing narrative". She has no involvement in the casting of the show or the storylines depicted in the series'.