OPEC cuts 2020 oil forecast, urges effort to avert new glut
12 Septembre, 2019, 16:36 | Auteur: Auguste Feret
He recalled that last November OPEC and other producers, headed by Russian Federation, agreed to cut production by 1.2 million bpd.
USA crude oil imports averaged 6.73 million barrels per day (b/d) last week, down by 180,000 b/d from the previous week, while crude oil exports averaged about 3.30 million b/d, up by about 234,000 b/d from the previous week, according to the Weekly Petroleum Status Report.
OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 percent from 3.2 percent and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.
U.S. President Donald Trump has repeatedly needled OPEC over the price of oil, urging its member countries to increase their production.
A committee of OPEC+ members is meeting in Abu Dhabi on Thursday to discuss compliance with output cuts that are due to expire in March. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources. Analysts were looking for a 1.4 million barrel draw in gasoline and a 220,000 barrel rise in distillate supplies.
The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components drop by 7.9% in August to $59.62 a barrel, more than the 7.3% drop in Brent crude or the 4.7% drop in West Texas Intermediate (WTI) crude.
Trump talks gun safety with bipartisan trio of senators
Senate Majority Leader Mitch McConnell is refusing to advance any legislation without knowing whether the president would sign it. Democrats are demanding a Senate vote on House-passed legislation that would expand background checks to all private sales.
Iraq, OPEC's second-largest oil producer, pledged on Thursday to reduce output by 175,000 bpd by October, while Nigeria is to reduce supply by 57,000 bpd.
Iraq has been raising its production and exports steeply in recent years, while Iran's exports have fallen 10-fold over the past year because of US sanctions. Nigeria, Iraq and Russian Federation have, at times, produced above their quota.
The tussle for the No. 1 slot could remain tight in the months ahead.
World oil stockpiles and supplies are plenty, according to the latest OPEC monthly report, despite the loss of more than two million barrels per day of Iranian oil exports.
Aramco selected firms including Bank of America Corp., Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley for top roles on the deal, the people told Bloomberg.
One source close to Ms King said the couple had "no idea" that they were at risk of arrest while travelling through Iran. All three Australians are held at the notorious Evin jail, north of Tehran, which is used to house political prisoners.
He is apparently trying to put pressure on the Fed by calling for a large rate cut before a policy meeting next week. Editor's note: Should the Fed deploy recession-era monetary policy while the economy is supposedly great and why?
Astronomers detect the atmospheres by analyzing light from the host star as the exoplanet passes in front of it, or transits. Further studies are required to estimate cloud coverage and the percentage of atmospheric water present.
The disturbance near The Bahamas is still forecast to move into the eastern Gulf of Mexico this weekend. The other system is a tropical wave located off of the west coast of Africa and the Cabo Verde Islands.
An estimated 2,500 people are listed as missing in the Bahamas in Hurricane Dorian's aftermath , the government said Wednesday. Dorian was packing sustained winds of 185mph (295km/h) when it made landfall at Elbow Cay on the Abacos on 1 September.
There have been other tweaks, such as a new display driver to ensure the Apple Watch Series 5 doesn't glug down electrical juice. The Apple Watch Series 5 will be available in aluminum and stainless steel finishes as well as new titanium and ceramic models.
After studying management at King Fahd University in Dhahran, he first became an adviser in the energy ministry in the late 1980s. This is driving prices higher this week because it indicates that he's willing to be proactive in supporting prices.
Speaking more about it, the music composer had said, "When I met Ranu Ji, I realised she is blessed with divinity". Mandol became a popular name after her video, singing "Ek pyaar ka naghma hai", at a railway platform, went viral.
The dollar briefly rose to a six-week high of 108.11 yen before paring gains slightly to trade up 0.17 per cent at 108.04 yen. Broader risk appetite fed through into gains for both the Australian and New Zealand dollars, which were up 0.1% each.
It's not much smaller than the largest pterosaur ever found, excavated in Germany, which had a wingspan of about 12 metres. The specimen uncovered in 1992 belonged to a young Cryodrakon , and it featured a 5-metre-wide wingspan.
WA setting world benchmark in cancer survival
On hard pancreatic cancer, survival in this country showed lowest improvement of all over the two decades, at -0.6 percent. This was especially so for cancers with a poor prognosis - cancer of the oesophagus, stomach, pancreas and lung.
Jets sign Sam Ficken to solve kicking woes, waive Vedvik
But it was former Los Angeles Rams kicker Sam Ficken who impressed the team the most - enough to earn him a contract on the spot. The Jets let kicker Jason Myers walk in free agency, a Pro Bowler, and have had four kickers thus far this season.