tinyfav.com
tinyfav.com April 19, 2018


Global oil supply rises to highest level in 2017

14 December 2017, 04:42 | Melanie Burgess

Global oil supply rises to highest level in 2017

OPEC Increases Its Non-OPEC Supply Forecast

"On our current outlook, 2018 may not necessarily be a happy new year for those who would like to see a tighter market", the International Energy Agency (IEA) said in its monthly market update.

The Organization of Petroleum Exporting Countries (OPEC) reported Wednesday a joint production decline of 133,500 barrels per day (BPD) of oil in November, to 32.45 million barrels per day (MMBPD). As a result, an initiative by OPEC and Russian Federation to clear a global oil glut by cutting production - previously seen succeeding in the third quarter of 2018 - will take effect more slowly.

According to the report, "Expansion in the transportation sector is expected to provide the bulk of oil demand growth". Despite the price gain, Brent was well below $65.83 a barrel, the June 2015 high touched earlier this week.

OPEC nevertheless believes that an overhang of global stocks will dwindle next year, "arriving at a balanced market by late 2018".

The cartel's latest figures showed its strategy is paying off, having reduced the oil-inventory surplus in developed nations to about 137 million barrels as of October, compared with about 380 million before the cuts began. In September, the U.S. Energy Information Administration reported U.S. output rose by 290,000 barrels a day to almost 9.5 million barrels a day, almost a million more than 2016 production. Venezuela's troubled industry suffered further production losses, the U.A.E. belatedly stepped up efforts to deliver its pledged cutbacks and Saudi Arabia cut deeper than required.

Eagles QB Wentz out for season with torn ACL
The touchdown was nullified by a penalty, but Wentz stayed in the game and tossed a TD pass to Alshon Jeffery four plays later. Pederson said there is no timetable to when Wentz will undergo surgery to address the injury.

California fire burns Bel-Air mansions as spread continues
Residents by Casiano Road and Linda Flora Drive have been ordered to evacuate, according to the Los Angeles Police Department. Twenty-nine horses also died earlier this week in the Creek Fire, burning in the Los Angeles County city of Sylmar.

'Star Wars: The Last Jedi' Gets Heightened Security At Hollywood Premiere
A snow storm led to hundreds of cancellations at Atlanta's Hartsfield-Jackson International Airport. The characters, including the droids R2-D2, C-3PO and BB-8, arrived before the film's stars.

Crude oil producers outside OPEC should reach an average output of 58.81 MMBPD in 2018.

For three years, OPEC has struggled to rebalance markets amid a surge of US shale output.

OPEC revised its estimate for U.S. oil output growth for 2018 to 1.05 million bpd, while the U.S. Energy Information Administration increased its growth forecast to 780,000 bpd.

"The discovery of a crack in an onshore portion of the Forties Pipeline System disrupts over 400,000 bpd of United Kingdom oil production and removes one of four streams that serve as the physical benchmark for ICE Brent futures", Barclays bank said on Thursday.

The prices for the majority of USA oil were an upset today even with the dwindling number of inventories that were recorded.



Other News

Trending Now

Google Maps Will Soon Remind Passengers to Get Off Their Stop
Google Maps recently introduced the "Two-wheeler mode" under which bikers get the fastest route to reach their destination. Google Maps could soon be implementing layers that highlight air quality levels in cities around the world.

Samsung's Notebook 9 Series Gets Spec Bump Ahead of CES 2018
But Samsung played it safe by making it public, knowing that people might want to buy something new for the festival season. In addition to fingerprint sensor, the Notebook 9 Pen also gets an IR camera for Windows Hello facial recognition.

McDermott explains Bills' overtime punt that had social media in an uproar
The Buffalo Bills and Indianapolis Colts have played out a gridiron war of attrition in an incredible snow blizzard in the NFL . They last met in Buffalo's 27-14 season-opening loss in 2015 in both players' first games with their respective teams.

Net Neutrality Fight Comes To Kenwood
It is ironic that advocates for the repeal of net neutrality claim that it amounts to government regulation of the internet. If net neutrality ends, "we're paying more for less".

Al Franken announces resignation following allegations of sexual misconduct
Under increasing pressure from his Democratic colleagues, Franken announced that he will be resigning in the coming weeks. McCollum said that as the state moves forward she is confident that Minn.

Google Home Max now available from Best Buy and Verizon for $399
The $400 Home Max is created to compete against high-end speakers like Sonos and Apple's HomePod , whenever that gets released . The HomePod will be released very soon in the market and Google Home Max will have this speaker as its competitor in future.

Amazon's Alexa Can Now Wake You Up to Music of Your Choice
By issuing the correct voice commands, Alexa will wake up users with the song, playlist, or news channel of their choice. Setting up music or news alarms with Alexa is simple, as with any other thing involving Amazon's digital assistant.

Real Madrid play PSG in Champions League, Chelsea get Barcelona
PSG have failed to make it past the quarter-final stage of the Champions League since the arrival of the club's mega-rich Qatari owners.

Hanukkah celebrated with National Menorah lighting on White House Ellipse
Whenever you take a word directly from one language and attempt to translate it into another, it becomes an imperfect science. Popular online searches this time of year include queries for Hanukkah coloring books and printable coloring pages .

IDF suspends commander for stealing fruit from Palestinian vendor during clashes
The man has no ties to terrorist groups and committed the attack as a "lone wolf", according to Hebrew media reports. On Wednesday, he called an urgent meeting of the Organization of Islamic Cooperation in Turkey next week.