Wednesday, 18 October, 2017

OPEC courting more oil producers to restore stability; may benefit India

Crude Oil Daily December West Texas Intermediate Crude Oil
Jo Caldwell | 12 October, 2017, 00:43

Oil futures fell more than 2 per cent on Friday, ending Brent crude's longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling.

The Organization of the Petroleum Exporting Countries forecast stronger demand for its oil in 2018 and said production cuts by producing nations were clearing the global crude glut. With West Texas Intermediate, the USA benchmark for the price of oil, trading at a significant discount to most other rival grades, industry analysts said it's likely that more, not less, US crude oil will wind up on the global market.

The oil price crash drove many USA shale operators out of profitability, but it was OPEC-and-partners' production cut deal that gave support to oil prices late last year and early this year, prompting US drillers to return to grow production.

Speaking at an energy conference in New Delhi, OPEC Secretary General Mohammad Sanusi Barkindo said oil demand growth in 2018 should be "quite robust", while commercial oil stocks in the world's advanced economies continues to fall.

More news: Trump warns 'disgusting' press after nuclear policy report
More news: Joel Embiid OK's five-year, $148M deal with Sixers
More news: Rep. Marsha Blackburn's campaign announcement pulled from Twitter

Libya's goal of boosting oil production to 1.25 million bpd by year-end will be hard to achieve, the chairman of state oil firm NOC said. "I don't think there are many losers out there".

Last year, the bloc and some others producers made a decision to reduce production by around 1.2 million barrels per day from January 1, 2017. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd. Saudi Arabia and Russian Federation, he said, are leading the initiative to bring in more producers. Analysts had expected a draw of 2 million barrels.

The figures mean Opec has complied 98 per cent with the cutback pledge, according to a Reuters calculation, up from 83 per cent initially reported in August as the September rise was led by Nigeria and Libya which are exempt from the cut. He said the picture was "not clear because you still have hurricane related news". The main USA contract, WTI, was at $51.30.

Monroe Energy, a subsidiary of Delta Air Lines Inc DAL.N , was shutting its 185,000 barrel-per-day Trainer, Pennsylvania, refinery due to a fire on Wednesday, a source familiar with the plant's operations said.

Recommended

  • Trump challenges Tillerson to compare IQ tests

    Trump challenges Tillerson to compare IQ tests

    In an interview with Forbes published Tuesday, Trump dismissed the story as false, and offered a solution. Tillerson scores 120, while Trump's is just a crudely done kid's drawing of the president in a truck.
    Argentina, Netherlands may miss World Cup 2018

    Argentina, Netherlands may miss World Cup 2018

    Argentina could even pull-off an incredible comeback and qualify automatically if a few results in their group swing their way. But to entertain any of those hopes, they need to first beat Venezuela and hope again that other results go in their favour.
    If Catalonia declares independence we will respond

    If Catalonia declares independence we will respond

    Mr Rajoy told Catalan leaders that there is still time to backtrack and avoid Madrid taking over the region's government. Police said 700,000 people joined a pro-independence protest in Barcelona two days after the vote.
  • Scotland named as top seeds in Nations League third tier

    Scotland named as top seeds in Nations League third tier

    Each league will have its own play-off competition with single-leg semi-final and final to decide who gets the final four places. The four group winners will be promoted to League B , with the four bottom sides relegated to League D for the 2020 edition.
    After Euro success, Iceland have qualified for their first ever World Cup

    After Euro success, Iceland have qualified for their first ever World Cup

    The victor will take on the team which finishes fourth in the CONCACAF section over two legs for a place in Russian Federation . Elsewhere, Ireland stunned Wales 1-0 to seal a spot in the playoffs.
    USA  formally proposes to scrap Obama's carbon-cutting plan

    USA formally proposes to scrap Obama's carbon-cutting plan

    EPA chief Scott Pruitt has fought the Clean Power Plan since he was elected attorney general of Oklahoma. The EPA has not yet determined whether it would create a replacement rule to regulate greenhouse gases.
  • Here's How Walmart Will Accept Online Purchase Returns in 35 Seconds

    Here's How Walmart Will Accept Online Purchase Returns in 35 Seconds

    And that partially explains why the company announced plans to reduce wait times for certain items down to 30 seconds. And the company reiterated its profit target for the current year, saying earnings would be $4.18 to $4.28 a share.
    'Blade Runner 2049' fades to $31.5 million opening weekend

    'Blade Runner 2049' fades to $31.5 million opening weekend

    According to Box Office Mojo , the long-awaited followup to the 1982 classic only made an estimated $31.5 million. Men over 25 accounted for half the audience, according to PostTrack, with women over 25 making up 27%.
    Kenya Opposition chief Odinga withdraws from Oct 26 poll

    Kenya Opposition chief Odinga withdraws from Oct 26 poll

    Odinga said he was not giving up entirely, but that his move was the only way to ensure a free and fair election. The commissioner has tweeted that it will communicate the way forward following the new developments.
  • Open-ocean wind farms

    Open-ocean wind farms

    The research, published by Proceedings of the National Academy of Sciences , was conducted by Carnegie's Anna Possner and Ken Caldeira .
    Vegas Police Shift Timeline: Security Guard Wounded Before Paddock Fired on Concert

    Vegas Police Shift Timeline: Security Guard Wounded Before Paddock Fired on Concert

    However, now it appears as though the security guard was shot by Paddock six minutes before Paddock opened fire on concert-goers. Campos was shot through the door at 9:59 p.m. - "prior to [Paddock's] shooting to the outside world", Lombardo said.
    Donald Trump sends list of hard-line immigration policy principles to Congress

    Donald Trump sends list of hard-line immigration policy principles to Congress

    Now, he's insisting on things like more limits on legal immigration and removing protections for unaccompanied minor immigrants. The list was criticised by Mr Chuck Schumer and Ms Nancy Pelosi , the respective Democratic leaders in the Senate and House.

Real Nissan GT-R Made Into Remote-Controlled Car Real Nissan GT-R Made Into Remote-Controlled Car James Brighton, JLB Design Ltd, added: "The GT-R /C presented some unique challenges and a number of engineering firsts for us". Nissan has come up with something very appreciable innovation to celebrate releasing of the Gran Turismo Sport on 18th October.

NIA hit terrorists hard: Rajnath Singh NIA hit terrorists hard: Rajnath Singh He hailed the NIA's role in curbing the menace of fake currency which he said acted as oxygen for terrorism. He said Prime Minister Narendra Modi had succeeded in bringing worldwide community on board on the issue.

European Union responds to Myanmar generals' offensive against Rohingya European Union  responds to Myanmar generals' offensive against Rohingya Starvation caused by Myanmar's military and government restrictions will cause a new wave of Rohingyas escaping to Bangladesh. Mostly Buddhist Myanmar does not recognise the Rohingya as citizens, even though many have lived there for generations.

Worrying stats show why Manchester United will badly miss Marouane Fellaini Worrying stats show why Manchester United will badly miss Marouane Fellaini We have not lost a league match this season, dropping points only at Stoke with Lukaku leading our charge with seven league goals already.

11 people were killed in Southern California wildfire 11 people were killed in Southern California wildfire The Anaheim Fire Department says the fire erupted late Monday morning and is being pushed by 25 miles per hour winds. About 1,100 firefighters were assigned to the incident, with 14 helicopters and six planes assisting from the air.