Oil producers plan to keep lid on supply

04 June, 2018, 09:00 | Author: Natasha Holloway
  • No Worries

Oil in NY headed for a second weekly loss as USA output surged, pushing the American marker to near its weakest level in more than three years against global benchmark Brent.

In Europe, August Brent crude fell 77 cents, or 1%, to $US76.79 a barrel.

WTI's discount to Brent widened to as much as $11.57 a barrel, largest since 2015, before narrowing to $10.76 a barrel as both grades retreated.

Elsewhere, the greenback - which tends to move opposite of dollar-denominated commodities prices - rose 0.25% versus its major peers after the USA posted a strong jobs report.

There is some evidence to suggest that this has happened in recent weeks, with vessel-tracking data compiled by Thomson Reuters Oil Research and Forecasts pointing to record arrivals of US crude in Asia in June.

The rise follows a huge increase of 15 oil rigs the week before.

The energy ministers from Saudi Arabia, Kuwait and the United Arab Emirates met Saturday to discuss OPEC matters.

Warriors fans gave J.R. Smith a free-throw line 'MVP' chant
Rather than settle in his isolation possessions, Durant looked to make plays when he encountered resistance in the half court. Kevin Love had 22 points and 10 boards for the cold-shooting Cavs, who will now try to gain some momentum back home.

Global petroleum inventories declined through 2017 and the first quarter of 2018, marking the end of an extended period of oversupply in global petroleum markets that began before the Organization of the Petroleum Exporting Countries (OPEC) November 2016 agreement to cut production.

Brent crude dropped from $80 per barrel on Wednesday last week to $75 on Monday when Opec revealed its intention to increase supply to the market, plugging the gap left by missing Iranian oil and declining production in Venezuela.

Meanwhile in the US, bottlenecks in key shale plays such as the Permian basin are keeping record-breaking levels of output trapped.

Since the agreement took effect, global oil markets have tightened, which can be seen in the decline in crude oil and other liquids inventories following sustained increases in quarterly global liquid inventories from mid-2014 through most of 2016, according to EIA. The difference is giving trading giants an opportunity to export millions of barrels as shale output continues to surge.

Output from North Dakota held around 1.2 million bpd, while output in the federal Gulf of Mexico eased 1.1% to 1.7 million bpd.

In other crude oil news, oil imports from Venezuela dropped more than 3 million bpd to 13.21 million bpd in the month, approaching the all-time low 13.20 million bpd, reported in January of 2003.

Rosneft accounts for about 40 percent of total oil output in Russian Federation, which pledged to cut its output by 300,000 bpd from January 2017 as part of the global deal with the Organization of the Petroleum Exporting Countries. Gas production was at 58.12 billion cubic metres (bcm) last month, or 1.87 bcm a day, versus 61.86 bcm in April.

Recommended:

  • Facebook is shutting down its Trending Topics section

    Another feature, called " Today In ", shows people breaking news in their area from local publishers, officials and organizations. It was available only in five countries and accounted for less than 1.5% of clicks to the websites of news publishers.
    Trump confirms NKorean official headed to NY

    Trump confirms NKorean official headed to NY

    Secretary of State Mike Pompeo and would be the highest-level North Korean official to travel to the U.S. since 2000. He was linked by U.S intelligence to a devastating cyber attack on Sony Pictures in 2014.
    LeBron James: 'It's not about me and Dan [Gilbert]'

    LeBron James: 'It's not about me and Dan [Gilbert]'

    The Cavaliers would settle for a desperate shot that missed, and head to overtime, where they would fall to the Warriors . And then I looked over at Bron and he looked like he was trying to call a timeout.
  • Pixel 3 XL To Sport Notch and Chin

    Pixel 3 XL To Sport Notch and Chin

    Fresh leaks inform that the new flagships will be manufactured by Foxconn , and be Verizon exclusive (in the US) once again. The larger phone is designed with a almost edge-to-edge screen, except for a thicker "chin" at the bottom of the phone.
    Newcomer wins National Spelling Bee after 4-time participant botches 'Bewusstseinslage'

    Newcomer wins National Spelling Bee after 4-time participant botches 'Bewusstseinslage'

    Nemmani won the title during the finals, consisting of 16 spellers, the largest group ever included in the final broadcast round. That's a record number of spellers for the prime-time finals, and it could mean a late-night finish to a longer-than-usual week.
    U.S.  levies steel, aluminum tariffs on allies, risks trade war

    U.S. levies steel, aluminum tariffs on allies, risks trade war

    Stocks in the U.S. fell as the administration ignored the pleas from business lobbying groups including the U.S. Finally, talks to revise the North American Free Trade Agreement remain unresolved.
  • Top North Korean official meets Trump at White House

    Top North Korean official meets Trump at White House

    US Secretary of State Mike Pompeo (2nd L) holds talks with North Korean envoy Kim Yong-chol (2nd R) in NY , on May 31, 2018. The US wants complete denuclearization of the Korean peninsula, and Trump said that Kim is committed to that goal, too .
    Serie A Outfit Ready To Sign Aston Villa Loanee On Permanent Deal

    Serie A Outfit Ready To Sign Aston Villa Loanee On Permanent Deal

    He said: "I'll roll my sleeves up and get stuck into it again". "We'll dust ourselves down next year and try and go one better". It came pretty much against the run of play, with Villa now needing to pick up the pieces and stage a comeback.
    ‘Assassin’s Creed Odyssey’ Revealed, More Details at E3

    ‘Assassin’s Creed Odyssey’ Revealed, More Details at E3

    While Origins was a departure from the series' roots, Odyssey will apparently push it even further into RPG territory. The sources also said that Assassin's Creed: Odyssey would be released before 31 March 2019.
  • Guatemala Volcano Erupts, Killing at Least 6

    Guatemala Volcano Erupts, Killing at Least 6

    Streets and houses were covered in the colonial town of Antigua, a popular tourist destination. At least one of the people killed was a disaster agency official, according to CBS News .
    George Hill, Jeff Green soak in moment as Cavaliers celebrate

    George Hill, Jeff Green soak in moment as Cavaliers celebrate

    Cleveland has faced the Warriors in the last three NBA Finals , winning in 2016 and losing in 2015 and 2017. James , who entered with an NBA-record Game 7 average of 34.9 points, improved to 6-2 lifetime in Game 7s.
    Prominent Russian journalist who criticised Kremlin shot dead in Kiev

    Prominent Russian journalist who criticised Kremlin shot dead in Kiev

    Tweet reads: Arkady Babchenko is alive! Olechka, I am terribly sorry, but there were no other options. Russian officials also criticized Ukraine for failing to provide adequate protection to journalists.


Popular

Melania Trump skipping G7, North Korea summits
In a tweet storm on Friday, Black wrote: "I've been obsessing a bit over Melania's disappearance - and that's what it is. On May 14, the 48-year-old had surgery for a " benign kidney condition " but has not been seen in public since.

Stormy's lawyer ends bid for role in Cohen case
The FBI is still working to access two blackberries, as well as going through the contents of a shredding machine, lawyers said. He said this was "very surprising and disturbing to me" as an attorney for Daniels, whose real name is Stephanie Clifford.

Capitals enforcer Tom Wilson gets punched in face during Stanley Cup finals
The Golden Knights trailed 3-2 entering the final 20 minutes but couldn't net the equalizer despite a 15 shot barrage. Brayden McNabb , a defenseman for the Vegas Golden Knights , smashed him against the boards with a forceful check.

'Murdered' journalist appears alive at news conference
Arkady Babchenko was earlier reported to have been killed in his apartment building in the Ukrainian capital Kiev. He said Ukrainian security agents told him a month ago that assassins had been paid $40,000 to kill him.

Trump hits closest allies with steel, aluminum tariffs
French Finance Minister Bruno Le Maire termed the United States tariffs as "unjustified unjustifiable and dangerous". This morning, Mexico announced tariffs on USA goods in retaliation while the European Union promised to do the same.

Damarious Randall: Jersey offer on Twitter was a joke
Randall committed to the wager before his tweet exploded, guaranteeing that he would come through if the bill came due. Randall's tweet picked up steam fast, going from 30 thousand retweets to well over 100k in mere hours.

National Doughnut Day Is Friday: Here's Where to Get a Free One
At Honey Dew Donuts today, you can have a taste of summer with a free S'more doughnut with the purchase of any medium drink. Meanwhile, at Papa John's you can get free donut holes if you purchase two pizzas online with the promo code DONUT.

China rejects 'ridiculous' U.S. accusation of South China Sea militarisation
The United States' claims that China is militarizing the South China Sea are "ridiculous", China said on Thursday, after U.S. If anybody will get the pure assets within the Western Philippines Sea, South China Sea, he'll go to warfare.

Andrew Lincoln To Exit ‘The Walking Dead’ After Season 9
The departure of Lincoln's Rick would be momentous in terms of the character's prominence in the show and also his longevity. It is unclear how exactly Lincoln will exit the series, though it is expected to come before the season finale.

Serena Williams Won Her First Grand Slam Match After Giving Birth
Azarenka also has a child and says that coming back from pregnancy is different from coming back from a tennis injury. So how much more hard is it for a mother than a father to play top level tennis? "I feel like a warrior princess".