Russian Federation says may step up oil output further to tackle supply deficit

Brent Oil Falls 4% To 3 Month Low As Supply Outage Concerns Ease

Another sign the marker abounds with crude came in the form of US president Donald Trump's administration reportedly considering selling 5 million to 30 million barrels from the Strategic Petroleum Reserve into the market, as well as a larger release that would be coordinated with other nations (the USA now holds 660 million barrels of oil in reserve).

OPEC has propped up prices since January 2017 by limiting its supply, but the slow-and-steady rally accelerated earlier this year when Trump restored sanctions on Iran, the world's fifth largest oil producer. Trying to use the oil reserve to try to control prices might prove fruitless because it may not slow growing demand and underinvestment is the main reason for the tightening supply.

Kansas City Federal Reserve Bank President Esther George said on Tuesday uncertainty over USA trade policy could slow the economy, even if recently imposed tariffs are too small to have a big impact.

OPEC and non-OPEC's compliance with oil output curbs has declined to around 120 percent in June from 147 percent in May, two sources familiar with the matter told Reuters on Wednesday.

Despite of started trade war Goldman Sachs maintained its bullish outlook on commodities, arguing in a research note that the trade war will not derail rising prices. So, they continue to import oil just as before.

Manchester United boss Jose Mourinho impressed with Tahith Chong cameo
The Portuguese said , "Valencia, Smalling, Bailly and Shaw, they are probably the ones to start the season". They have already shown that to him and he knows he's going to get them back.

North Korea economy hit by sanctions
However, in an apparent sign of frustration with a lack of concrete action by Pyongyang, he said: "So what do we need to see?" U.S.

Maxine Waters Warns of Possible Armed Protests Against Her
The longtime Congresswoman attempted to clarify her comments a few days later after Trump claimed she had "called for harm" to his supporters.

While Libyan ports are reopening, output at the country's Sharara oilfield was expected to fall by at least 160,000 barrels per day (bpd) after two workers were abducted by an unknown group, the National Oil Corporation said on Saturday.

Trump has the authorization to release more oil and the Saudis are offering more oil as well. The report, however, noted that the next price collapse could be avoided by boosting production in countries including the United States, Angola, Canada, and Brazil. But it's a tough call as Iran, the 3rd biggest oil exporter in OPEC, may export only two-thirds of its supplies because of new US sanctions. Iran, facing the loss of customers scared off by USA penalties, disputes that OPEC agreed to any significant output increases at its meeting in June.

On Monday, the Wall Street Journal reported that the International Energy Agency is also considering releasing oil supply. On top of that, talk of more oil from Saudi Arabia and the fact President Donald Trump is going to bring up oil with Russian President Vladimir Putin in Helsinki is also pressuring prices in the short term. The US oil rig count remained steady at 863 this week.

"Supply shifts, alongside the ongoing surge in Saudi production, create the risk that the oil market moves into surplus" in the third quarter, the report said.

Still, we think that increased production may not be enough, and prices will be supported by the continuous drop of Venezuela's and Iranian loss of exports.

Related News:

  • Anthony Joshua speaks on using drugs

    Anthony Joshua speaks on using drugs

    Povetkin is partially the reason why Joshua (21-0, 20 knockouts) isn't fighting Wilder (40-0, 39 KOs) this year. We were serious about the fight the whole way through and that's the most frustrating part about it.
    Faith Evans and Stevie J Apply for Marriage License

    Faith Evans and Stevie J Apply for Marriage License

    Faith and Stevie were recently seen at a Las Vegas courthouse, where they applied for a marriage license. Mesmerized singer Faith was famously married to The Notorious BIG from 1994 until his murder in 1997.
    Sagan victorious in Valence to add to Tour tally

    Sagan victorious in Valence to add to Tour tally

    The Slovak beat Norway's Alexander Kristoff and Frenchman Arnaud Demare, who were second and third, respectively. Slongo said Nibali will rest for 15 days and look to return for the Spanish Vuelta in August.
  • Glass trailer: M Night Shyamalan previews superhero film

    Glass trailer: M Night Shyamalan previews superhero film

    Universal Pictures has released the Glass Comic-Con trailer! Now that you're busy unpacking the exciting first trailer for M. The teaser shows the three main characters receiving psychiatric treatment because they believed they were superheroes.
    European Union  expresses concern over Israel's Jewish nation-state law

    European Union expresses concern over Israel's Jewish nation-state law

    According to the report, Israeli authorities demolish Palestinian homes to push Palestinians to leave the holy city. The head of Israeli Joint List groups of parties Ayman Odeh denounced it as "the death of [our] democracy".
    Grand jury indicts four men in shooting death of rapper XXXTentacion

    Grand jury indicts four men in shooting death of rapper XXXTentacion

    Police also found cell phone data on Boatwright's phone indicating it was near the motorcycle shop at the time of the killing. The rapper had withdrawn the cash -$100 bills in bank wrappers - prior to going to the motorcycle store.
  • Beijing 2022 Winter Olympics add seven new events

    Beijing 2022 Winter Olympics add seven new events

    The International Olympic Committee said athlete quotas will decrease in some sports, but no events have been contracted. In PyeongChang, athletes had three attempts to perform a trick off a massive jump, with the lowest score being dropped.
    I'll always carry Roma in my heart, says Liverpool signing Alisson

    I'll always carry Roma in my heart, says Liverpool signing Alisson

    Liverpool's defence markedly improved last season, conceding the fewest amount of goals (38) in a single campaign since 2009/10. Of course, for a long time it's been clear that Alisson is a top-class goalkeeper, but there was never a real chance to do it.
    African American-Led BUFFY THE VAMPIRE SLAYER Reboot In Development with FOX21

    African American-Led BUFFY THE VAMPIRE SLAYER Reboot In Development with FOX21

    The new Buffy will be "contemporary", according to The Hollywood Reporter , and "build on the mythology of the original". The show spawned the spinoff, Angel , where Buffy's former flame went to Los Angeles to fight supernatural evils.
  • Novichok victim Charlie Rowley leaves hospital

    Novichok victim Charlie Rowley leaves hospital

    Wilkinson said that while Rowley had been discharged, it was a "day tinged with sadness for everyone" as they remembered Sturgess. Investigators said last week that they had identified the small bottle found in Rowley's home as the source of the poison.
    Sixers send Holmes to Suns, sign Bolden to 4-year deal

    Sixers send Holmes to Suns, sign Bolden to 4-year deal

    According to a source, the team has had discussions about trading Jerryd Bayless to the Cleveland Cavaliers for Kyle Korver. He used the National Basketball Association out clause in his contract to join the Sixers this season.

    Trump Slams Interest Rate Hikes, Ignoring Hands-Off Tradition Toward Fed

    The US has since threatened tariffs on another US$200 billion in Chinese exports, prompting Beijing to vow retaliation. Having boasted a $376 billion trade surplus with the U.S. past year , Beijing is unable to match the U.S. on tariffs.


Most liked

South Korean Shipwreck 'Discovery' Ignites Controversy And Confusion
About 10 percent would be set aside for tourism projects on Ulleungdo, including a museum dedicated to the ship. The discovered battleship was launched in St Petersburg in August 1883, and christened the Dmitrii Donskoi .

Guardiola: It would've been a mistake for Jorginho to join City
But at just £5m, Chelsea and new manager Maurizio Sarri are said to see the City man as a good option. Jadon Sancho and Mahmoud Dahoud also came close for Dortmund, but failed to find the back of the net.

White House invites Putin to Washington for meeting
The Russian ambassador said Moscow is ready to discuss a proposed new meeting between Putin and Trump, Interfax said. On Tuesday, the Russian general prosecutor's office said to little fanfare that Putin misspoke and meant $400,000.

Tiger Woods Finished His Second Round At The Open
After his off time and his back surgery of past year , this was all preferable. He's been putting himself in the mix. "I had a bad finish at the U.S.

What Trump and Putin agreed to in Helsinki
He mentioned London-based financier Bill Browder, a onetime investor in Russian Federation who said he exposed corruption there. Director of National Intelligence Dan Coats told a security conference he's sure the ball "has been looked at very carefully".

Olivia Munn Calls Out Meghan Markle's 'Crazy' Sister for Recent Public Comments
And the actress didn't stop there with her attack. She added, "And maybe Samantha would calm down". She says a lot of insane stuff in the press".

Intelligence Director on Putin Invite: 'Say That Again?'
Mr Putin said Russian Federation wanted to question USA nationals the Kremlin accuses of "illegal actions". Director of National Intelligence Dan Coats said Thursday he had yet to be briefed on the private session.

Chelsea FC agree £170m deal to sell Eden Hazard to Real Madrid
He spent nine years at Madrid, winning four Champions League trophies with Los Blancos before deciding to see a new challenge with the Bianconeri of Turin.

GOP Acknowledges Russian Election Interference but Won't Fund Election Security
Democrats sought more money for states to protect their election infrastructures from threats, mainly citing Russian Federation . A Democratic amendment to extend funding was defeated, 182-232.

Erik Lamela signs new Spurs contract until 2022
The South Korean forward, Heung-min Son, has extended his contract at Tottenham Hotspur until 2023. Son Heung-Min has signed a new long-term contract with Tottenham .

Undaunted By criticism, Trump Looks To Next Putin Meeting
Asked whether the president would actually entertain the idea of having U.S. persons questioned by Russia including former U.S. He said these forces are also willing to sacrifice their own security, refusing to extend the new Russia-U.S.

Records galore for Pakistan in ODI at Bulawayo
This is only the fifth instance of any team putting together a total in excess of 300 while losing only one wicket. He became the first Pakistan player to score a double ton in ODIs, and the eight overall to do so.

Women lead WA jobs charge as employment levels reach McGowan Government high
Male employment has yet to recover to pre-2014 levels, with the job market increasingly dominated by women. Latest ABS numbers reveal job growth boomed in June, adding over 50,000 new positions during the month.

The soccer ball Putin gave to Trump is undergoing a security check
That performance set off a bipartisan backlash in Washington, forcing days of damage control efforts by an embattled West Wing. German Chancellor Angela Merkel says that meetings between US and Russian presidents should become "normal" again.

Fabinho: 'I will play wherever Jurgen Klopp wants'
However, Klopp said the former Sunderland midfielder needed some coaxing to take the time off. That shows he needs time to adapt to different styles.