Oil set for weekly gain as Opec+ meets to extend production cuts

Oil set for weekly gain as Opec+ meets to extend production cuts

"While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year".

Experts point out that the OPEC cuts, with a goal of not supplying the market with 1.2 million barrels of oil a day during the first six months of the current year, constitute the key factor in the upward trend that has characterized the hydrocarbon price in recent weeks.

The IEA said OPEC+ production was 0.24 mbd above the target of 44.3 mbd, with overall compliance with reduction targets at 80 percent.

Crude has rallied nearly 30% this year as the Organisation of Petroleum Exporting Countries and its allied partners - known as Opec+ - capped their output to bring the market back to balance. According to the report, thanks to new drilling technologies, the USA, which is intensifying shale oil production in Texas, is starting a new era where it will dominate the energy market on a global scale. This translates to a serious weakening of both Russian Federation and Saudi Arabia's hands in terms of dominating both production and global oil prices.

Christchurch shootings: Suspect Brenton Tarrant appears in court
The terrorist even live-streamed the first shooting episode at the Masjid Al Noor mosque where he claimed at least 30 lives. Last year, Tarrant posted a message on Facebook, referring to a trip to Pakistan, according to the Sydney Morning Herald.

Yellow vest protests turn violent amid clashes between police, protesters
The Yellow Jackets want Macron to respond to their concerns over sinking living standards, stagnant wages and high unemployment. Laurent Casanova, an engineer who was among the protesters on Saturday, told AFP he wanted to mark the end of the debates.

All US diplomats have left Venezuela: Mike Pompeo
The United States has withdrawn all remaining diplomatic personnel from its embassy in Caracas as the crisis in Venezuela deepens. He said staffers look forward to resuming their presence in Venezuela "once the transition to democracy begins".

EIA's data also showed that on the exports side, US crude oil exports increased while domestic production rose as well. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game. As reported by the IEA, OPEC's crude oil production capacity will be reduced by the decline in Iran and Venezuela. Moreover, because of the fall in U.S. crude oil production, the Brent-WTI spread might have contracted more than $1 in the trailing week. "Market management by producers is likely to remain necessary for some time, given the outlook for the call on Opec crude", the report said.

With global oil markets still grappling with the loss of supply from crisis-hit Venezuela and cuts in production from major worldwide crude producers, Goldman Sachs on Friday said Brent crude (BZ=F) could rally above $70 in the near-term, bolstered by resilient global demand and the loss of production from Libya, another epicenter of civil strife. However, the US suddenly announced waivers on November 5, leading to new concerns about oversupply and to plunges in crude prices until the end of previous year.

The agency also said rising U.S. output was providing comfort to world markets. Meanwhile, Saudi Arabia announced it will continue to curb production and American sanctions have isolated two major exporters, Venezuela and Iran, said the Bloomberg report.

USA crude oil production dipped by 100,000 bpd to 12 million bpd.

Related News:



Most liked

1.9m Nigerians now infected with HIV/AIDS
Africanews provides content from APO Group as a service to its readers, but does not edit the articles it publishes. He said the survey conducted by the organisation shows that Nigeria has less people living with the disease.

Chelsea Clinton Confronted During Christchurch Vigil in Fiery Video
He has been arrested and charged with one count of murder in connection with the attacks. Clinton, you may recall, had joined with many in the Democratic Party to criticize Rep.

City Complete Stunning Comeback To Knock Swansea Out Of The FA Cup
No English side has ever won the Premier League, the FA Cup , the Champions League and the League Cup in the same season. VAR cameras are installed at all Premier League grounds, so the facilities are used by the FA during their Cup games.

Jacinda Ardern's office received manifesto from Christchurch shooter minutes before attack
New Zealand has in the past tried to tighten firearm laws, but a strong gun lobby and culture of hunting has stymied such efforts. He also had more assault weapons in the trunk of his vehicle , along with what appeared to be explosives.

Neil deGrasse Tyson Back With Nat Geo After Network Completes Assault Investigation
Meanwhile, Nat Geo pulled its Tyson-hosted StarTalk off the air after the new allegations surfaced in November until the investigation was completed.

YouTube, Facebook, Twitter scrambling to contain video of New Zealand mosque shooting
In another case, the video was shared by a verified Instagram user in Indonesia with more than 1.6 million followers. Facebook and YouTube did not immediately respond to HuffPost's request for comment on the matter.

Australia hoping for a back to back World cup win
Even by their overall awesome record - epitomized by five World Cup triumphs - the latest win has to be something very special. Pat Cummins now holds the record of taking the joint most wickets for Australia against India in a bilateral ODI series.

Kyrie Irving gets 2nd career triple-double as Celtics overcome Kings
Boston was much more energetic in the third quarter, opening on a 9-2 run to take its first lead since early in the first quarter. He played only 10 minutes in the first half but had 10 points to help the Kings build a 17-point lead.

New Zealand shooting suspect Brenton Tarrant charged with murder in Christchurch court
Nearby, Akhtar Khokhur leaned on the shoulders of her friend and cried as she held up her cellphone with an image of her husband. In a statement , Fiji's prime minister Frank Bainimarama also expressed his shock at the shooting and sympathy for the victims.

The man who chased the armed gunman in Christchurch
He said he picked up the weapon and pulled the trigger and, after finding it empty, smashed it through the gunman's auto window. Mr Aziz said it was at this moment he spotted a gun abandoned by the attacker, who had once again run back to his auto .

China's industrial output slows, unemployment rises
Retail sales had been expected to rise 8.1 percent, easing marginally from December's 8.2 percent pace. Fixed-asset investment rose 6.1 percent in the first two months, from 5.9 percent in 2018.

Appointing Iran to UN Women's Rights Panel Sends "Worst Possible Message"
She was also reportedly denied the right to a lawyer of her own choosing for her most recent trial. She was arrested again last June.

Sam Smith reveals he had liposuction surgery at 12
That's how I take it. "It took a lot for me to do this and I was so nervous, so please be kind haha", he wrote on social media . Speaking with Jameela Jamil , Sam Smith honestly revealed that he has considered getting a sex change in the past.

WTA Indian Wells: Angelique Kerber and Bianca Andreescu set title clash
Andreescu in particular seemed to be running out of steam - and it showed as she dropped her serve in the third set's sixth game. However, if we've learned anything from Andreescu's performances in 2019, it's to never write her off.

Louis Vuitton pulls Michael Jackson-themed items from collection
The model and actress at least once seemed to hint that she felt the documentary was "tabloids and lies". The Los Angeles Fire Department confirms that the patient was transported to the hospital.