OPEC January oil output rises despite Venezuelan decline

02 February, 2018, 21:52 | Author: Sheri Evans
  • U.S. oil prices fall after weekly supply data

The more oil prices rise, the bigger the eventual response from the shale drillers will be - which is why OPEC and its allies need to start planning an exit strategy from production cuts before they become self-defeating.

That is drawing investors' focus away from the rise in USA production.

Goldman Sachs drew an even more bullish conclusion, saying in a note to clients Thursday that "the rebalancing of the oil market has likely been achieved, six months sooner than we expected".

In the fourth quarter of 2017, Goldman estimates that the oil market was in a sizable supply deficit, on the order of about 1.1 million barrels per day.

Crude for March delivery rose 18 cents, or 0.3 percent, to $64.91 a barrel after ending the last session up 0.4 percent.

US Missile Defense System Fails Latest Test
The test was reportedly a failure according to administration officials, though the Pentagon has not confirmed the result.

The 2017 data is in: OPEC's success with its oil production cuts is now proved.

Oil rose for a third day after a survey showed strong compliance with output cuts by OPEC and others, offsetting concerns about surging U.S. production.

Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by oil cartel Opec and its ally Russian Federation, as well as expectations for strong demand growth in 2018.

OPEC shared this view, but then surprised the market in September 2016 by announcing their intention to cut supply.

Production has beaten its previous peak even though there are fewer than half the number of rigs drilling for oil compared with before the slump. At 418.4 million barrels, USA crude oil inventories are in the middle of the average range for this time of year. According to data in EIA's Weekly Petroleum Status Report, from late October through the end of 2017, exports of crude oil and inputs to Gulf Coast refineries remained relatively high, resulting in a continued decrease in Gulf Coast crude oil inventories.

Wall to miss 6 weeks due to knee injury
With the scores tied at 96, Thunder forward Josh Huestis tried to find Adams in the paint but the pass was intercepted. Oklahoma City will now have a day off, before meeting the Denver Nuggets in Denver on Friday.

US crude, meanwhile, is flowing into global markets. The decline in Venezuelan production is also providing support.

Earnings season is upon us and worldwide oil companies are reaping the rewards of efficiencies and cost-cutting and a stronger oil price.

US commercial crude oil inventories increased by 6.8 million barrels from the previous week: for the first time in almost three months.

Aside from Canada, countries in Asia and Europe have been some of the largest recipients of US crude oil since the restrictions were lifted. Production at oil fields in the Jikharra area, which flows to the ports of Zueitina and Ras Lanuf, were impacted in early November due to protests. Earlier this month, U.S. President Donald Trump waived the application of nuclear sanctions, but warned that this could be the last such waiver. Output from the Gulf of Mexico surged and North Dakota, where most of the Bakken shale lies, pumped the most since August 2015.

The bank forecast returns from S&P GSCI enhanced commodity index at 7.4, 14.7 and 10 percent for 3, 6 and 12 months, respectively.

Facebook urged to shut down chat platform made for kids
The letter is signed by a range of child welfare groups, chief among them the Campaign for a Commercial-Free Childhood. Saying "Messenger Kids is not responding to a need - it is creating one".



Assassin's Creed Origins is Getting a New Game + Mode
While no date was given, presumably we will know more information sooner than later. Assassin's Creed: Origins is an exceptionally long video game.

Russian athletes suspended by IPC from Winter Games
Russian Para athletes are now regularly tested and are amongst the most scrutinised Para athletes in the world". There will be also no Russian flag permitted at any venue during the Paralympics.

Nintendo Change overtakes the Wii U
The Wii U was released in 2012, and from that time to when production ended a year ago , Nintendo sold just 13.56 million units. When the Switch was released in spring 2017, there were questions about if Nintendo would be able to survive as a console maker.

Vaping Could Cause Cancer and Heart Disease, New Study Suggests
The news comes after researchers tested the effects of e-cigarettes on mice, and human lung and bladder cells. In a new study, scientists warned that nicotine in e-cigarettes could convert into DNA-damaging chemicals.

Tension In Kenya Ahead Of Odinga's Banned Inauguration
Almost 100 people were killed over the prolonged election period, mostly in clashes between Odinga supporters and police. Odinga took his oath to the deafening cheers of supporters before speaking briefly and swiftly departing.

Spurs survive last-second shot to beat Nuggets at home
The Nuggets' average margin of victory in their last five games has been 1.6, up from 0.6 for the season. San Antonio ranks 10th in points off turnovers allowed per game (15.4) while Denver ranks 29th (19.3).

United States to Fine UBS for Spoofing
Spoofing involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. The CFTC said Deutsche Bank had agreed to pay $30m to civil charges in the case, covering a period from 2008 to 2014.

Three dead in California helicopter crash
The woman said the residents of the home that was struck were there, but were in another part of the property and were unharmed. Three people have been killed in southern California after a helicopter crashed into a house shortly after taking off.

Government holds All Party Leaders Meet ahead of Budget Session
Centre government's move to pass the triple talaq bill getting a mixed response from different political parties. This year the budget session will be held from 29th January to 6th April.

Epic Shutting Down Paragon April 26, Refunding All Purchases
"To try to make this right, Epic is offering a full refund to every Paragon player for every purchase on any platform", it says. Did any of you guys play Paragon? The refund will come directly from Epic Games instead of platform providers or retailers.