Global oil demand improves but slowdown still forecast for 2017: IEA

11 February, 2017, 00:48 | Author: Elaine Woods
  • Oil Market 'Responding Positively' To Production Cut: OPEC

Oil jumped as the International Energy Agency said OPEC had achieved record initial compliance of 90 percent with their cuts agreement, while demand grew faster than expected. Saudi Arabia, the IEA said, appeared to cut more than was agreed on at the meeting with some key non-OPEC members in November. At the same time, OPEC's production cut overall was partly offset by growing deliveries of Libya and Nigeria not required to cut production according to the agreement terms.

The IEA increased its estimates of 2016 world oil demand growth for a third month, and boosted its outlook for 2017, anticipating an increase of 1.4 million barrels a day this year. "Non-OPEC members have also started cutting output and we hope they will quickly get to the figures they have committed to reach", he said.

US oil production rose to an average 8.9 million bpd last week, according to data from the Energy Information Administration, partly on the backs of sale producers.

The oil market would be re-balanced when global inventories, now near record highs, approached their five-year average level, Al Sada said.

Russian Federation said it would phase in its share of the cut gradually rather than in the first month of the agreement and in January lowered supply by 100,000 bpd. A 1.2 million barrel per day cut to OPEC production for the entire year would result in global supply of around 96 million barrels per day.

This includes about 300 million barrels from the OECD and 100 million barrels from non-OECD.

USA to ask visa applicants for passwords?
According to NBC News , Homeland Security Secretary John Kelly told the House Homeland Security Committee this on Tuesday.

Donald Trump Administration To Ration Green Cards, Cut Immigration To Half
Trump, who paid a visit to US Central Command in Tampa, condemned the media for downplaying the terror threat his administration has cited to justify the travel ban.

GM workers to receive profit-sharing checks of up to $12000
The stock tumbled 4.7 percent in early trading in part because Wall Street fretted over GM's higher US inventories. Stevens said earnings in 2017 would be flat or up slightly from 2016, driven by more big numbers in North America.

According to oil companies and ship-tracking data, the members of the group that pledged to make cuts in Vienna two months ago have implemented 83% of those reductions on average.

Strong OPEC compliance has led to a rally in the Crude Oil market with the group's "secondary source", showing a almost 92% compliance rate from the cuts agreed upon production cuts that OPEC agreed to in late 2016.

News headlines in the oil markets were no doubt mostly bearish this week, a turnaround from what we saw at the beginning of the year when markets were still on their OPEC-induced high. This policy change was largely targeted towards ever increasing market share of the USA shale oil companies.

Zanganeh said on Tuesday that OPEC should cut crude production "a bit more" in the second half of 2017.

Moreover, Iran's output in January rose to 3.72 million bpd, up 30,000 bpd from December.

It is also expected, that around 6 percent of Chinese refining capacity would shut down at some point during the first half of the year, equivalent to around 900,000 bpd of capacity.

Recommended:

  • Sir Tom Jones has reportedly begun a romance with Priscilla Presley

    Sir Tom Jones has reportedly begun a romance with Priscilla Presley

    The insider told the publication: " Tom has had a hard year with Linda's death and Priscilla has been an wonderful support". Sir Tom was a close friend of Elvis and spent a lot of time with both him and Priscilla in the late sixties and seventies.
    Aguero and Bravo benched as Jesus leads Man City line vs Swansea

    Aguero and Bravo benched as Jesus leads Man City line vs Swansea

    In these last three months that are left I have to help the club and as I say the club will decide if I have a place here or not. When you're on the bench you have to wait for your opportunity.
    Final Fantasy XV Regained Its Development Costs Within a Day of Release

    Final Fantasy XV Regained Its Development Costs Within a Day of Release

    Final Fantasy XV's graphics are very nice but they are limited by console hardware. The PSP version of Dissidia Final Fantasy , however, features one-on-one matches.
  • Homeland chief: I should have delayed order on immigration

    Homeland chief: I should have delayed order on immigration

    Yet he repeatedly denied that any "chaos" ensued at customs entry points as a result. The ban is now on hold as the Justice Department defends it in federal court.
    Rugby legend in 'critical condition' in hospital

    Rugby legend in 'critical condition' in hospital

    You are up in heaven without any pain. "A player like that was someone you could never underestimate, was always unsafe ". Others lauded Joost's fighting spirit, citing previous reports that the rugby player would likely succomb to ALS in 2016.
    Why black history matters: Trump's awkward teaching moment

    Why black history matters: Trump's awkward teaching moment

    Meyers and one of the show's writers, Amber Ruffin , were on top of Trump's Black History Month speech. I'm proud to honor this heritage and will be honoring it more and more.
  • Marlins have 'handshake agreement' on $1.6B sale, report says

    Marlins have 'handshake agreement' on $1.6B sale, report says

    That would require the buyer to take on a lot of debt, and Major League Baseball may not be comfortable with that. Whether or not any real fans remain after years of alienating behavior by ownership remains to be seen.
    Bucks' Parker Injured in Loss to Heat

    Bucks' Parker Injured in Loss to Heat

    The air in the building wasn't sucked out by Parker's injury in the third quarter - it hadn't been there at the opening tap. The latest injury occurred on the same night that guard Khris Middleton returned from a hamstring injury.

    "Dripping" may expose users to toxic chemicals

    Sixty-four per cent of the teens admitted they tried dripping to get thicker clouds of vapour so they could pull off smoke tricks. They come just two months after the US surgeon general called e-cigarettes a public health threat for youths.
  • Gilead 2017 hepatitis C sales forecast disappoints, shares drop

    Gilead 2017 hepatitis C sales forecast disappoints, shares drop

    Gilead Sciences makes up approx 0.06% of Vigilant Capital Management's portfolio. (NASDAQ:GILD) opened at 72.39 on Tuesday. The Company focuses on the discovery, development and commercialization of medicines in areas of unmet medical need.
    Burgess: Are Super Bowl vehicle  ads even worth it?

    Burgess: Are Super Bowl vehicle ads even worth it?

    Website hosting company Squarespace shows an intense John Malkovich berating the owner of johnmalkovich.com domain name. The Super Bowl at the NRG Stadium in Houston between the New England Patriots and Atlanta Falcons airs Sunday on Fox.
    Greens want detail on U.S.  refugee deal

    Greens want detail on U.S. refugee deal

    Tasmanian Greens Senator Nick McKim said Australians deserve to know the facts and trade-offs tied to the agreement. President Donald Trump's order temporarily barring refugees and nationals from seven countries.


Popular

Eclipse, full moon and comet to light up the sky tonight
The spectacle should be visible across Ireland, as well as most of North and South America, Europe, Africa and most of Asia. On Friday night, the "snow" full moon, the comet 45P and a penumbral lunar eclipse are all expected to make appearances.

Tesla Could Begin Building Model 3 Electric Cars This Month
I've invested a great deal of time and sacrificed important moments with my family to help Tesla succeed. The vehicle can go 215 miles between charges, plenty more than the average commute to and from work.

Fleabag star set for Chewbacca-style role in Han Solo spin-off film
The actress will play a CGI-character in the film, which has just started production, so reports Variety . Woody Harrelson and Emilia Clarke are also slated to star, in roles that are yet to be revealed.

Newcomer De Randamie says 'nobody will forget me' after Holm fight
Coming off a knockout, Ronda or anybody else - I'm not saying it's just her, it's just fighters - you come off from a knockout. Back in the Netherlands, kickboxing is king - or queen - and de Randamie's career in the sport made her a superstar.

Cut off public funds for Planned Parenthood
She has repeatedly said an organization that provides abortions should not receive federal funding for any services it provides. Ben Cline, R-Amherst, sponsored the legislation, which Republicans overwhelmingly supported and Democrats vigorously opposed.

North Carolina's 'Bathroom Bill' May Cost Them Sports Tourism Revenue, Again
The NCAA and Atlantic Coast Conference relocated several events this academic year because of HB2. Democrats said they objected to a moratorium on local ordinances.

Marine Le Pen launches French presidency bid: What is she promising?
She, however, said that she would try to negotiate new terms for France and if she fails in that she would go for the referendum. Le Pen hardened her view on the former topic, cheered by militants screaming " this is our country ".

Israel Passes Bill That Retroactively Legalizes Jewish Settlements
The apparent message to settlers: Go ahead and establish your outposts anywhere you want on Palestinian land. In parliament on Monday, Shuli Mualem of the Jewish Home dedicated the law to the people evicted from Amona.

Afghan civilian casualties hit all-time high, says UN
The increase was put down to a surge in casualties from unexploded bombs, shells, grenades and landmines. Assistance Mission in Afghanistan, or UNAMA, released in Kabul Monday.

Trump Signs 'New Vetting Measures' to Guard Against Terror
The visa waiver program allows citizens from 38 countries to enter the United States without a visa for up to 90 days. There's an exemption for immigrants and legal permanent residents whose entry is in the USA national interest.