Global oil demand improves but slowdown still forecast for 2017: IEA
11 February, 2017, 00:48 | Author: Elaine Woods
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.
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.
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.
Duke has won four of the last five in the series, but the two have split at the betting window in their last 10 meetings. The Tar Heels have excelled on the boards so far this season averaging approximately 45 rebounds per game.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.