Sunday, 19 November, 2017

Opec Likely to Extend Supply Cuts to Rebalance Market

Brent Crude Oil Weekly February Brent Crude Oil
Laurie Berry | 14 November, 2017, 18:05

Oman's oil minister, Mohammed bin Hamad al-Rumhi, said on Monday that he is confident there will be an agreement among global oil producers later this month to extend output cuts.

"The recent price support, namely the tension in the Middle East, has been swept aside as rising rig counts and US shale output (are) in the focus of traders", PVM Oil Associates analyst Tamas Varga said.

On the other hand, traders expected that the ongoing supply cut, which is led by the Organization of Petroleum Exporting Countries and Russian Federation, would likely prevent a very big fall in oil prices.OPEC and Russian Federation have contributed to the reduction in excess supplies.

Speaking yesterday at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said his prediction was that OPEC would continue to do what it would take to rebalance the market.

He added while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided, Kallanish Energy learns.

This is coming as OPEC in its November oil market report released yesterday, increased the forecast for 2018 demand for its crude by 360,000 barrels per day, from last month's report to 33.42 million bpd.

Why is November 14th Celebrated as Children's Day in India?
Children's Day was first officially declared a national holiday by the Republic of Turkey in 1929 with the set date of 23 April. E-commerce major Amazon India has announced a Children's Day Kids Carnival from November 12 to November 14.

Investors already are assuming Opec and its allied producers will agree at the end of this month to extend the limits well beyond their March expiration, Morse said at a gathering of energy economists in Houston on Monday. The UAE, Opec's fourth-largest producer, sees no need for the organisation to hold an extraordinary meeting in the first quarter of next year, he said. The oil market is rebalancing at an accelerating pace, as global levels of oil inventories have fallen visibly, and the demand for oil is robust, Opec Secretary-General Mohammad Barkindo affirmed.

The Paris-based IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

Brent crude futures were at $63.57 per barrel at 0744 GMT, up 5 cents from their last close.

Brent has gained 11 per cent this year and the benchmark grade touched US$64.65 (RM270.90) a barrel in London on Nov 7, the highest intraday price since June 2015. This year, all eyes are on the Middle East, the Saudi political purge, and the heating-up of tensions between the kingdom and Iran. WTI crude oil is trading at $56.59, down -0.26%.

Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline.

Recommended

  • Star Hero's 1.3 Crore Children's Day Gift To Son

    Star Hero's 1.3 Crore Children's Day Gift To Son

    Now you know what! the youngest Nawab of Pataudi family Taimur Ali Khan has got a special gift from his father Saif Ali Khan . Taimur is Saif Ali Khan and Kareena Kapoor's first child together.
    Why Home Depot Earnings Are Not Pleasing to Investors

    Why Home Depot Earnings Are Not Pleasing to Investors

    Sales at stores open for more than a year rose 7.9%, above the average analyst estimate of 5.9%, according to Thomson Reuters. Clearline Capital Lp decreased Hilton Grand Vacations Inc stake by 202,154 shares to 72,640 valued at $2.62M in 2017Q2.
    Man shot dead in Delhi court

    Man shot dead in Delhi court

    The assailant was overpowered by the police and arrested on the spot, he has been identified as Abdul Khan, who is the resident of Nangloi.
  • Amazon might soon offer a free, ad-supported version of Prime Video

    Amazon might soon offer a free, ad-supported version of Prime Video

    Despite showcasing its fair share of acclaimed shows, Amazon continues to lag behind Netflix in the war for streaming domination. It's not the first time a company has attempted to offer premium content using ads to replace a monthly subscription fee.
    Report says Tom Sizemore violated 11-year-old girl on movie set

    Report says Tom Sizemore violated 11-year-old girl on movie set

    McGregor said she immediately registered a formal complaint with the Screen Actor's Guild and vouched for Sizemore's removal from the set.
    Pakistan spinner Ajmal to retire from cricket

    Pakistan spinner Ajmal to retire from cricket

    He had picked 178 wickets in just 35 Test matches which included 10 five-wicket hauls and four 10-wicket hauls in the match. At the time he was banned, he was the No 1 ODI bowler in the world, and in the top ten of both Test and T20 rankings.
  • Amazon sells off China cloud services arm

    Amazon sells off China cloud services arm

    AWS has a separate hardware venture in partnership with the Ningxia provincial government in China's northwest. In China, regulations require Amazon to operate via a local partner before offering the services to customers.
    Encounters ensue in South Kashmir

    Encounters ensue in South Kashmir

    These encounters are taking place after security forces conducted cordon and search operations in the state, reports CNN-News18 . A soldier lost his life in the encounter between security forces and terrorists in Jammu and Kashmir's Kulgam region.
    New Zealand Prime Minister Jacinda Ardern slams 'unacceptable' Manus Island situation

    New Zealand Prime Minister Jacinda Ardern slams 'unacceptable' Manus Island situation

    Ms Ardern will be pressing Mr Turnbull again to accept New Zealand's offer to take 150 refugees from both Manus Island and Nauru. No matter what label you put on it there is absolute need and there is harm being done, ' she said on Sunday.
  • Bengaluru girl urges Modi to declare chronic type 1 diabetes a disability

    Bengaluru girl urges Modi to declare chronic type 1 diabetes a disability

    Long live the fourth republic and may Ghana and all her citizens enjoy the best of health as our fight against diabetes rages on. She has recently revealed that she has to inject herself with insulin up to five times a day to manage her condition.
    Dawood's properties auctioned: Private trust to redevelop them for Bhendi Bazar residents

    Dawood's properties auctioned: Private trust to redevelop them for Bhendi Bazar residents

    The Creaky building is not safe for the people living around them SBUT participated in the auction says the spokesperson. After Dawood fled India, properties belonging to him and his associates were seized under the provisions of SAFEMA.
    We know when Tyson Fury will return to the ring

    We know when Tyson Fury will return to the ring

    Fury posted on Instagram: 'First session back on the pads with Ben Davison in Hatton Gym, feeling good'. Fury was scathing about Joshua's last performance against Carlos Takam on October 28.

DUBAI: 787-10 to unlock Emirates network-development capability DUBAI: 787-10 to unlock Emirates network-development capability The "zero-gravity" position inspired by NASA technology, giving a feeling of relaxation and weightlessness. Airbus now has a backlog of 100 A380s remaining to be delivered, 42 of which are for Emirates.

Witness provides description of killer after 4th victim found Witness provides description of killer after 4th victim found Tampa officers said they are investigating a Tuesday morning shooting death which occurred at Caracas Street and Nebraska Avenue. Police said they believe October's shootings are linked by proximity and time frame, but they don't have a motive or a suspect.

Jimmy Fallon holds back tears as he pays tribute to late mother Jimmy Fallon holds back tears as he pays tribute to late mother I could see Jimmy silhouetted at his desk dabbing his eyes with a tissue. I think everyone in the audience started sobbing", he wrote .

Tom Hanks makes surprise appearance on Last Week Tonight finale Tom Hanks makes surprise appearance on Last Week Tonight finale He went on to show a transcript of a Trump speech about Iran as a disembodied voice expressionlessly read the text. Hanks said, as dramatic music played in the background while he awaited the answer from a mysterious figure.

Patrick J. Adams And Meghan Markle Are Leaving 'Suits' Patrick J. Adams And Meghan Markle Are Leaving 'Suits' The on-screen couple's exit have been confirmed by several websites including Deadline and The Hollywood Reporter . She loved being on the show, and we loved having her on the show, that's why we're doing the spinoff .

ULA Delta II JPSS-1 Scrub Statement ULA Delta II JPSS-1 Scrub Statement The ATMS instrument is the second flight model and is slated to fly on the first JPSS satellite in 2016. The launch of the Delta II rocket was scrubbed four minutes ahead of its scheduled liftoff at 1:47 a.m.

West Bengal beats Odisha in Rosogolla war, gets GI tag West Bengal beats Odisha in Rosogolla war, gets GI tag When contacted, Head of office of Geographical Indications Intellectual Property India Chinnaraja G. This marked an end to a tug of war between West Bengal and Odisha over origin of the syrupy sweet.

Chennai Engineering Student Burnt Alive By Jilted Lover At Her House Chennai Engineering Student Burnt Alive By Jilted Lover At Her House Police said they detained the suspect, 23-year-old Akash, who was pursuing Induja against her wishes for almost a month. He claimed to be in love with Indhuja but she turned down his advances, which angered him and he killed her.

United Kingdom competition watchdog clears Tesco's £3.7bn Booker purchase United Kingdom  competition watchdog clears Tesco's £3.7bn Booker purchase Rivals are concerned the deal could see Booker benefit from improved supplier terms, making it hard for them to compete. This is a provisional decision and the CMA is now inviting further comment and evidence before coming to a final view.

Duterte skipped ASEAN-UN meet due to extended bilateral talks: DFA Duterte skipped ASEAN-UN meet due to extended bilateral talks: DFA Prime Minister Jacinda Ardern will tell the Philippine president there have been too many killings in his war against drugs. More than 3,900 people have been killed in a war on drugs that Mr Duterte declared when he took office a year ago .

Google Doodle gives Children's Day a miss this year Google Doodle gives Children's Day a miss this year These are a reference to the small circular bits of paper that are leftover after we punch holes in the sheets of papers. Meanwhile, single-hole punchers have been used by train conductors for decades as an easy way to validate tickets.

All you want to know All you want to know Airtel, Vodafone and Idea Cellular have similar tariffs, but they last just a month, which makes Jio's offers hard to turn down . This is identical to Jio's Rs. 1,999 plan, which also gives 125GB data and unlimited voice, SMS and roaming for 180 days.

Justice League will reveal the 'true' Superman Justice League will reveal the 'true' Superman Justice League opens in theaters on November 17th, so don't forget to pre-order your tickets for opening weekend. This has been pretty much a thing since Batman v Superman: Dawn of Justice failed to live up to expectations.

Philippines President Duterte accepts Modi's invite Philippines President Duterte accepts Modi's invite His government says the police act in self-defense, but critics say executions are taking place with no accountability. Prime Minister Jacinda Ardern and Philippine President Rodrigo Duterte at the ASEAN Summit in Manila .

Nagarjuna's Annapurna Studios caught in massive fire incident in Hyderabad Nagarjuna's Annapurna Studios caught in massive fire incident in Hyderabad Annapurna studios was established by Nageswara Rao Akkineni and at present, Akkineni Nagarjuna is the chairman of the same. Earlier in the day, another fire accident was reported at Ravindra Bharathi, a cultural centre, due to short circuit.