Oil prices near $80 a barrel - but could $100 oil be on the cards?
14 September, 2018, 01:49
"Going forward, economic uncertainty, and hence questions surrounding global oil demand, coupled with geopolitical tensions, will need to be factored into maintaining a balanced market in the months to come", the report said.
Oil traders were also watching the progress of category 4 Hurricane Florence, which is expected to make landfall in the United States by Friday.
USA crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday.
USA sanctions on Iran's energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the balance between supply and demand tight, the IEA said. This comes amid the Iranian oil sanctions which are set to be imposed on November 4th, while the U.S. have also demanded nations to drop Iranian imports to zero.
Global oil output hit a record last month, and the IEA sees continued increases in oil production.
S&P global Platts said OPEC, in a report, indicated demand for the organization's own crude oil in September will be nearly 1 million bpd more than the level produced in August.
That price range could be "tested" as the oil market enters "a very crucial period", the Paris-based agency said in its monthly report.
Their combined output has risen by 3.8 million bpd since September 2014, more than the peak output Iran has managed over the last three years.
"Second-largest producer Iraq boosted its output 90,000 bpd to 4.65 million bpd".
"World demand will average 98.82 million bpd in 2018, a demand growth of 1.62 million bpd", said S&P.
Although the shipment hiatus is unlikely to signal that China has been purposefully scaling back purchases to comply with US pressure to have Iranian oil sales at zero, it could mean that Chinese refiners were looking for better terms for Iranian oil purchases, according to Bloomberg.
WTI was pushed over $70 during the previous session due to falling crude inventory and production levels.
ET, Florence was 530 miles southeast of Cape Fear, N.C., moving west-northwest at 17 mph, the National Hurricane Center says. And experts say the storm is particularly worrisome because of the heavy rain it could drop.
The center will showcase the company's products ranging from mobiles, tablets, QLED Tvs , Smart TVs, refrigerators, wearable, etc. Samsung continues to face tough competition and the Opera House is a clear sign its intent on beating the Chinese, said analysts.
He added another five goals and eight points in 13 post-season games while seeing an increase in ice time to 14:25 per outing. Watson now would be eligible to return December 3 when Nashville hosts Buffalo, the Predators' 28th game of the season.
It comes after United States whistleblower Edward Snowden disclosed British surveillance and intelligence-sharing practices. The ruling cited a "lack of oversight of the entire selection process" and "the absence of any real safeguards".
Watching the scene unfold from space, German Alexander Gerst, an astronaut on board the ISS, tweeted photos of the enormous storm. National Guard soldiers from the state, North Carolina and Virginia are mobilizing to prepare for hurricane recovery efforts.
It sets a new policy to make 100 percent of California's energy resources come from zero-carbon sources by 2045. He also signed a bill, SB100, making the state's electricity completely emissions-free by 2045.
Foreign Affairs Minister Chrystia Freeland told reporters gathered in Washington where she is meeting now with U.S. Representatives from both sides have expressed their preference to keep a NAFTA deal intact.
The EIA estimated that USA crude production has risen to 10.9 million barrels-per-day and could average at 11.5 million next year. In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades.
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