The Opec+ cuts are taking effect and US data is starting to reflect these changing market conditions. — Reuters file
14 February, 2019, 10:58
Brent crude futures continue to track higher with bulls eying a break above the 2019 peak ($63.63/bbl).
The global oil market will struggle this year to absorb fast-growing crude supply from outside the Organization of the Petroleum Exporting Countries, even with the group's production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.
The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day.
U.S. West Texas Intermediate (WTI) crude futures were at $54.16 per barrel at 0413 GMT, up 26 cents, or 0.5 percent, from their last settlement. The rally came as the International Energy Agency warned that turmoil in Venezuela could disrupt global flows of heavy crude and after Saudi Arabia said it would extend its own cuts.
Oil prices inched up on Thursday, buoyed by hopes that potential progress in the latest Sino-U.S. tariff talks would improve the global economic outlook. Energy Minister Khalid al-Falih on Tuesday told the Financial Times production would fall below 10 million bpd in March, more than half a million bpd below the target it agreed to as part of a global deal to limit supply.
The OPEC's 14 members pumped 30.81 million bpd in January, down from 31.60 million bpd in December, according to its Monthly Oil Market Report.
"In terms of crude oil quantity, markets may be able to adjust after initial logistical dislocations (from Venezuela sanctions)", the Paris-based IEA said.
Oil climbed for a second day as dwindling shipments from two of the world's biggest crude exporters eclipsed another big jump in US supplies.
In the US, oil inventories climbed 3.63 million barrels, while supplies of gasoline, heating oil and other fuels added about 3 million barrels more, according to weekly data from the Energy Information Administration.
"In quantity terms, in 2019, the USA alone will grow its crude oil production by more than Venezuela's current output". Analysts polled by Reuters forecast an increase of 2.7 million barrels.
The March production figure means Saudi would be voluntarily cutting output by more than 500,000 bpd below its pledged production level under a deal between the Organization of the Petroleum Exporting Countries and allies led by Russian Federation.
Zoia was released on a consent bail of $2,000 and was ordered to live with her mother Maria, a cleaner, at her Harding Ave. home. A woman was arrested after she was filmed throwing chairs off the 45th floor of a tower onto a busy street below.
This time around, he will be part of a team that's expected to make the NBA Finals. "It's not as emotional probably. Memphis is closely watching Gasol, cheering him on because of what he meant to the city and franchise.
A Reuters poll after the MPC's February 7 rate cut showed a slim majority of economists see another rate cut before the election. The rate was down from 2.1pc in December and is the first time inflation has been below the Bank's 2pc target since January 2017.
One post that reportedly shared the infamous image of a man stopping a tank in Tiananmen Square wa up-voted over 200,000 times . Reddit users protested, some posting pictures known to be banned in China, such as cartoon character "Winnie the Pooh".
Transatlantic cooperation was necessary to resolve problems in the Middle East, Polish Foreign Minister Jacek Czaputowicz said. Israel has carried out hundreds of air strikes in Syria in the past few years against Iranian and Hezbollah targets.
The Chinese slowdown was the driving factor behind Apple's first revenue outlook cut in nearly two decades. IDC attributed the decline in iPhone sales in part to Apple's decision to raise prices on the product.
Butterfield, a Wilson Democrat representing the 1st Congressional District, administered Jones' oath of office in January. Jones, who had served in Congress since 1995, had already announced his 2018 campaign would be his last.
Justin Bieber seeking treatment for depression
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Super Mario Maker 2 announced for Switch
We wonder if, based on these comments, Nintendo is keen to get Metroid Prime Trilogy out on Switch sooner rather than later. The announcement comes to no surprise, but what is surprising is how long we have until the launch of the game.
Five killed in shooting in eastern Texas
The owners of the home, 72-year-old Linda Delaney and her husband Carlos Delaney, 74, were killed in the attack. The victims' bodies have been sent to a medical examiner for further investigation.