Opec deal flouted as rebels pump more oil

US Distillate Inventories Rose for the 3rd Time in 5 Weeks

Oil prices have dropped in recent weeks to levels not seen since the end of a year ago as investors lost faith in a deal between OPEC and non-OPEC producers to reduce output, while USA shale oil production has risen sharply.

"While the top producer, Saudi Arabia, continues to deliver on its promise to cut output, several other producers have not so far fulfilled their commitments", the IEA said in a new report.

Crude prices have been stuck below $50 a barrel since May when Opec members agree to extend a production cut to March 2018 in order to re-balance the market.

On the production front, the U.S. Energy Information Administration reduced their USA production estimates from 10 million barrels per day (bpd) to 9.9 million bpd affected by the recent fall in crude oil prices.

Brent crude LCOc1 settled up 68 cents or 1.42 % at $48.42 a barrel.

The output limit would come into play when Nigeria can stably pump 1.8 million barrels a day, the country's oil minister Emmanuel Kachikwu told reporters Wednesday in Abuja.

Atletico Madrid confirm Vitolo signing
He predominantly plays as a left-sided player, cutting in on his right foot, but is versatile and can occupy a variety of roles. But it seems the player was keen on Atletico after he cancelled his contract with Sevilla .

It left its 2017 forecast unchanged on 9.33 million barrels a day, where United States production now sits.

"OPEC compliance with production cuts slipped to 98% in June".

The agency forecast non-OPEC supply would grow by a combined 2.1 million b/d over 2017 and 2018, led by the US.

The U.S. Energy Information Administration (EIA) now forecasts Brent crude oil spot prices to average $51 per barrel (/b) in 2017 and $52/b in 2018.

OPEC wants an "orderly recovery" in oil production from Libya, Nigeria and Iran and has a flexible output target under its cuts agreement to accommodate more crude from the three member nations, the group's Secretary-General Mohammad Barkindo told Bloomberg Television on Wednesday at a conference in Istanbul.

The Senior Analyst at Interfax Energy's Global Gas Analytics Abhishek Kumar said in London: "U.S. gasoline demand remains lackluster and gasoline stocks are still above the five-yea average, which will cap gains in crude and gasoline prices". In both years, most of this growth (about 1.2 million b/d annually) comes from countries outside of the Organization for Economic Cooperation and Development (OECD), with China and India expected to be the largest contributors to non-OECD liquid fuels consumption growth.

Related News:

  • Singapore's Global Logistic picks Chinese consortium for S$16 bln sale

    Singapore's Global Logistic picks Chinese consortium for S$16 bln sale

    GIC's undertaking, however, allows the investor to accept a higher competing bid if it comes along before the scheme meeting. GLP shares, which were suspended, surged 22 percent to S$3.30 after trading resumed in Singapore, the report added.
    Trump Tells Pat Robertson He'll Be 'Very Angry' If Obamacare Isn't Repealed

    Trump Tells Pat Robertson He'll Be 'Very Angry' If Obamacare Isn't Repealed

    According to a report by Reuters , President Trump said that the meeting with Putin shows the two leaders can work together. Now they're going to be able to speak, and that's going to be a great thing for Christianity, believe me.
    Teenagers Film Sexual And Physical Assault, Video Goes Viral

    Teenagers Film Sexual And Physical Assault, Video Goes Viral

    All three suspects remain in Harrison County Jail on bond amounts of $400,000 and $500,000, the Daily Mail reported. He also addressed complaints from the public about how long it took for police to issue a statement about the case.
  • Amnesty Accuses Iraq, Allies Of 'Crimes' In Mosul

    Amnesty Accuses Iraq, Allies Of 'Crimes' In Mosul

    On Wednesday, Iraqi forces and jihadists exchanged gunfire in Mosul's Old City while army helicopters strafed overhead. Stephen Townsend told the BBC , "If we're to keep".
    Nokia 6 now available for registrations on Amazon India

    Nokia 6 now available for registrations on Amazon India

    Nokia 6 will be sold exclusively on Amazon India and will be available only to those users who register themselves for the sale. According to the Amazon India listing, the sale will only be open to registered users on the e-commerce platform.

    Enable Midstream Partners, (NYSE:ENBL) Earning Very Favorable Press Coverage, Analysis Finds

    Massachusetts-based Liberty Mutual Grp Inc Asset Management Inc has invested 0.19% in Energy Transfer Partners LP (NYSE:ETP). Level Four Advisory Services, LLC trimmed its investment by selling 1,874 shares a decrease of 15.6% as of 06/30/2017.
  • Suspicious powder found inside UP Assembly building

    Suspicious powder found inside UP Assembly building

    The Leader of Opposition said they accepted the measures stating that no one should be allowed to breach security of the House. With a weight of almost 150 gms, the packet was placed under the seat of Samajwadi Party MLA Mano Pandey.
    Milan's initial offer for Bonucci is €30 million

    Milan's initial offer for Bonucci is €30 million

    Personal terms have already been agreed between the player and Milan with Bonucci ready to sign a €6million-a-year deal. Bonucci fell out with Allegri in February and was dropped for a Champions League game away to Porto.
    Rapper DMX busted on tax fraud charges

    Rapper DMX busted on tax fraud charges

    TMZ reports that the rapper, who has had a history of legal troubles, has been charged with fourteen counts of tax evasion. Simmons will appear Friday in Manhattan federal court before Judge Andrew J.
  • Were Analysts Bearish Diageo plc (LON:DGE) This Week?

    With 1.78M avg volume, 3 days are for Brf Brasil Foods SA (NYSE:BRFS)'s short sellers to cover BRFS's short positions. BRF S.A.is a multinational Brazilian firm that owns a diverse portfolio of products and is a producer of foods.
    Hatch backs new GOP Senate health care bill, Lee undecided

    Hatch backs new GOP Senate health care bill, Lee undecided

    About 40 percent of all voters oppose the Senate's Better Care Reconciliation Act, while 47 percent disapprove, the poll showed. Ted Cruz , R-Texas, to permit stripped-down health plans that amount to catastrophic coverage and little else.
    Hawaii judge loosens travel ban to allow grandparents, other relatives

    Hawaii judge loosens travel ban to allow grandparents, other relatives

    People participate in a NY rally in June to protest the separation of families under the Trump administration's travel ban. That decision, made last month, partly reinstated the ban on refugees and travellers from six Muslim-majority countries.


Most liked

Watch A Woman Trying To Take A Selfie Destroy $200000 Of Art
Modern art worth $200,000 was destroyed after a clumsy woman tried to take a selfie in a swanky Los Angeles gallery. A YouTuber, claiming to be a friend of Birch, uploaded the clip under the handle Party Pooper.

Disney Unveils Model Of New "Star Wars" Land
Alert all commands, Disney has lifted the veil and given us a sneak preview of what Star Wars Land will look like. More details are expected to be delievered to Star Wars fans over the weekend once D23 actually kicks off.

All India Bakchod co-founder booked over insulting Modi
POLICE in India filed a defamation case against a group of comedians accused of insulting prime minister Narendra Modi. All India Backchod was founded in 2013 by Tanmay Bhat , Rohan Joshi, Ashish Sakhya and Gursimran Khamba.

Easyjet applies for European licence to continue operations post Brexit
Easyjet said that the people and planes which will fly for the new airline "are already employed and based in EU27 countries". The parent company - EasyJet PLC - will retain its London Stock Exchange listing and its Luton headquarters.

Lea Michele remembers Cory Monteith four years after his death
Monteith passed away after overdosing on heroin and alcohol on July 13, 2013 in his Vancouver hotel room. A few months before he died, Monteith entered rehab. "I am grateful and proud he made this decision".

Palace welcomes positive response on martial law
Retired Chief Justice Reynato Puno supports the Supreme Court's ruling on the petitions challenging the martial law in Mindanao. Twenty-three percent agreed, while 13 percent were undecided about the matter.

Bengaluru-based AI startup Halli Labs acquired by Google
A part of the Data and product teams at Twitter for almost five years, Gupta is therefore clearly a force to reckon with. Halli Labs, a Bengaluru-based company that started its journey barely four months ago, has been acquired by Google .

Lana Del Rey's Instagram Is Real-Time Proof Of Her Genius
Rocky struck a chord with the lovely singer back in 2012 when he starred in the music video for Lana's song 'National Anthem' . It also features raw and romantic vocals from just Rocky and Lana , which make the painful scenario in the song come to life.

(NASDAQ:INTC) Shares Sold by Nippon Life Insurance Co
Macquarie Group Ltd decreased Banc Of California Inc (NYSE:BANC) stake by 110,847 shares to 121,100 valued at $2.10M in 2016Q4. On October 19 the stock rating was upgraded from " to "Buy" and a price target of $42.00 was set by Charter Equity.

Milan, aperta trattativa per Bonucci: incontro in corso con l'agente
Per i tifosi bianconeri è un'eresia, per quelli del Milan uno sgambetto ben goduto, per gli addetti ai lavori una nuova frontiera di mercato.

EU's Barnier Briefs Corbyn on Brexit
Leaving the single market would, she said, "have potentially catastrophic consequences for jobs". The meetings came ahead of the second round of Brexit negotiations next week.

Timelapse footage of Natural History Museum's new star attraction
Kate, who is a patron of the museum, wore a pale blue dress from designer Preen to the opening of the revamped Hintze Hall . Hope is now centre stage in Hintze Hall, along with 10 other "wonder bay" exhibits that represent the history of the Earth.

Infosys reports marginal fall in June quarter net profit
Prior to its quarterly report, it had pegged its own outlook at 6.1 to 8.1 per cent. Dollar revenue growth was expected to be at 2.6 percent in the given time period.

New Galaxy Note 8 Press Image & Device Renders Leak
The Galaxy Note 8 is one of the most anticipated smartphones of the year, arguably second only to the tenth anniversary iPhone . It will have slightly bigger (than S8+) 6.3-inch edge-to-edge AMOLED display, but with the same 18.5:9 aspect ratio.

Astronaut Julie Payette is Canada's next Governor General
As Governor General, Ms Payette will be Commander-in-Chief of Canada's military, an area she already has experience in. Mulcair said he sympathized, however, with those who might be disappointed an Indigenous person wasn't selected.