Opec 'won't discuss' further oil production cuts in July, says Secretary General
12 July, 2017, 00:41
Optimism about crude oil demand in the coming weeks has helped prices to recover somewhat, but the sustainability of the improvement is highly uncertain.
IOC bought 1.6 million barrels of US Mars crude, a heavy, high-sulphur grade, and 4,00,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier, IOC's head of finance, AK Sharma, told Reuters. USA light crude was 5 cents lower at $44.35. Brent crude, which is a benchmark, was down by 15 cents a barrel and US crude CLc1 was also down by 15 cents. Nigeria and Libya were exempt from the production cut deal at OPEC's meeting on May 25, 2017, due to internal political unrest.
A jump in output in Nigeria and Libya, where output had been limited by conflict, has weighed on oil prices.
Crude prices continued to rebound after a sharp sell off last week, the sixth weekly loss in seven weeks driven by concerns over a market glut.
Light, sweet crude for August delivery settled up 17 cents, or 0.4%, at $44.40 a barrel on the New York Mercantile Exchange, its 10th gain in 12 sessions.
Issam Almarzooq, Kuwait's oil minister, says Nigeria and Libya may be asked to join the oil production cut agreed on by member and non-member countries of the Organisation of Petroleum Exporting Countries (OPEC). The global benchmark crude traded at a premium of US$2.29 to September WTI.
Oil is in a bear market amid concern that rising global supply will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russian Federation.
The two countries have been invited to a joint meeting between OPEC and non-OPEC on July 24 in St Petersburg, Russia.
Increased shale production will transform the USA into one of the world's top oil exporters in just a few years, according to a new forecast by the consultancy PIRA Energy Group. Seemingly out of nowhere, there's been a most unexpected resurgence in oil production for Libya and Nigeria. Producers have reportedly begun to consider asking the two nations to limit their output. The French bank cut its forecasts for Brent by $9 to $51 a barrel for 2017 and by $15 to $48 for 2018.
Senior Petroleum Analyst, Patrick DeHaan, with GasBuddy.com says it's due to an uptick in oil prices since late June. The New York state average on Sunday was 7.2 cents lower than a month ago but 2.2 cents higher than a year ago.
Sort of 'It is what it is. "We're pleased with what we saw", he said . "A lot of our region's economy is dependent on commuters". The construction is expected to last about eight weeks and will affect the Long Island Rail Road, New Jersey Transit and Amtrak.
The fire south of Oroville was one of more than a dozen burning in the state as firefighters worked in scorching temperatures to. In Colorado, residents of almost 500 homes outside the ski town of Breckenridge were allowed to return home on Friday night.
Ball started at the point guard position for Los Angeles in their first #Nba Summer League game versus the Los Angeles Clippers . The free agency period has just started, but so far, the offseason has gone as well as the Los Angeles Lakers hoped it would.
Starting with the draft picks the Brooklyn Nets will receive from the Toronto Raptors , they clearing won the trade. Injuries limited him to 26 games in his first season with the Raptors when he averaged 11 points.
Starting with " Despicable Me 3 ", which is headed for a $34 million second frame, or a 53% drop from last weekend. The fifth film in the Paramount franchise is expected to make just $6 million this weekend.
Pace wise it is very close , I hope it will be very close tomorrow and we have a chance to win, so let's try to focus on that. Lewis Hamilton wasn't wasting any time - his first lap time recorded in Q2 was the fastest of the weekend so far - 1.04.800.
Investigators are waiting to interview all the surviving shooting victims before determining if the men are suspects, Love said. The pregnant woman told multiple media outlets she lost her baby after being shot in the leg.
Merkel also pointed out that most of the countries supported the Paris accord on climate change, while Trump has abandoned it. Trump (@realDonaldTrump) July 5, 2017Trade between China and North Korea grew nearly 40% in the first quarter.
Bradley is entering the final season of a four-year contract, so it's not clear if he can be a long-term solution for Detroit. The Los Angeles Lakers and Los Angeles Clippers also were pursing Bradley in the past 24 hours, league sources told ESPN .
Drinking Coffee Can Help You Live Longer
It showed that coffee consumption was linked with a lower risk of death from diseases like circulatory and digestive diseases. But if you don't have that sensitivity, the researchers say this proves that 3 to 5 cups a day can be part of a healthy diet.
Honda US confirms 17th worldwide Takata airbag-related death
A company spokesman said the man had taken apart the car's center console, although it's not exactly clear what he was working on. Owners can go online and subscribe to Honda service manuals and find out proper procedures for many repairs.
Rafael Nadal crashes out of Wimbledon
The French Open champion had not dropped any of his last 28 sets in grand slams, but Muller took the first two off him. And it looked as though the pair would not be held up for too long when Muller took a two-set lead, leading 6-3, 6-4.
Konta beats Garcia in Wimbledon last 16
Although she has reached the semifinals at Wimbledon in the past, Halep has a hard matchup on Monday at the Grand Slam. A lot of people are going to look at her run so far and think that she's been on the brink too much.
Facebook warning message about hacker a hoax
If you've received a message that you believe is a scam, you should avoid responding and report the message to Facebook . People on social media have been warning one another not to accept a friend request from a person named Jayden K.
New Trailer For 'The Dark Tower' Arrives Online
With a wonderful cast and a beautifully dark story by Stephen King , everyone has their fingers crossed for something incredible . If you destroy that tower (which is what the Man in Black really wants to do), you unleash unholy fury on Earth.
Wake to be held for slain NYPD officer
On Friday, Familia's oldest daughter, Genesis Villella, 20, released a statement , "She was incredibly amusing ". Statement from Officer Familia's daughter: Police say she had no prior contact with gunman Alexander Bonds .
DPO martyred, several injured in blast
Killa Abdullah Sajid Mohmand, who was critically wounded in the blast, succumbed to his injuries in the hospital. Balochistan Chief Minister Sanaullah Zahri and Interior Minister Chaudhry Nisar Ali Khan condemned the attack.
JIT urgesNAB to file reference against Nawaz Sharif, sons
Respondent 1 refers to Prime Minister Sharif; Respondent 6 was Maryam; Respondent 7 Hussain; while Respondent 8 was Hassan. The Supreme Court said the petitioners and Sharif's family would be provided copies of the JIT's report.
U.S. plans to test THAAD missile defenses
In a key development, the GMD system successfully shot down an incoming, simulated North Korean ICBM in a test in May. The THAAD is based at the Pacific Spaceport Complex Alaska in Kodiak, Alaska.
Record crowd watches US soccer match in Nashville
This year, nine stadiums will be used in the group stage with each stadium hosting two games from the same group on the same day. After that, the slate gets much easier with games against Martinique on July 12 in Tampa and Nicaragua on July 15 in Cleveland.
Shia LaBeouf Arrested in Georgia For Public Intoxication
All the charges are misdemeanors. "LaBeouf was arrested in the hotel lobby, where his disorderly behavior continued". LaBeouf is in town to film his latest film, The Peanut Butter Falcon , which co-stars Dakota Johnson and Bruce Dern.