Saturday, 17 November, 2018

Oil Prices Rise Despite US Efforts to Increase Oil OutputNaija247news

Oil Prices Climb Ahead of US Sanctions on Iran Oil prices rose on Tuesday as US sanctions squeezed Iranian crude exports
Russell Knight | 16 September, 2018, 04:31

Oil production in Iran, a founding member of the Organization of the Petroleum Exporting Countries, fell by 150,000 barrels a day in August, OPEC said, citing secondary sources.

The warning by the Paris-based International Energy Agency that oil prices could scale above $80 a barrel is definitely not good news for India. With that accomplished, OPEC has loosened the requirements on production.

U.S. 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, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019.

Brent rose above $80 per barrel on Wednesday for the first time since May, spurred by expectations that US sanctions against Iran's oil exports, which will start in November, will tighten global markets.

"Bullish Europe, bearish U.S." is the overall sentiment in the market, said Tamas Varga, an analyst at PVM Oil Associates Ltd.in London.

The deliberate spike in production was prompted by concerns about global supply and USA sanctions against Iran that go into effect in November. "But traders are now pivoting to the Opec and non-members' meeting next week in Algeria".

Typhoon Mangkhut kills at least 16 in Philippines
Mauricio Domogan, mayor of the city of Baguio, said three people were killed in landslides and six were missing. A government damage assessment was underway except in areas still being battered by winds and rain.

Tropical Storm Isaac continues to weaken as it approaches the Caribbean
Meteorologists are also keeping an eye on yet another tropical disturbance that's spinning in the western Gulf of Mexico. Isaac was moving at nearly 14mph with maximum sustained winds of 40mph as it tracked westward across the Caribbean Sea.

Hurricane Florence path: Storm moves to SC - bringing CATASTROPHIC flood risk
By Friday morning Florence had already sapped power to almost 450,000 customers in the Carolinas, emergency officials said. The White House on Saturday said President Donald Trump had approved making federal funding available in some counties.

U.S. West Texas Intermediate (WTI) crude futures were at $69.88 per barrel at 0635 GMT, down 49 cents, or 0.7 percent, from their last settlement. The contract climbed $1.12 to $70.37 on Wednesday, the highest close since July 20. Total volume traded was about 22 per cent below the 100-day average.

The IEA said tightening supply was putting increasing pressure on prices: “The price range for Brent of $70-$80 per barrel in place since April could be tested, ” it said. The global benchmark traded at a $9.63 premium to WTI for the same month. Meanwhile, France and South Korea are shunning Iranian crude, forcing the Islamic Republic to effectively remove some oil from global markets. Russian Energy Minister Alexander Novak said the nation has the capacity to set a new oil-production record, but it will discuss supplies with the group because it's in everyone's interest to keep the market balanced.

The Economic Times (ET), an Indian daily said Iran now exports about 2 million barrels a day which is already 28% less than what they used to export in April.

USA nationwide crude inventories may have fallen 2.25 MMbbl last week, according to a Bloomberg survey of analysts ahead of government data due to be released on Wednesday. Stockpiles in Cushing, Oklahoma, declined for the first time in five weeks.

Prices were also pushed up by Hurricane Florence, which is expected to make landfall on the U.S. East Coast on Friday, and which has caused fuel shortages following the evacuation of millions of households and businesses. Duke Energy warned of power loss in North and SC, with the hurricane posing a threat to some pipelines running through the region.

Recommended

Five Killed as Florence Hammers the Carolinas Five Killed as Florence Hammers the Carolinas His remarks fell flat in Puerto Rico where islanders are continuing to struggle to recover a year after the Category 4 storm. Hurricane Florence is at the doorstep of North and SC , and she's not going away anytime soon.

Hurricane Florence in pictures: ‘1,000 year event’ storm LASHES US east coast Hurricane Florence in pictures: ‘1,000 year event’ storm LASHES US east coast Rescue crews used boats to carry more than 360 people from rising water, while many of their neighbors awaited help. The governor's office said a man was electrocuted while trying to connect extension cords in the rain.

Delhi cop’s son booked as his video thrashing woman goes viral Delhi cop’s son booked as his video thrashing woman goes viral The woman alleged that the accused started beating her when she told him that she will file a complaint with the police, he said. The cases against the accused have been registered on the basis of the statement given by two women, the police said.

Trump's FEMA Chief Faces Investigation For Personal Use Of Government Vehicles Trump's FEMA Chief Faces Investigation For Personal Use Of Government Vehicles He said Secretary Kirstjen Nielsen "is confident in the leadership at FEMA and their proven disaster management ability", he said. During the question and answer session Long was asked if he thought all the laws and practices were followed.

Hurricane Florence Approach Swamps North And South Carolina Hurricane Florence Approach Swamps North And South Carolina Sprayberry delivered one of his final briefings before the storm hit on Thursday as Hurricane Florence began her dramatic descent. Browning's choice to stay in the hurricane warning zone wasn't easy, she said, but she "could not find anywhere to go".

Pixel 3's new mint colour could be Google's 'kinda' hue this year Pixel 3's new mint colour could be Google's 'kinda' hue this year This year, the search giant is expected to come with a new colour option to make Pixel 3 devices stand out from the crowd. How Google improves on the cameras of the Pixel 3 is something that will be closely watched.

Yes, you should care about the Waffle House index Yes, you should care about the Waffle House index On Wednesday, Nia Watson, a local news reporter for WMBF, tweeted that the Myrtle Beach Waffle House had closed for the storm. This doesn't just show FEMA how quickly a business might rebound, it also shows it how the larger community is doing.

US Sanctions Russian, Chinese Tech Firms over Funds for N Korea US Sanctions Russian, Chinese Tech Firms over Funds for N Korea A North Korean national, Song Hwa Jong, was also sanctioned, it said. Mission as saying the proposed sanctions were "unjustified". This article is strictly for informational purposes only.

Slow-Moving Florence Causing Major Flooding As It Swirls Over Carolinas Slow-Moving Florence Causing Major Flooding As It Swirls Over Carolinas As much as 30 to 40 inches (76-102 cm) of rain could fall on coastal areas in North and SC , the National Hurricane Center said. In New Bern, the risky conditions prompted officials in the coastal city to place the city under 24-hour curfew at 7 a.m.

Poland says it will block any European Union sanctions against Hungary Poland says it will block any European Union  sanctions against Hungary But there have also been reports of pressure being put on the courts and the electoral system, and of widespread corruption. The same procedure is already underway against Poland, this time triggered by the European Commission, EUobserver reports.

Georgia governor declares state of emergency ahead of Hurricane Florence Georgia governor declares state of emergency ahead of Hurricane Florence A storm surge warning has been issued from South Santee River, SC, to Duck, NC, and the Albemarle and Pamlico Sounds. A view of Hurricane Florence from the International Space Station.

Apple A12 iPhone XS AnTuTu benchmark score is mind-blowing, crosses 360K! Apple A12 iPhone XS AnTuTu benchmark score is mind-blowing, crosses 360K! If you can upgrade today, Carphone Warehouse has specific upgrade-only deals that aren't available to new customers. The more affordable iPhone XR (64GB variant) would be available for Rs 76,900 in India.

Apple 2018 Event Recap: iPhone Xs, Xs Max, Xr, Apple Watch Apple 2018 Event Recap: iPhone Xs, Xs Max, Xr, Apple Watch Apple's new iPhone XS, pronounced "ten S", has a 5.8-inch (14.7-cm) screen, and will be sold at a starting price of $999. T-Mobile , Sprint and Verizon will each offer special deals and incentives to attract your pre-order.

Hurricane Florence seen from space is a 'no-kidding nightmare' Hurricane Florence seen from space is a 'no-kidding nightmare' Watching the scene unfold from space, German Alexander Gerst, an astronaut on board the ISS , tweeted photos of the enormous storm.

Carlos Ramos, umpire involved in US Open final controversy, returns to court Carlos Ramos, umpire involved in US Open final controversy, returns to court When she smashed her racket, Ramos docked her a point. (Makes you wonder; why do you need a coach if you can't get coached on the court?).