Saudi oil output, export cuts sink deeper than promised
Saudi oil output, export cuts sink deeper than promised
Saudi energy minister says oil market on right track
17 January, 2019, 15:39
Opec is cutting production by 800,000 barrels per day and non-Opec members by 400,000 barrels per day.
Oil prices have trended higher since OPEC and partners including Russian Federation agreed in December to slash production.
Responding to the market concerns about potential oil demand as producers try to reverse massive dips in price at the end of 2018, Al-Falih assured that the oil market is on the right track and will soon return to its balance.
"The global economy is strong enough, I'm not too concerned".
"We are assuming no changes in the cut that we have", he said.
Anything that may impact or constrain trade may, by extension, impact energy demand, experts believe, Kallanish Energy understands. They already reduced output by 600,000 barrels a day in December, Al-Falih said last week.
United States energy consultancy DeGolyer & MacNaughton has concluded that Saudi oil reserves total 268.5 billion barrels, the government said last week.
Al-Falih noted that Saudi Arabia went beyond its commitment as it has lowered both production and exports, saying: "As the new 1.2 MMBD cut materialises, we should start to see the impact positively reflected in inventories, which is the key metric to watch". "The synchronized growth that we have witnessed since the last global financial crisis that has taken this long was also due largely to the growth in worldwide trade". Benchmark U.S. crude stood at $51.59 a barrel in NY.
The kingdom's oil reserves are among the cheapest in the world to recover at around $4 per barrel.
He also added a downturn in oil price is very hurtful and would kill investments in the US.
Last year, media reported that Aramco was planning a US$40-billion bond sale to fund the acquisition that would expand its presence in petrochemicals, but it dropped this plan. The action we've taken quickly in December and implementation of production cuts is a lifeline to U.S. shale oil producers.
He pointed out that the reduction of production will eliminate the excess supply in the markets and expected the volatility to be less when achieving that balance.
The vehicle continues off down the street as Mr Mock comes to the child's aid and attempts to wave down the auto . When the door of the vehicle was shut, the auto drove off and left the little girl in the middle of the road.
Investigator Sean Coughlin contacted Hansen, who said he would make a statement at the Stamford police station but never went. Psichopaidas filed a police complaint with authorities in 2017 after not receiving payment for the items.
Boffins have had to build a small self-sustaining biosphere inside a sealed canister within the Chang'e-4 Moon lander. Chinese scientists released this picture of a cotton plant growing in a canister on the Chang'4 lander.
The study also suggested sleeping more than eight hours a night may be associated with an increase in atherosclerosis. Sleep disruption and deprivation may lead to an increase in cardiovascular risk, an observational study affirmed.
But it was nearly a premature celebration, as Boston charged all the way back to get within seven in the final minute. Brad Stevens went with a lineup of Jaylen Brown , Jayson Tatum , Brad Wanamaker, Daniel Theis and Guerschon Yabusele.
Boucher pleaded guilty to assaulting a member of Congress and was sentenced to 30 days in prison in June 2018. Rene Boucher, centre, appears in court for an arraignment hearing with his attorney Matt Baker, left.
Cape Town - David Warner shocked the Bangladesh Premier League by batting right-handed against Chris Gayle on Wednesday. "I play golf right-handed, so I thought I might as well come and swing and clear the ropes".
It was the 24-year-old French centre-back's first goal since he scored for Stoke in a 2-2 draw with Brighton in November 2017. The result sees Everton move up to 10th in the Premier League table, while Bournemouth remain in 12th.
The man insisted he had been injecting his own semen for the last 18 months himself after buying a hypodermic needle online. It was then the man disclosed that he had intravenously injected his own semen in an attempt to treat his back pain .
In June, the 37-year-old caused a wave when she rocked a custom catsuit by Nike - inspired by Black Panther - for the French Open. Stephens and Babos combined to win three junior Grand Slam doubles titles - the French, Wimbledon and U.S.
Nowhere in Passan's report does it say the Yankees have made an offer to Machado or that NY is out on the 26-year-old superstar. A source confirmed to the Sun-Times on Monday that the Sox' offer was seven years, a number reported elsewhere, as well.
Ibaka's 3 helps Raptors survive Wizards in 2OT
Washington chipped away, helped by Bradley Beal's second triple-double of the season with 43 points, 10 assists and 15 rebounds. It's also technically a home game and the Wizards have been much better in those (13-8) than they have in road games.
Alabama QB Jalen Hurts transfers to Oklahoma
Who knows if that's true, but there's no doubt Hurts became the No. 1 quarterback transfer as soon as his name was in the portal. Hurts was relieved at halftime of the national championship game by freshman Tua Tagovailoa , and Bama came back and won.
Lowry ties course record in Abu Dhabi
Bhullar was eight shots behind the leader, Shane Lowry , who carded a course-record equalling 62 to take a three-shot lead. For the most comprehensive local coverage, subscribe today.
Huawei founder says company would not share user secrets
Chinese executives should take precautions when travelling, such as only using company-issued secure laptops, the advice said. Trump is reportedly considering an executive order that would bar USA companies from using equipment made by Huawei and ZTE.
Fake Editions of Washington Post Distributed in D.C.
Kauffman argued that the fake is "anything but far-fetched" and " offers a blueprint to help us reclaim our democracy ". One article in the fake newspaper has the headline: "Major news outlets on Trump's rise to power: 'Our bad'".
Houston Rockets: James Harden sets new NBA scoring record
It places Monday's effort second on the list of highest scoring games for the Rockets, behind his own 60 points from last season. With the Rockets badly banged up, the superstar was a one-man show Monday, tying his season-low for assists with just two.