Tuesday, 23 April, 2019

Venezuela reports collapse in oil supply, tightening global market - OPEC

Petroli Europa Press- Archivo Petroli Europa Press- Archivo
Russell Knight | 11 April, 2019, 13:12

Organisation of the Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela.

The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019.

Brent and WTI crude oil futures have risen by more than 30 per cent and 40 per cent respectively since the start of the year.

U.S. West Texas Intermediate (WTI) crude oil futures were down 35 cents at $64.26 per barrel.

US crude stockpiles last week rose to their highest level since November 2017 as imports grew, while gasoline inventories posted the steepest drawdown since September 2017, the Energy Information Administration said.

Last December, OPEC and other major oil producers, including Russian Federation, pledged to cut production by 1.2 million barrels per day in order to prop up prices, effective from this January.

"While U.S. crude stocks built last week, a massive draw on (gasoline) inventories likely buoyed the whole complex", Vienna-based consultancy JBC Energy said.

Tightening global oil supplies also kept a lid on further price losses.

Blackmailers threaten release of Julian Assange's embassy 'sex secrets'
It claimed a "high-level" source had told the organisation that Assange would be booted out of the embassy in London . Hrafnsson said the push to evict Assange from the embassy "has been escalating" over the past weeks and days.

Joe Marler Hilariously Taunts Israel Folau Following Latest Homophobic Post
Meanwhile, on Instagram, the Waratahs Super Rugby star warned sinners would be going to hell unless they repented . Rather than using words, he responded to Folau's posts with tweets featuring pictures of men kissing.

Metro Detroit residents concerned about infection as measles outbreak continues
Measles is a highly contagious, vaccine-preventable respiratory illness characterized by a rash of flat red spots. While measles can be fatal in rare, serious cases, there has not been a measles death in the US since 2015.

Oil markets have tightened this year as the United States imposed sanctions on oil exporters Iran and Venezuela while the producer club of the Organization of the Petroleum Exporting Countries (OPEC) has been withholding supply to prop up prices.

OPEC estimates that it needs to provide an average of 30.30 million bpd in 2019 to balance the market, a figure lowered by 160,000 bpd month-on-month partly due to weaker demand.

Meanwhile, it said oil stocks in industrialized countries fell in February by 21.7 million barrels but remained above their five-year average.

Russia, the largest non-OPEC supplier said on Tuesday that it prefers to increase supply when the current production cuts end in June.

Beyond the short-term outlook for oil markets, a lot of attention is on the future of demand amid the rise of alternative transport fuels.

"We believe global demand has another 10 million barrels bpd of growth, with over half from China", Bernstein Energy said in a note on Thursday.

The fly in the ointment is concern that global demand for oil could weaken if the world economy slows, as it seems to be doing.

"I think we got a bit carried away with the fact that we took it for granted that those volumes were required by November", Al Mazrouei said, suggesting that this time around, the OPEC-Russia alliance won't be fooled into pre-producing more oil when it's not immediately required by the market.

Recommended

  • Polling begins in 91 seats

    Polling begins in 91 seats

    YSR Congress chief YS Jaganmohan Reddy, an aspirant for the CM's post, is fighting from his family's pocketborough Pulivendula. Several union ministers including Nitin Gadkari, Kiren Rijiju and VK Singh are among those whose fate will be decided today.
    Maryland volunteer firefighter killed while serving tour of duty in Afghanistan

    Maryland volunteer firefighter killed while serving tour of duty in Afghanistan

    The meeting is seen as a significant step toward finding an end to Afghanistan's protracted war and the withdrawal of USA troops. The latest US fatalities brings the number of American service member deaths in Afghanistan to seven so far this year.
    PlayStation Confirms All PS4 Users Can Change Their PSN ID From Today

    PlayStation Confirms All PS4 Users Can Change Their PSN ID From Today

    To aid your friends on PSN, your old ID may be displayed next to your new ID on your profile for 30 days . The PSN Online ID Change will only be supported in games that were published after April 1 2018.
  • Snap! Jolly Merkel breaks Brexit summit ice with May

    Snap! Jolly Merkel breaks Brexit summit ice with May

    Some leaders, like Czech Prime Minister Andrej Babis, said Britain should have a year more to sort itself out. The UK faces a long extension after Parliament voted down Theresa May's Withdrawal Agreement repeatedly .
    May set to be offered long delay to Brexit

    May set to be offered long delay to Brexit

    Dutch Prime Minister Mark Rutte opened up on the division among the EU27 over the length of any extension. The UK faces a long extension after Parliament voted down Theresa May's Withdrawal Agreement repeatedly .
    Star Wars Jedi: Fallen Order to be revealed this Saturday

    Star Wars Jedi: Fallen Order to be revealed this Saturday

    J.J Abrams opened up in a new interview about Star Wars: Episode IX following Rian Johnson's controversial film, The Last Jedi . And there was an actual moment when I almost said, "No, I'm not going to do this".
  • Van Dijk happy for Keita

    Van Dijk happy for Keita

    Van Dijk certainly believes his side can go all the way but he is under no illusions about just how hard the task will be. Liverpool star Van Dijk has played a key role in the club's title bid as they seek their first league title since 1990.
    Oppo Reno Goes Official With 10x Zoom and Wedge-Style Pop-Up Camera

    Oppo Reno Goes Official With 10x Zoom and Wedge-Style Pop-Up Camera

    If you're thinking that sounds very similar to the Huawei P30 and P30 Pro, with its 5x optical zoom camera, you'd be dead right. That said, this model does make up with two extra color options - pink and gradient purple in addition to black and blue.
    Alleged OnePlus 7 Pro Real Life Images Leak, Reveal Specifications

    Alleged OnePlus 7 Pro Real Life Images Leak, Reveal Specifications

    The OnePlus 7 Pro variant was also spotted on Bluetooth certification site, nearly confirming the arrival of this variant. It is pretty evident that the 5G variant will be featuring Snapdragon 855 SoC and Qualcomm's X50 5G modem as well.
  • Champions League quarter-final

    Champions League quarter-final

    Juventus only displayed their attacking threat in patches, with Federico Bernardeschi lively and Ronaldo hooking one chance wide. David Neres seizes upon an error by Cancelo, races towards the left of the area and curves a wonderful shot into the far corner.
    Arsenal fans will LOVE this Aubameyang and Lacazette prediction for Napoli clash

    Arsenal fans will LOVE this Aubameyang and Lacazette prediction for Napoli clash

    The team have won 10 Premier League matches in a row at the Emirates and have lost just once there all season in the league. I really think they do. "It is very hard ".
    British mother facing jail in Dubai over Facebook posts

    British mother facing jail in Dubai over Facebook posts

    A Foreign Office spokesperson confirmed British authorities were in contact with the UAE over the case. We are so close, especially since her father left us and we only have each other. "I reacted badly.

Japanese F-35 wreckage found in Pacific, pilot still missing Japanese F-35 wreckage found in Pacific, pilot still missing The ASDF received the aircraft, created to penetrate enemy defenses by evading radar detection, last May, its spokesman said. April 9 about 135 km (84 miles) east of Misawa Air Base, in the northern part of Japan's main island of Honshu.

Americans' bodies found after couple vanished on Caribbean vacation Americans' bodies found after couple vanished on Caribbean vacation The pair, of Mount Vernon, New York, stayed at the all-inclusive Grand Bahia Principe Cayacoa resort in Samaná from 23- 27 March. Turner said her brother is not the type of person who would "just run off on a hiatus", adding that he has a daughter.

Chris Davis' hitless streak reaches record mark Chris Davis' hitless streak reaches record mark Davis two shy of the record for consecutive hitless at-bats by a position player, according to the Elias Sports Bureau . Mullins scored on a Little League homer after a throwing error from second baseman Jurickson Profar in the second.

It's deadline day for Trump's tax returns It's deadline day for Trump's tax returns Trump told reporters as he departed the White House. "I personally wasn't involved in those conversations". Neal has adopted a methodical approach to seeking Trump's returns.

Khashoggi's children deny settlement over murder Khashoggi's children deny settlement over murder The Washington Post , where Khashoggi worked as a columnist before he was killed, first reported the payments to his children . The State Department previously revoked the visas of almost two dozen Saudi officials and froze the assets of 17 others.

Candace Owens Nukes the Democrats Candace Owens Nukes the Democrats Nadler said it is not proper for a witness to disparage a committee member, and incorrectly suggested she had called Lieu stupid . And what I responded to was that I do not believe that we should be characterizing Hitler as a nationalist.

Android Q brings 'deep press' similar to 3D Touch on iOS Android Q brings 'deep press' similar to 3D Touch on iOS For now, the details regarding the hardware requirements for sensing the pressure of the press on the display is scarce. The beta versions are available only to some select users who are part of the beta program.

Wozniacki, Keys advance to final in Charleston Wozniacki, Keys advance to final in Charleston Keys beamed and bent her knees and elbows in celebration after putting away Wozniacki's return at the net on match point. Madison Keys has a new coach and the results were immediate.

Liverpool ease past Porto to close on Champions League semis Liverpool ease past Porto to close on Champions League semis Roberto Firmino , provider for the first goal, got on the scoresheet after netting a tap-in from a Trent Alexander-Arnold cross. We also saw one or two counter-attacks, but the rest of the game we played really well.

BASEBALL BRAWL: Cincinatti sees red over Pirates' wild pitch BASEBALL BRAWL: Cincinatti sees red over Pirates' wild pitch The brawl erupted after Pirates pitcher Chris Archer sent a 93mph fastball whistling behind Reds first baseman Derek Dietrich . The reaction goes against one of baseball's many unwritten rules that you don't show up a pitcher after scoring a home run.

Barr: ‘I Think Spying Did Occur’ Against Trump Campaign Barr: ‘I Think Spying Did Occur’ Against Trump Campaign Senator Lindsey Graham, who heads the Senate Judiciary Committee, has already pledged to pursue the issue. And I'm not suggesting that it wasn't adequately predicated . "I need to explore that", Barr continued.

Grease Prequel Summer Lovin' In The Works | News Grease Prequel Summer Lovin' In The Works | News No word yet on exactly how August plans to bring this story to life, but the way I see it we have three options here. We're finally going to learn a whole lot more about that one summer night when Danny Zucko and Sandy Olsson met.

Spring blizzard threatens millions in Midwest Spring blizzard threatens millions in Midwest The good news is that the ground is no longer frozen and rivers aren't iced over, he said . At the beginning of April past year , the metro area received 9 inches of snow.

Asus to announce ROG Phone 2 by Q3 2019 Asus to announce ROG Phone 2 by Q3 2019 It was launched with an expensive price tag of $900 in the U.S. , whereas the 512GB storage variant was priced at $1100. According to a recent report from DigiTimes , ASUS may be planning to launch the ROG Phone 2 in Q3 this year.

Korea's Ko wins ANA Inspiration as Henderson, Sharp fall off pace Korea's Ko wins ANA Inspiration as Henderson, Sharp fall off pace American Lexi Thompson was third on six under, while England's Charley Hull was 12th on three under. It's a tight race at golf's first major of the year on Sunday at Mission Hills Country Club.