Global oil market faces surplus in 2019 as demand growth slows
Nov 16, 2018, 01:00
Brent crudeoil futures were last up 63 cents on the day at $66.75 a barrel at 1454 GMT, while US crude futures rose 38 cents to $56.63.
Futures in NY fell were little changed after recovering slightly on Wednesday from a 17.6% slide over the previous 12 sessions.
But since May, Opec+ have ramped up output while at the same time the U.S. continued to grow its oil production, which reached a record of 11.6 million bpd earlier this month. "OPEC NGLs in 2018 and 2019 are expected to grow by 0.10 mb/d and 0.11 mb/d to average 6.34 mb/d and 6.45 mb/d, respectively".
What has been made apparent by OPEC and the IEA is that oil demand growth is slowing, while oil supply, most notably from the U.S. is rising to record levels at a rapid rate.
"Oil production in Russian Federation has been on the rise in recent years, by around 100,000 barrels per day each year, and it will continue to do so in future".
West Texas Intermediate for December delivery traded at $56.23 a barrel on the New York Mercantile Exchange, down 2 cents, at 16:41 in Tokyo. Futures in NY were 0.8pc higher yesterday morning after plunging 7.1pc in the previous trading session, in the biggest one-day drop in more than three years.
He said China, India and five other countries are allowed to buy some barrels of oil from Iran, adding that the development suggested that the U.S. did not outrightly ban those countries from buying Iranian crude. The global benchmark crude traded at a US$9.68 premium to WTI for the same month.
There is no need to take any action to halt the decline of oil prices that started a month ago, even though it accelerated sharply yesterday, with both Brent and WTI shedding 7 percent and more inside a day, Russia's Energy Minister Alexander Novak said, as quoted by Reuters. The talks are preliminary, and the size of the final cut will largely depend on the starting point they use, said one of the people.
Brent was trading at $65.54 a barrel, following its largest one-day loss since July 2018.
Financial firms hedging the risk incurred by selling put options to oil producers generated added downward pressure when prices fell toward option strikes, Goldman Sachs said in a note. One aspect that might be in play is the amount of Non-Opec oil production with United States shale production increasing to record levels for next year. The industry-funded American Petroleum Institute will publish its weekly tally later Wednesday. Analysts predict a rise of 3.2 million barrels, according to a Bloomberg survey. During the week-ending November 2, the API reported that US crude stocks climbed by 7.8 million barrels.
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Stadler said: "What we have seen in the past is Silicon Valley invents, China copies". "They do this by leapfrogging". While there are 106 new Chinese billionaires this year, there are now 51 newly minted former Chinese billionaires.
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Meanwhile, the acreage for the Hill Fire, which erupted Thursday in the Thousand Oaks area, was estimated at 4,531 acres. Authorities said investigators believed the driver became disoriented and the auto was overcome by fire.
Mr Hair said the assailant was dressed in Islamic clothing and of African appearance and about six foot four inches tall. The news report above came before police acknowledged that the man was already on the radar of Australian intelligence.
The effects could be especially severe for technology companies, which make many of their products in China, and for industrials. The US dollar pushed higher against the offshore Chinese Yuan and neared the 7.00 level for the first time in almost two years.
Kevin De Bruyne is concerned over the potential state of the Wembley pitch when Manchester City take on Tottenham on Monday. Shakhtar meanwhile has drawn their opening two games and sit in third place with two points after two games.
No Republicans were on the ballot in the heavily Democratic district, which represents parts of Detroit and some suburbs. Rashida, who is associated with a socialist group within the Democratic Party, is also very popular in this constituency.
Sayoc, shackled at the wrists and ankles and wearing a tan jail jumpsuit, said little at the hearing but at one point tearing up. The official wasn't authorized to discuss an ongoing investigation and spoke on condition of anonymity to The Associated Press.
Bulger also served as the inspiration for Jack Nicholson's character Frank Costello in Martin Scorsese's 2006 film The Departed . Former Boston crime boss James "Whitey" Bulger , 89, has been killed at a West Virginia prison, according to multiple reports.
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After going through treatment in the summer, she put a plan in place that would keep her inside of the classroom. The initiative brings breast health awareness to faith-based communities like Shorter Community AME Church .
Oil Prices Heading For Loss On Oversupply Concerns
India, the second largest importer of Iranian oil after China , may face difficulty in supplying its huge domestic demand for oil. State Department has set November 4 as the deadline for worldwide oil buyers to stop all their oil purchases from Iran .