Iraq, Algeria support extension of oil production cuts

OPEC sees much higher oil supply from rivals in 2017

Hope seems to be rising for Nigeria and other oil producers as oil prices rose more than 3 per cent on Wednesday, bolstered by the biggest one-week drop in USA inventories so far in 2017.

By 11:12 a.m., US crude futures CLc1 were up $1.30, or 2.8 percent, at $47.18 a barrel, and Brent crude LCOc1 rose 2.5 percent, or $1.25, to $49.98 a barrel.

But questions remain about the effectiveness of OPEC-led cuts, with OPEC member Libya saying production now exceeded 800,000 barrels per day (bpd) for the first time since 2014 and could rise to 1.2 million bpd later this year.

Oil prices had some spring in their step midday Wednesday after US government data confirmed a larger-than-expected fall in USA crude inventories as refineries cut output.

Crude inventories fell 5.2-million barrels in the week to May 5, the US Energy Information Administration said.

United Nations chief condemns NKorea missile test
North Korea says Sunday's launch was of a new type of "medium long-range" ballistic rocket that can carry a heavy nuclear warhead. The missile came down "so close to Russian soil. the president can not imagine that Russia is pleased", it added in a statement.

In its latest report, OPEC stated that production fell to 31.73mn bpd in April from 31.75mn in March.

U.S. crude oil production seems to be derailing the efforts made by the Opec countries as it has risen to 9.293 million barrels per day (mbd) in April 2017, the highest level since August 2015 and up 10 per cent (0.865 mbd) from July 2016's low of 8.428 mbd.

However, its estimate on average oil prices in 2017 was cut down to $52.60 a barrel for Brent and $50.68 for WTI.

In recent market action, light, sweet crude futures for delivery in June climbed 57 cents, or 1.2%, to $47.90 a barrel on the New York Mercantile Exchange.

A pick up in United States oil production has contributed to the imbalance in the market but there were signs last week that American crude inventories had fallen.

ICC Champions Trophy tournament director praises ticket sales
So aiming for sometime in August for comeback, probably can make a comeback for the Sri Lanka series", he said on Monday. The winners will receive a cheque of $2.2 million (R29 million), with $1.1 million (R14.5 million) for runner-up.

Refinery crude runs USOICR=ECI fell 418,000 bpd and utilization rates USOIRU=ECI dropped by 1.8 percentage points to 91.5 percent of overall capacity, after hitting a record 94.1 percent three weeks earlier, EIA data showed.

Meanwhile, Brent crude oil, the worldwide benchmark, is up 1.9% at $49.89 per barrel on Wednesday, and has lost 12.4% this year.

Crude prices rose further in Asia on Thursday, building on overnight gains following an upbeat report on USA inventories.

Also supporting prices were comments from Algeria's energy minister on Wednesday that Algeria and Iraq favour extending global supply cuts when OPEC meets later this month.

Lalu Prasad puts up courageous front amid IT raids
Yesterday, in a tweet Lalu Yadav had said the BJP was targeting those political leaders who were questioning them repeatedly. The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.


Related News

  • Qualcomm sues iPhone suppliers to get to Apple's money

    Qualcomm sues iPhone suppliers to get to Apple's money

    The Korea Fair Trade Commission fined Qualcomm more than $850 million and seeks to dismantle the way it licenses its patents. Qualcomm previously sued Apple accusing it of breaking contracts and interfering in deals negotiated with iPhone suppliers .

    Xi Vows Belt, Road Support

    It is looking to project its economic and political influence to almost 70 countries via the plan. However, China maintains the project is only for reaping economic benefits.
    Here are the most popular baby names in the US

    Here are the most popular baby names in the US

    Music fans will recognize Kehlani from artist Kehlani Parrish, and Star Wars fans will remember Kylo from "The Force Awakens". The drop comes a year after Caitlyn Jenner announced her new name and gender. " Caitlyn was already falling in popularity".
  • The Big Bang Theory gets spinoff this Fall

    The Big Bang Theory gets spinoff this Fall

    Ferguson ("The Real O'Neals", "Mad Men") stars as a NY film critic who tries to live strictly by the Bible. CBS even gave a first look at the show at its Upfront presentation on Wednesday (May 17).

    Melissa McCarthy brings a little Spicer with a bite to 'SNL'

    To find out, McCarthy's dismayed Spicer took his moving lectern to the streets of NY to speak with Trump. In Melissa McCarthy's opening monologue she grabbed an audience member and gave her a tour of backstage.

    Oliver Calls "Turbo Bullshit" on Trump's Claim Comey Wasn't Investigating Him

    Though after showing House Speaker Paul Ryan shamelessly deflect questions on Comey's firing, Oliver's not getting his hopes up. Oliver destroys the White House in this five minute rant and you have to wonder how Donald Trump is still in office right now.
  • India hopes for sovereign, independent, united Palestine: Modi

    India hopes for sovereign, independent, united Palestine: Modi

    Condemning terrorism by ISIS, Abbas said ending the "Israeli occupation" will greatly help in countering terrorism in the region. Trump is expected to visit Israel and the occupied Palestinian territories on May 22 and 23.

    Stones set to return for Man City's final two games

    But they will end the campaign without a trophy as they scrap to qualify for the Champions League via a top four finish. I will try with the club, with the players, with the staff, with the chairman, with the sporting director, to do it.
    SpaceX launch planned for Monday night

    SpaceX launch planned for Monday night

    The company has become known for its landings, having successfully landed 10 spent boosters since December 2015. The Inmarsat-5 F4 satellite was launched at 7.21 PM (2321 GMT) from Cape Canaveral, Florida.
  • ESPN Chief John Skipper Defends Recent Firings as a Response to Change

    ESPN Chief John Skipper Defends Recent Firings as a Response to Change

    The daily ESPN Radio program will initially be simulcast on ESPN2 before moving to its permanent simulcast home on ESPNU. That time slot opened up when ESPN promoted "His & Hers" co-hosts Michael Smith and Jemele Hill left to lead the 6 p.m.
    Instagram Copies Snapchat Once Again With Face Filters

    Instagram Copies Snapchat Once Again With Face Filters

    To use the new face filters on Instagram , swipe into the camera and look for a new face icon in the bottom right-hand corner. If you've ever used Snapchat before, you're more than likely familiar with its Lenses, which are essentially the same thing.

    G-7 nations seek ways to make growth help more people

    The group's agreements aren't legally binding; instead, they represent the leaders' political commitment to follow through. Greece's creditors, including the European Central Bank and the International Monetary Fund, will be in Bari .