Despite a record drawdown from USA oil inventories and the fact that Saudi exports to the United States are at a 30-year low, the International Energy Agency (IEA) is backtracking its prediction of a global oil market rebalancing because of an increase in OPEC oil production. Prices slumped upon opening but quickly recovered.
According to Gary Ross, global head of oil at PIRA, while the United States will rank in the top ten oil exporters, it is unlikely it will either join OPEC or cut production in an effort to keep prices up, because it simply has no interest in doing so: it strengthens Donald Trump's political agenda of "energy dominance". Its current output is around 1.7 million barrels a day, excluding condensates, Kachikwu said.
OPEC members Libya and Nigeria were exempted from the cuts due to years of unrest that have sapped their output. Saudi Arabia has increased its flows, the IEA said, as well as Libya and Nigeria who are not part of the production freeze.
"OPEC compliance slumped to 78%, the lowest rate this year, and was overtaken by the non-OPEC group whose rate improved to 82%", the IEA said.
Kachikwu expressed the hope that oil prices may stabilise later this month or in August and that conversations with other OPEC members would determine to what extent Nigeria would have to support in stabilising crude prices globally. "Output stood 1.2 mb/d above a year ago with non-OPEC firmly back in growth mode".
Only a handful of OPEC countries are in full compliance with the cartel's agreement to limit crude production, according to the International Energy Agency.
What to watch for in the June jobs report In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $22.03. United States employment rose by more than expected last month, but wage growth remained subdued, latest figures show.
Global inventories also remain persistently high after a modest drop among industrialized nations in May. Stocks were 266 million barrels above the five-year average in May, down from 300 million barrels in April.
"We need to wait a little longer to confirm if the process of rebalancing has actually started in the second quarter", said the IEA, which advises most of the world's major economies on energy policy.
After "lackluster" oil demand growth in the first quarter, "there was a dramatic acceleration" in the second quarter, "due to a combination of expected increases in India, and some surprise additions in the U.S. and Germany", it said. The Paris-based adviser to governments and companies raised its 2017 demand forecast by 100,000 barrels a day, compared with a previous estimate last month.
"Such is the resilience of the USA shale sector that we should be careful to pronounce that its expansion will slow, however it could be that the recent exuberance is being reined in", the IEA's report read.
Trump said the United States and the world must "demonstrate that there are consequences for their very, very bad behavior ". Trump also touched on immigration during his speech, which has also been a flashpoint in Polish politics.
She has reached the third round of Wimbledon twice before, losing to Serena Williams in a three-set thriller in 2015. I had to expect that she would raise her level after the first set and I just had to remain calm and adjust my game.
Juan Martin del Potro needed seven match points, but he also advanced, beating Thanasi Kokkinakis 6-3, 3-6, 7-5 (2), 6-4. Otherwise, I feel they should give up the spot. "I just can't wait to get out there".
Liberum Capital reissued their buy rating on shares of Joules Group PLC (LON: JOUL ) in a research note released on Thursday. Out of 2 Wall Street analysts rating CyberOptics, 2 give it "Buy", 0 "Sell" rating, while 0 recommend "Hold".
Bradley is entering the final season of a four-year contract, so it's not clear if he can be a long-term solution for Detroit. The Celtics are weaker on the perimeter, though Marcus Smart can handle some of Bradley's defensive responsibilities.
The fatal shooting happened in the block of 4100 Willow Bend Drive within the Peachtree Crossings mobile home community. They told who see him not to approach him and call 9-1-1 immediately, as he's considered armed and unsafe .
The company had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.56 billion. But shares have plunged nearly 15 per cent this week, translating to lost market value of $8.7 billion.
The " Ocean Life " codename gives good indication that this is indeed what HTC has in mind since the U11 is codenamed "Ocean". Notably, the tipster has further revealed that just like the HTC U11, the Ocean Life will also have the Edge Sense technology.
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Follow our coverage of tonight's Home Run Derby
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German, US doctors visit ill Chinese Nobel victor
Chinese doctors said Friday that they have stopped using cancer-fighting drugs so as not to overwhelm his severely weakened liver. China's Foreign Ministry did not immediately respond to a request for comment on whether Mr Liu would be allowed to leave.
That Trump tweet on the DNC hack has 3 errors
The intelligence community has said Moscow was behind the hacks into Democratic organizations. "Nobody really knows", Trump said. Trump used his most direct rhetoric yet toward Moscow, urging the Kremlin to "cease its destabilizing activities".
Opioid Prescriptions Have Tripled Since 1999
But the sheer volume of opioids prescribed that year was still three times higher than in 1999, according to new government data. But CDC Acting Director Anne Schuchat said that only explains a small fraction of the variation the CDC found across counties.
Senate bill is evil
Disability rights groups have continued protesting the legislation, taking over several Republican senators' offices. Senate's health care bill on North Carolinians, there may be no better description of the resulting media coverage.
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