OPEC Chief Sees Higher Compliance With Oil Production Cutting Deal

Crude oil prices were boosted substantially early Tuesday by OPEC comments that a stable price point for oil has yet to be reached. With oil prices trading roughly $20 above that, American oil production was booming. Some 45% saw Brent crude within a $50 to $59/barrel range while 33% were more optimistic seeing it between $60 and $69. "What we are seeing is the efforts they are making in achieving their targets". "The market's been looking for that, if not demanding that, at this point". For instance, Russian Federation reduced its January output by a commendable 100,000 bpd, but its production cut is massively below the 300,000 bpd that it agreed to cut.

According to IEA, Egypt was producing 690,000 barrels per day on average in 2016.

For 2017, the Russian energy ministry forecasts oil production at the level of 548-551 million tons, or 11.01-11.07 million bpd.

Algeria lost the top producer spot to Nigeria in December 2016. Robert Taylor, an analyst at Saxon Trade observes that "the market can't seem to build up enough momentum for a rally, investors are mostly bidding their time as they watch for convincing signs that oil deserves to climb higher". Traders remain concerned as to whether the US increase in drilling rigs would undermine OPEC's commitment to cut production, which is now standing at a 90 percent compliance rate.

James a surprise starter for Real Madrid vs Napoli
Maurizio Sarri and his Napoli team can take heart from the fact that Madrid do tend to struggle against Italian sides. Real would have the better scoring chances though made a mess of majority , and the halftime score stayed put at 1-1.

The NEB economist expects oil import volumes to remain relatively consistent over the next several years, unless oil producers in Western Canada send more of their crude eastward on rail cars. At the same time, America is neck-and-neck with China as the world's largest crude importer, buying 7.88 million bpd of crude past year.

The higher price floor has encouraged the view that we see an Elliott-Wave pattern known as a triangle, which is a mid-trend correction pattern.

Two other opposing forces now seen are gasoline margins and Brent prompt structure. WTI-Brent spread was stable on Feb-2017.

OPEC sources last week said extending or deepening the cut was a possibility if stocks do not fall.

Texas police officer saves restaurant from burning auto
Upon arrival, the officer discovered a Ford truck "engulfed in flames", according to a police video of the incident . Around 9:15 pm, and officer with the Glen Heights, SC pulled into the fast food restaurant at 1703 S.

Hedge funds are now holding a gross-long of more than 1 billion barrels.

OPEC felt that there was oversupply in the market, which prompted it to reduce production by 1.2 million barrels a day. This news supported US data which showed net long USA crude oil futures and options positions in the week to February 14 were at a record. Given the current outlook for rising demand the market will eventually balance and the price move higher.

Gas spending is also set to increase as countries such as Saudi Arabia and the UAE study higher-cost sour gas and shale gas plans to meet rapidly-growing domestic demand.

'Not My President's Day' protesters rally to oppose Trump
Thousands more took to the streets of Chicago , Philadelphia, Miami, Atlanta , Denver , Austin, Washington, D.C., and elsewhere. Since his inauguration last month, protesters have staged dozens of rallies and marches across the country.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Donald Trump not 'totally confident' about the security of US-Canada border
Canadian Prime Minister Justin Trudeau is to have his first meeting with US President Donald Trump in Washington on Monday. Despite that, ahead of the their meeting Trudeau said he expected "to find a lot of common ground" with Trump.

Missing 150-year-old wedding dress found after Facebook appeal
Tess was the last person to wear this antique lace gown when she married husband Alfred Newall , 30, in June 2016. She said she still planned to have the dress cleaned, but probably at a lace specialist in London .

UPS Tests Drone Delivery in 360-Degree Video
Rural delivery routes are the most expensive to serve due to the time and vehicle expenses required to complete each delivery. The company said a reduction of one mile per driver per day over a one-year period can save the company up to $50 million.

FA Cup Quarterfinal Draw: Manchester United to face Chelsea, Spurs get Millwall
Lincoln City's reward for their remarkable fifth round win against Burnley is a potential trip to Arsenal in the quarter finals. So many games have not gone to the favourites. "We pay attention in every game we have, we do not underestimate anybody".

UK's May says Lords must respect people's will on Brexit
As I have said so many times before, in Your Lordships House, and publicly we will not block, wreck or sabotage the legislation before us.

Magic Johnson Put at Helm of Lakers in Front Office Boss Move
With the National Basketball Association trade deadline looming on Thursday, the timing of the changes is a bit curious. Both Buss and Kupchak have been on thin ice recently with co-owner Jeanie Buss looking to shake things up.

Magic of the FA Cup still well and truly alive
Lincoln have already beaten Guiseley, Altrincham, Oldham, Ipswich Town and Brighton and Hove Albion in this season competition. Raggett connected with a corner at the back post to head the ball into the goal in front of the Imps fans.

Scenes as Lincoln City stun Burnley to reach FA Cup Quarter Finals
Sean Raggett scored the victor in the 89 minute, after corner to the back post, was headed across the front of the goal. Erm, guys, wait a minute, do we actually want to go up? They where well organised and that's Cup football.

Dustin Johnson wins Genesis Open; Ranks number one
That sort of company gets everybody's attention, even those who only recognize Johnson as Wayne Gretzky's future son-in-law. Day was among 48 players still on the course when darkness fell and was even through 16 after four birdies and four bogeys.

PewDiePie Dropped by Disney, YouTube Over Anti-Semitic Videos
According to a report , PewDiePie had posted nine videos that included anti-Semitic jokes or Nazi imagery. Though this was not my intention, I understand that these jokes were ultimately offensive.

Portal, Half-Life Writer Erik Wolpaw Has Left Valve
Wolpaw has already been announced as a story and dialog collaborator on Double Fine's forthcoming Psychonauts 2 . Wolpaw was instrumental in writing Valve's Portal and Portal 2 puzzlers.

Lana Del Rey releases new track, 'Love'
Meanwhile, Lana Del Rey previously told NME: "I do have early thoughts about what I'd like to do with [the album]". She's finally back though with Love which is supposedly the first single off her forthcoming record.

Hugh Jackman has an update on his condition post cancer treatment
James Mangold's Logan is an interesting example of the somewhat lowered expectations which we possess for superhero comic book movies.

Powerful storm prompts flood, surf, and wind warnings in SoCal
Some locations are expected to see up to 2 feet (0.6 meters) of snow, the Weather Channel said. Flash flooding is also a concern in urban areas.

Clemson associate AD Bert Henderson found dead
Henderson was reported missing late Monday afternoon, after Clemson officials noted the 60-year-old did not show up for work. Henderson's Clemson bio provides more details about what his specific roles were within the school's athletic department.


More News

News
More News