OPEC chief expects 2018 oil market balance

Saudi Arabia Won't Substantially Raise Output if Agreement Isn't Extended

Prices were also supported by US Energy Information Administration data on Thursday that showed domestic oil production dipped to 10.27 million barrels per day from 10.271 million bpd the week before.

USA inventories probably rose by 2 MMbbl last week, following a surprise drop in the previous week, according to a Bloomberg survey before Energy Information Administration data due Wednesday.

Crude oil prices slipped lower on Tuesday.

By 1:12 p.m. Eastern time (1812 GMT), Brent was down 67 cents to $66.83 a barrel, while U.S. West Texas Intermediate crude CLc1 fell 72 cents to $63.18.

After posting the best January in more than a decade, worry over record USA output and broader market turmoil has dragged crude down this month. Equities markets weakened on Wednesday, while the USA dollar.DXY hit a one-month high.

He said, "The annual production of crude oil in months from January to March will be below the output caps exporting less than 7 million barrels per day".

Soaring U.S. production, which has risen by a fifth since mid-2016, has kept a lid on oil prices this year, even as OPEC has maintained its supply cuts.

Scotland backrow Ryan Wilson cited for alleged gouging
Do YOU want to write for GiveMeSport? Playmaker Finn Russell came into the game with a lot of critics. England coach Eddie Jones , along with players from both sides, denied any knowledge of the incident.

Cuts by OPEC and its allies may be phased out in 2019 in a way that won't disturb the market, Saudi oil minister Khalid Al-Falih said. Oil prices, which fell below $30 a barrel in 2016, have since more than doubled to nearly $70 a barrel.

The prestigious award, which is presented annually by the UK's Energy Institute and Gulf Intelligence, is also in recognition of the leadership displayed by Al Falih in guiding some 20 producing countries from around the world to find common goal in cooperation to reach over 100% compliance with cuts and extend the oil supply pact for a second year through to the end of 2018.

"The standoff "shale versus sheikh" continues to frame the oil market, with the former again gaining the upper hand", said Norbert Ruecker, head of macro and commodity research at Julius Baer.

The entire energy complex was led lower by gasoline futures after a surprise build in US gasoline stocks, which rose by 2.5 million barrels, compared with expectations for a 190,000-barrel drawdown.

That doesn't mean US crude exports will necessarily fall back to the old levels before previous year, below 1 mb/d, for example.

"We need to add 15 million barrels daily by 2040 to meet demand", he added, putting the needed investment at $10.5 trillion.

The gap between WTI and Brent crude oils has narrowed for several reasons. "We see more downside for oil".

Related News:

Most liked

Iran lauds Russian veto of UN Yemen resolution as "defeat for US"
This doesn't recognise that the Iranian Regime is already dangerously destabilising Yemen through its support of the Houthis. All four of the Western powers were party to the 2015 Iran nuclear deal along with Russian Federation and China.

Kim and Kanye and their new kind of Family Feud
The doctor tells Khloe that she saved her pregnancy! "I just hate that everyone is so nosey and prying", she revealed. Though many new moms choose to eat their placenta, there could be unsafe consequences for their newborns.

Best Tamil Films of Sridevi
Anju is a frightened, meek soul, traumatised by her family while Manju is a tipple-loving tomboy, ready to take on the world. Her career is so incredibly vast that only a few people can boast of knowing and understanding the full gamut of it.

Kylie Jenner Shares a New Glimpse of Baby Stormi on Snapchat
The pair looked content as they were pictured during the outing and inside the supercar, where Kylie rode in the passenger seat. The couple touched base in Kylie's ultra luxury dark LaFerrari Ferrari, an auto evaluated to be worth over $1 million.

Woman's Body Parts Found Across Japan, American Arrested
Local media reported that video footage from a surveillance camera showed her entering the condominium with the man. The man was arrested for allegedly "confining" the woman in an apartment in Osaka, the Japan Times reported.

Buses shuttle thousands to remember Rev. Billy Graham
Pallbearers, followed by family, carried the coffin into the Billy Graham Library, which will serve as a backdrop for the funeral. Watching that film in the theatre and the sermon that was given in the film by Billy Graham, changed Fletcher's life forever.

What's That Song From the Opening Scene of TWD's Midseason Premiere?
Andrew Lincoln could not have made a better farewell message to his The Walking Dead costar Chandler Riggs than through a song. He's apparently pivotal to to everything that happens after Rick's all-out war against the villainous Negan.

Papua New Guinea hit by 7.5 natural disaster
The Geological Survey website had dozens of reports of people feeling the quake, including some saying the shaking was violent. It said homes in the region were "a mix of vulnerable and natural disaster resistant construction".

Bruins Acquisition Of Rick Nash Should Improve Their Stanley Cup Odds
It's still unknown if Spooner was a piece the Rangers really wanted, or if it was more of Don Sweeney forcing Jeff Gorton's hand. In addition to having a stand out 16-17 regular season Holden added two goals and two assists in 11 postseason games for NY .

Teacher Walkout will see Mineral County Schools Closed Thursday and Friday
They also approved a 2 percent raise for school service personnel and state troopers next year and a 1 percent bump the next year. The legislature has been working on a solution, but teachers say the current proposals just kick the can down the road.

Kerala tribal youth's lynching
The Congress-led UDF and BJP observed protest shutdown in Mannarkad constituency and taluk respectively on Saturday. The state government made a decision to provide a financial assistance of Rs 10 lakh to the bereaved family.

Guardiola charged for wearing 'political' ribbon
This of course could come as early as Sunday evening, as his team face Arsenal in the Carabao Cup final at Wembley. So, until they are not out, always here [points to ribbon] will be shared with me.

Pakistan to Be Added to Terror Financing List
An earlier discussion on the motion, held on Tuesday, saw opposition from China, Turkey and Saudi Arabia, causing the motion to fail.

Vikings receive two compensatory picks in 2018 NFL Draft
Compensatory picks were previously not allowed to be traded, until a rule change allowed dealing such picks starting in 2017. Dallas' and Green Bay's four selections each are equal to the 69th overall pick, which is in the third round.

Chelsea Loanee Michy Batshuayi Taunts Racist Atalanta Fans
Atalanta president Antonio claimed he didn't hear the chants, but offered his apologies to Batshuayi "if they did happen". The on-loan Chelsea striker, Michy took to Twitter to express his displeasure.