oil prices flat after weeks of steep declines
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil prices flat after weeks of steep declines

Arab Today, arab today

Arab Today, arab today Oil prices flat after weeks of steep declines

OPEC supplies actually jumped in May
New York - Arab Today

Oil prices were flat on Monday after diving 13 percent since late May as rising production in the US, Libya and Nigeria have foiled the Organization of the Petroleum Exporting Countries’ (OPEC) efforts to support the market by cutting production.
Brent futures for August were down 4 cents, or 0.1 percent, at $47.33 a barrel by 11:39 a.m. EDT (1539 GMT), while US crude for July was down 9 cents, or 0.2 percent, at $44.65 per barrel the day before the July contract expires.
The premium of the Brent front-month over the same month for West Texas Intermediate (WTI) is now at its highest since late May, when producers led by OPEC extended by nine months its pledge to cut output by 1.8 million barrels per day (bpd).
“Lack of major upside price response to OPEC output cuts upping the odds of reduced compliance to the agreement in our opinion,” Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.
OPEC supplies actually jumped in May as output recovered in Libya and also Nigeria, two countries exempt from the production cut agreement.
Analysts also said a steady rise in US crude production has also fed the global crude glut. Data on Friday showed a record 22nd consecutive week of increases in the number of US oil rigs, bringing the count to 747, the most since April 2015.
“There is no reason to be overly optimistic at the moment,” said Commerzbank analyst Carsten Fritsch.
Libya’s oil production has risen more than 50,000 bpd to 885,000 bpd after the state oil company settled a dispute with Germany’s Wintershall, a Libyan oil source told Reuters.
Investment bank Goldman Sachs said if the US rig count holds, fourth-quarter domestic oil production would rise 770,000 bpd from the same period last year in the Permian, Eagle Ford, Bakken and Niobrara shale oil fields.
There are also indicators that demand growth is stalling in Asia, the world’s biggest oil-consuming region, even though China increased the 2017 oil import quotas for its refineries.
Japan’s customs-cleared crude imports fell 13.5 percent in May from a year earlier. India took in 4.2 percent less crude in May than the year before.
Saudi Arabia’s crude exports in April fell to 7 million bpd, official data showed. Saudi Energy Minister Khalid Al-Falih said the oil market needed time to rebalance.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices flat after weeks of steep declines oil prices flat after weeks of steep declines

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices flat after weeks of steep declines oil prices flat after weeks of steep declines

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection

GMT 21:20 2017 Monday ,06 February

UN resumes food air drops in Deir Ezzor

GMT 22:24 2017 Friday ,15 December

HRH Premier thanked by Cambodian counterpart

GMT 02:11 2017 Monday ,23 October

Oct24/Nov22

GMT 21:31 2017 Monday ,11 December

HM King congratulates Burkinabe President

GMT 20:22 2017 Monday ,23 October

EU deplores attack against police
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday