techkenyot.com
techkenyot.com April 18, 2019


Oil Rises After Saudi Arabia's Output Pledge

13 February 2019, 07:06 | Hattie Nash

Oil Rises After Saudi Arabia's Output Pledge

Global oil supply falls in Jan. '19 OPEC

The global oil market remains well supplied, the International Energy Agency said in its monthly market report on Wednesday, and output should still outstrip demand this year.

In a monthly report, OPEC said its oil output fell nearly 800,000 barrels per day in January to 30.81 million bpd.

The IEA said that compliance with the so-called Vienna Agreement was 86 percent by OPEC states, with Saudi Arabia, UAE and Kuwait cutting by more than promised. American supply growth this year will exceed Venezuela's total output, the IEA said, another signal that OPEC's efforts to buoy prices may ultimately prove self-defeating.

Kazakhstan increased production, while Azerbaijan only cut 15 percent of what it had promised.

Jennifer Lopez tries to get past Motown-tribute controversy
So, fortunately for Lopez, no matter what people say, she'll always have her no. 1 fan at her side. Turns out that Lopez had both critics and supporters afterward and Robinson tweeted her a thanks.

The production cuts from OPEC and its non-OPEC allies, the Saudi overcompliance with the cuts and the pledge to cut even deeper next month, the unplanned outage in Libya's Sharara oil field, and the reduction in Alberta's production are tightening global oil supply, according to the EIA.

OPEC forecast global oil demand would grow by 1.24 million bpd, down 50,000 bpd from last month and weaker than 1.47 million in 2018.

Those fears dissipated after Washington eventually granted waivers allowing several countries to continue to import Iranian oil.

US sanctions on Iran and Venezuela, together with OPEC's output cuts, have therefore removed mostly medium and heavy oils from the market, leaving lighter grades relatively unaffected.

Injured Mako Vunipola to miss rest of 6 Nations
England bashed at the defense and Farrell passed out left to May, who stepped opposite Damian Penaud and was over. We let France in during the second half but that only shows what a world-class side they are.

Hopes of a US-China trade deal have lent extra oxygen to crude oil prices in past sessions and this should remain a key driver in the very near term.

In the report, OPEC cut its forecast for 2019 world economic growth by 0.2 percentage point to 3.3 percent and highlighted a range of headwinds, including a slowdown in global trade.

The country's very dense crudes, some of which barely float on water, are complicated to process and sell for a large discount compared to other producers. "Saudi Arabia, are intending to push more barrels into the market to offset shortfalls" of heavier grades of crude, the IEA warned.

Refineries are built to handle a certain quality of crude, and those which process so-called heavy crude from Venezuela, Canada or the Middle East can not be easily converted to treat the light shale oil that is now being produced in greater quantities in the United States.

Australia will reopen its Christmas Island detention centre
Even still, Mr Shorten believes the "incompetent and divided" Morrison government should call an election as soon as possible. Refugee advocates applaud the law that they regard as a more humanitarian approach toward asylum seekers.

The "call" on OPEC crude is now forecast at 30.7 million bpd in 2019, down from the IEA's last estimate of 31.6 million bpd in January.



Other News

Trending Now

Bebe Rexha scolds audience at 2019 Grammy event
Among other awards, Bebe Rexha and H.E.R. are nominated for Best New Artist at the 61st Grammy Ceremony. Her Monsoori designer wear had a tulle skirt and halter-styled top.

Jamaican Lottery Winner Wears 'Scream' Mask While Claiming $1.2M Prize
Campbell was exposed - donned in a full coat, long trousers and gloves in an effort to completely hide his identity. The man won the lottery almost two months ago, but said he was sick and didn't collect the jackpot until now.

Manchester United won't be hurt by Paris Saint-Germain setback - Herrera
However, the tempo of their play dropped significantly following the restart and they were deservedly punished. United did hold their own in the first half of a frenetic match but PSG dealt with what they had to offer.

Rare black leopard spotted in Kenya -- a first in Africa since 1909
The wild African black leopard has been the stuff of legend and campfire story for decades. Typically in Africa and Asia that would mean a melanistic leopard - a black leopard.

Anthony Edwards Commits To Georgia
The star wing told Biancardi he plans to recruit uncommitted ESPN 100 prospects Precious Achiuwa and Lester Quinones to Georgia. He says his decision was influenced by "everybody showing love" on his unofficial visit at a Georgia game.

Top Pentagon Official Visits Afghanistan Amid Push for Peace
Upon arrival in Afghanistan, Shanahan said coordination with the Kabul government to end more than 17 years of militancy is vital. Pat Shanahan was in Afghanistan's capital on Monday, meeting with Afghan leaders and American military commanders and diplomats.

Toro Rosso to benefit from "fewer variables" on 2019 vehicle
Red Bull's junior team are this year taking advantage of new rules allowing teams to buy parts from rivals. If the team can do that, then developments will be better planned and it can move forward.

McConnell Trolls Democrats By Pledging A Vote On The Green New Deal
Alexandria Ocasio-Cortez's (D-NY) Green New Deal is so farfetched that Senate Majority Leader Mitch McConnell is allowing a vote on it.

Newborn with umbilical cord still attached found in middle of California roadway
Madera County Sheriff's Office are now working to track down a woman who is thought to have dropped the baby off at the spot. Ironically, there was a staffed fire station within a mile or two, and Valley Children's Hospital is very nearby.

Reserve your Galaxy S10 now and receive it by March 8
When compared to the OnePlus 6T, the Galaxy S10 and S10 + will seemingly come with a bigger in-display fingerprint sensor area. Across the board, all three models will be powered by an Exynos 9820 processor and it comes with at least 6GB of RAM.