The agency trimmed its 2018 world demand growth projection by 40,000 barrel per day (bpd) to 1.4 million bpd, projecting total consumption at 99.2 MMbpd. Better-than-expected data from Asia, including India, and Latin America also prompted OPEC to revise its oil-demand growth in non-OECD nations estimates higher.
In a monthly report issued Monday (https://www.eia.gov/petroleum/drilling/#tabs-summary-2), the Energy Information Administration said crude-oil production from seven major USA shale plays is expected to see a climb of 144,000 barrels a day in June to 7.178 million barrels a day.
Logic should dictate that OPEC would produce more oil to rake in the money while prices are high.
The world is now watching the growing tensions in the Middle East, and oil market analysts are guesstimating just how much Iranian oil supply the renewed US sanctions could stifle. Looking at reactions in markets, crude oil prices were higher following the EIA report. Previous year during the summer, USA crude stocks dropped by 52 million barrels, but from a much higher base of above 500 million barrels.
OPEC thinks non-OPEC oil supply will grow at 1.72 million bpd year-on-year in 2018.
The recent decision by US President Donald Trump to withdraw from the Iran nuclear agreement has raised fears that renewed sanctions by Washington could severely hit production from the Middle East state, which now produces 3.8 million bpd and exported 2.6 million bpd last month - making it Opec's third-largest supplier. The glut that had weighed on prices for the past three years has finally been eliminated, thanks to strong demand and output cuts by other producers in OPEC, the International Energy Agency said on Wednesday.
Will OPEC and its non-OPEC partners continue to cut production with lower Iranian and Venezuelan volumes?
More than 1/3 of Portuguese have high blood pressure
If blood pressure rises to the level of a hypertensive crisis, the symptoms may include headaches and nose bleeds. It is advisable to focus on the lifestyle risk factors of hypertension that you can change.
Walmart Earnings Top As Online Sales Pop 33%; Comps Light
As per Friday, November 17, the company rating was maintained by BMO Capital Markets. (NYSE: WMT ) for 151,573 shs. Wal-Mart Stores, Inc. operates retail stores in various formats worldwide.The firm is valued at $249.54 billion.
Women's T20 Challenge to be played in Mumbai on May 22
The Board of Cricket Control in India today announced the squads for the two women's teams IPL Supernovas and IPL Trailblazers . There will be a host of Indian and global stars that will take the field for the Women's T20 Challenge match in Mumbai .
The U.S.' answer to high prices is to drill, baby, drill.
Crude oil futures nudged higher Wednesday amid a large decrease in United States oil stockpiles.
Greater GDP growth has the potential to increase oil consumption beyond forecasted levels, which could put upward pressure on crude oil prices, and simultaneously drive systemic market movements in equities, bonds, and other commodities, which are often correlated with movements in crude oil prices. Current conditions-with geopolitical unrest, unplanned supply outages, thin spare capacity, and rising demand-mirror the state of affairs in 2008 and 2011, when prices rallied into triple-digit territory.
Surging prices were capped after China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade dispute with the United States.
The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom's thinking said.
A huge boom in oil prices over the past year - with prices rising 75 percent since last July - will also likely have an effect on demand.