It's no surprise that the U.S.is at the forefront of global production and consistently proving wrong the hordes of critics who until very recently were convinced that outages in Libya and plummeting production in Venezuela would cause a calamitous crude tightening.
Saudi Arabia is now expecting crude oil exports to dip by 100,000 bpd in August, according to a Reuters report, after yesterday reports that OPEC had increase production to more closely reflect the production cut agreement forged at the end of November 2016. Saudi Arabia also said that OPEC+ would no longer focus on country-specific output limits but instead would heed a collective target, a switch that would free Saudi Arabia to ramp up production. ANZ analysts said in a note: "Investors did find some solace in comments from Saudi Arabia that it would not oversupply the market indiscriminately".
Oil is mostly traded in USA dollars all over the world and a stronger US dollar pressures the oil demand.
The sanctions would start with a universal ban on Iran over buying or acquiring U.S. dollars which will come into force in August.
Meanwhile, yet another example of one country's ability to compensate for interruption of crude production in another came on Friday in the form of news that Italy's imports of usa crude shot up to a record in June, after attacks by militants closed two major oil ports in Libya and cut off most deliveries from that country.
United States drillers this week cut oil rigs by the most since March, with the rate of growth slowing over the past month with recent declines in crude prices. However, Treasury Secretary Steven Mnuchin said on Jul.12 the United States intends to impose sanctions on all customers of Iranian oil, including China, the European Union, and Russian Federation.
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The odds to match all six numbers: 1 in 302,575,350, which is tougher than hitting the Powerball, where odds are 1 in 292,201,338. While no one won the big prize, the lottery announced two tickets - in IL and Pennsylvania - won $1 million each.
Alisson will make his Liverpool debut on August 4 in Napoli friendly
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The judge also termed the killing as gender-based violence, adding that she was manipulative and controlling over the boyfriend. Justice Lesiit said that "young people should know it is not cool to kill your boyfriend, it is better to walk away".
Libya's security remains tenuous, with oil exports from its western Zawiya port now on force majeure after a recent kidnapping at the Sharara field.
The kingdom told fellow producers on Wednesday that output in July will be in line with June's level of just below 10.5 million barrels a day, people familiar with the matter said.
At the same time, in order to deal with the sanction from US, Iran says they will allow the private business to export crude oil.
Meanwhile, according to a report from Baker Hughes, the number of US oil rigs fell by 5 this week to 858.
Intercontinental Exchange Inc.is going to launch an oil futures contract with physical delivery in Houston as soon as this quarter. USA dollar index reached its highest point at 95.65 on Thursday. As such, Houston reflects the dynamics of the crude trade much better than Cushing at this point. The build was due to 11.5 million barrels of higher imports and about 4 million barrels of lower exports for the week ending July 13 compared with the previous weekly report levels. We suppose bunker prices will change irregular and will be rather volatile next week.