Oil markets slow to balance, OPEC economists say

The declines followed data from OPEC Tuesday which indicated that member states increased production last month, despite reaching an agreement to trim output.

The American Petroleum Institute (API) reported an increase of 2.75 million barrels in crude oil inventories, against analysts' expectation of 2.7 million barrels of drawdown for the week ended June 9. Iraqi supplies fell 11 percent last month from 1.14 million barrels per day in April, the highest this year. "I would think that at some point the market is going to be pricing in even greater risks that the Fed might be moving too quickly", said Mark Cabana, a rates strategist at Bank of America Merrill Lynch in NY.

The flow surge should show up in us imports data sometime in late July. New supplies from OPEC's competitors will be more than enough to meet growth in demand next year, the IEA said in a report Wednesday.

Brent crude futures were at $48.51 per barrel at 0649 GMT, up 22 cents, or 0.5 percent, from their last close.

The boost was prompted by the restoration of oil output in Libya and Nigeria, which are exempt from the OPEC agreement to cap production to stabilize prices.

Fesharaki, an expert in the energy market and an academic warned that the world may witness a drastic fall in price of a barrel of Oil to $30 if the OPEC failed to cut production.

Under the deal to support the market, OPEC is curbing output by about 1.2 million bbl/d and Russian Federation and other non-OPEC producers are cutting by half as much.

London mayor calls for cancellation of Trump visit to UK
He was a known associate of notorious hate preacher Anjem Choudary , and a follower of Choudary's banned al-Muhajiroun network. A former colleague told the Mail : "He went to Westminster, then Canada Water, then didn't pass his probation period.

The second-largest producer in the Organization of Petroleum Exporting Countries loaded 12 million barrels of crude for the U.S.in the first 13 days of this month, the tracking shows.

OPEC and 11 rival exporters including Russian Federation have agreed toextend an existing deal to limit supply by 1.8 million bpd toMarch 2018, in order to cut global inventory levels.

"Output from members bound by the production deal edged lower, which kept year-to-date compliance strong at 96 percent", the agency notes.

Though they remained lower on the day, US Treasury yields pared declines, with traders citing the hawkish tone of the statement.

The IEA has revised its forecast upwards for U.S. oil production this year, and said Brazil and Canada were also expected "to make further gains".

The IEA forecast that non-Opec output will rise this year by 660,000 bpd compared with last year's decline of 845,000 bpd, and then accelerate next year by 1.5 million bpd, led by the USA and with gains from Brazil and Canada offsetting declines in the United Kingdom, Kazakhstan, Ghana, Congo, Mexico and China. This upward adjustment was mainly due to the downward revision in non-OPEC supply as world oil demand remained unchanged.

Related News:

  • What To Watch For In Virginia's Gubernatorial Primaries

    Perriello is touting his progressive credentials and has the support of the Vermont senator as well as Massachusetts Sen. Northam is a more traditional candidate who stresses his pragmatic approach and ability to work with Republicans.
    DC, Maryland to sue President Trump for alleged breach of constitutional oath

    DC, Maryland to sue President Trump for alleged breach of constitutional oath

    The litigation is similar to a case filed this year by Citizens for Responsibility and Ethics, a Washington watchdog group. President Donald Trump waits to speak during the National Peace Officers Memorial Service on the West Lawn of the U.S.

    Apple unveils 'HomePod' speaker, first new product in years

    Google, meanwhile, previewed new speaker features such as hands-free phone calling during its software conference last month. Apple said the HomePod uses an algorithm that analyzes music nonstop and tunes low frequencies to avoid distortions.
  • The End is Nigh coming to PC next month

    The End is Nigh coming to PC next month

    All in all seems fairly interesting so if you're a fan of adventure platformers you may want to keep an eye on this one. The End Is Nigh comes with over 600 levels across over 12 chapters with collectibles galore.
    More unsettled weather for much of this week

    More unsettled weather for much of this week

    Tuesday , it will be sunny with a high near 81, the weather service said, and an east northeast wind of 8 to 10 miles per hour . Southeast winds will stay between 10 to 15 miles per hour , becoming south around 5 miles per hour after midnight.

    Clinton Says Trump's 'Covfefe' Tweet Was A Message To Russia

    And now that Clinton is casting blame upon her own national party for her loss, that's only going to exacerbate things. Give Clinton (or one of her lackeys) credit for this comeback, a play on Trump's mysterious new pet word.
  • Monster 12m wave crashes into cars after breaching defences in Cape Town

    Monster 12m wave crashes into cars after breaching defences in Cape Town

    Four people have died , at least 150 properties have been destroyed and up to 10,000 people have been evacuated. One woman took to Twitter to say an elderly woman was stranded on a hilltop after fleeing her burning home.
    Apple Adds iMac Pro as Other Macs Get Performance Upgrades

    Apple Adds iMac Pro as Other Macs Get Performance Upgrades

    The rest of the Mac line will also be getting the Kaby Lake processor up to1.3 GHz Core i7 with Turbo Boost up to 3.6 GHz. Alongside the Mac hardware upgrades, Apple also is discussing software updates to both at its conference this week.
    White House says Trump won't block Comey testimony

    White House says Trump won't block Comey testimony

    Trump told NBC News he believed Comey to be a "showboat" and "grandstander". Comey is scheduled to testify on Capitol Hill Thursday.
  • Even North Korea Is Criticizing Trump Pulling Out Of The Paris Accord

    Even North Korea Is Criticizing Trump Pulling Out Of The Paris Accord

    A Cambodian official has said US President Donald Trump's decision to leave the Paris Climate Agreement is "unethical" and "irresponsible".
    Nordstrom stock soars on news that department store could go private

    Nordstrom stock soars on news that department store could go private

    Insiders own 7.03% of the company's stock. (NYSE: JWN ) were released by: Nasdaq.com and their article: " Nordstrom Inc ". On September 30 analysts at Guggenheim Securities started covering JWN by announcing an initial rating of "Buy".

    New smart speaker expected as Apple kicks off conference

    The HomePod is Apple's first new gadget in almost three years, following its announcement of the Apple Watch in September 2014. Google recently launched its own Echo imitation, the Google Home, powered by the still-nameless Google Assistant.


Most liked

Shady developers are turning Apple's app subscriptions into giant scams
But at number 10 he spotted an app: "Mobile protection:Clean & Security VPN", spelled exactly as shown here. The "malware scanning" app Lin spotted that aggressively pushes users to a $99.99 weekly subscription.

'Amazing' Nadal better than ever, says Wawrinka
He broke Wawrinka multiple times and made short work of him, dropping only a single game over the course of the set . It will always be in my heart. "For sure he's playing the best he's ever played , not only here", Wawrinka said.

Police identify mother, 2 daughters found dead at northeast OH home
Taylor was the mother of the Pifer girls, both of whom had been estranged from their biological father for at least a year. Officers said they were attempting to contain him and persuade him to give himself up peacefully.

Winning Powerball ticket sold in California
The reason the jackpot has grown so large is that no one has matched all the numbers since April 1. Alberre said the store does not yet have any plans for what they will do with the $1 million bonus.

Russian opposition leader Alexei Navalny 'arrested on way to protest'
On everyone's lips is the huge protest on Monday to demand an inquiry into corruption at the highest echelons of power. Navalny was arrested Monday afternoon outside his home in Moscow as he headed for an unsanctioned protest rally.

Captain Kane rescues England against Scotland
Scotland's deep-lying 5-4-1 system starved England's creative players of space, but gradually cracks began to appear. Before the game we would have taken the point but it was just the way it happened, but that's football for you.

SDF Lower Islamic State Flag in Recaptured Town West of Raqqa
Many have described harrowing journeys as they fled Raqa city, with IS fighters targeting them as they tried to escape. Al-Meshleb was the first neighbourhood in Raqa city entered by SDF fighters .

Ruth Davidson warns Theresa May to change course on Brexit
Ms Davidson has been lauded after helping boost the number of Tory seats to 13 north of the border up from one. Northern Ireland is the only part of the British Isles where same-sex marriage is still illegal.

Unseeded Ostapenko faces Halep in French Open final
It quickly improved, however, and she mostly cruised through to the quarterfinals before her comeback against Svitolina. Bacsinszky, who recorded five aces in the loss, broke through in the seventh game en route to claiming the second set.

Trump hails sacrifices of fallen troops
After the address, Trump visited a section of the cemetery for USA service members killed in the Iraq and Afghanistan wars. Trump's remarks at the Memorial Day ceremony was his first public appearance since returning from a nine-day foreign trip.

Mother fears woman accused of leak will be made an example
Authorities are looking at two laptops, a tablet and four cellphones seized from Winner's home as well as spiral-bound notebooks. Trump's presidency. "This is a 25-year-old girl who served her country with admiration and distinction", Davis said.

Team NZ take nosedive amid tough America's Cup conditions
He said the team planned to fix that wing sail and use it in two scheduled races against the Kiwis on Tuesday. This was the most serious of Ainslie's troubles this spring. "We knew something fundamental was wrong".

Apple Announces watchOS 4 for Apple Watch with Siri Smart Watchface, More
Kevin Lynch, chief of Apple's software efforts, highlighted a new watch face that was "powered by Siri intelligence". Apple also introduced new summer band colours, giving customers more options to choose from.

Emotions run high at One Love Manchester benefit concert
Robbie Williams led the thousands inside the venue in a chorus of: " Manchester , we're strong, we're strong, we're strong". After all, the performance was being live-streamed across the world so will.i.am could have been addressing London.

Apple unveils watchOS 4, launching this fall
The Apple Watch's signature Activity ring feature will help you stick to your daily fitness regimen with greater rigor. You can rotate the Digital Crown to scroll vertically through the various notifications and apps on the face.