Saudi economy to buoy on rising oil production, says BMI

23 July, 2018, 08:19 | Author: Regina Silva
  • Gold Hourly

U.S. West Texas Intermediate (WTI) was up 14 cents at $69.60 a barrel, after reaching a high of $70.03 earlier.

Presumably, these factors will continue to influence traders in the days and weeks to come, as US president Donald Trump maneuvers to impose tariffs on all $500 billion of imported goods from China.

USA 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.

The Saudis and their allies - which include several neighbors from the Gulf Cooperation Council and also non-OPEC producer Russian Federation - promised at the Organization of Petroleum Exporting Countries' last meeting in late June to increase output by about 1 million barrels a day to offset disruptions in Venezuela and Libya, plus the looming losses in Iran. USA gold futures were down 0.5% at $1,218.30 an ounce.

However, both benchmarks are on track for their third weekly loss, after big declines on Monday, with Brent set to drop 3.6 percent and WTI to fall by 2 percent.

Trump is reimposing sanctions on Iran, which ships most of its oil through the Strait, in an effort to squelch the country's oil sales.

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.

But prices found some support after OPEC's largest oil producer said it would temper its exports next month.

Tiger Woods rues a missed opportunity in The Open at Carnoustie
Leaders are on the range at the British Open, where they will be greeted by warm breezes in the final round at Carnoustie. Jordan Spieth was wounded physically but not mentally after failing to defend his Open Championship title at Carnoustie.


Gunman holes up in LA supermarket after firing at police
One worker trapped in the store told CBS2 that the gunman threatened to kill them if he could not talk to his grandmother. Employees helped several people escape the store through windows with a rope ladder and through the rear of the building.


Tiger Woods' final round at British Open | The Open Championship
His eight-under total was good enough for a two-shot win over Rory McIlroy, Justin Rose , Kevin Kisner and Xander Schauffele . This will be Tiger's best finish since a T6 at the 2013 Open, and if he can stay healthy, Woods is going to keep contending.


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.

As per Goldman Sachs, unpredictable policy from the USA government is increasing volatility in the oil and fuel markets.

The Independent further in its report said a more significant supply gap would not emerge until sanctions against Iran enter full force in November. More recently, however, officials such as Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin have suggested a more flexible approach could be taken.

The problem is being compounded by weak appetite for crude in Asia, where concerns are building about the strength of demand, the daily quoted experts at consultant Energy Aspects Ltd as saying.

Meanwhile, according to a report from Baker Hughes, the number of USA oil rigs fell by 5 this week to 858.

"You're having supply come back on to the markets, so it's not surprising to see a little bit of weakness", Zahir said. "If it replaces the lost volumes from Iran and Venezuela, overall supplies will eventually be balanced".

Saudi Arabia's real GDP growth will accelerate substantially in 2018 and beyond, due to rising oil production and prices and recovering business confidence, according to a new report from BMI Research.

Information for this article was contributed by Julian Lee and Wael Mahdi of Bloomberg News.

Recommended:

  • Mario Kart 8 Deluxe gets Zelda

    Mario Kart 8 Deluxe gets Zelda

    This is " Mario Kart 8 Deluxe's " second significant bit of downloadable content recently. Check out Breath of the Wild Link in action in Mario Kart 8 Deluxe in the trailer above.
    Tiger opens at 16-1 to win PGA Championship

    Tiger opens at 16-1 to win PGA Championship

    It is also the first time he has led at any point of a major since 2012, when he shared the 36-hole lead at the PGA Championship. Molinari clinched it with a driver that skirted the edge of a pot bunker, leaving him a lob wedge from 112 yards to 5 feet.
    Tekashi 6ix 9ine Hospitalized After Being Kidnapped, Pistol Whipped & Robbed

    Tekashi 6ix 9ine Hospitalized After Being Kidnapped, Pistol Whipped & Robbed

    According to TMZ , the 22-year-old was filming a music video in Brooklyn , New York, and left the set around 4am on Sunday. According to the sources' account, the first thing Tekashi remembers is waking up in the back seat of the vehicle .
  • Anthony set for free agency after three-team National Basketball Association  deal

    Anthony set for free agency after three-team National Basketball Association deal

    It took time for Anthony to adapt, and he never completely got comfortable playing as a catch-and-shoot stretch-4. In comparison, he averaged 22.4 points on 43% shooting in 34.3 minutes a game prior to his lone Thunder season.
    Ritz cracker products recalled amid fears of salmonella

    Ritz cracker products recalled amid fears of salmonella

    Consumers who have these products should not eat them, and should discard any products they may have. This recall is being conducted with the knowledge of the U.S.
    Jurgen Klopp defends Liverpool’s £65m fee for Alisson

    Jurgen Klopp defends Liverpool’s £65m fee for Alisson

    The £66.8m signing of goalkeeper Alisson from Roma took Liverpool's spending over the last 12 months to nearly £250m. He confirmed that he's watched the Premier League and hopes to "get up to speed" through preseason friendlies.
  • Federal judge tosses out climate change lawsuit

    Federal judge tosses out climate change lawsuit

    Hagens Berman, for example, is also handling a climate lawsuit against oil companies brought by King County, Washington. Following the judge's dismissal of the case, New York City officials have vowed to appeal.
    Ruth Kamande: Lang’ata prison beauty queen sentenced to death

    Ruth Kamande: Lang’ata prison beauty queen sentenced to death

    Apparently, the 24 year old Ms Kamande was found guilty of killing her boyfriend Farid Mohammed in 2015. A 24-year-old Kenyan woman has been sentenced to death by hanging for killing her boyfriend.
    In Statistics: Maharaj Spins a Web to Keep Proteas Hopes Alive

    In Statistics: Maharaj Spins a Web to Keep Proteas Hopes Alive

    South Africa spinner Tabraiz Shamsi has left the tour of Sri Lanka for unspecified family reasons, officials said on Monday. There is also a possibility of Shaun von Berg to get a debut who will be the third spinner and can bat a bit as well.
  • The trade turbulence between U.S.  and China

    The trade turbulence between U.S. and China

    The Wall Street Journal's Grep Ip explains why Trump's anti-Fed outburst is in no one's interest, least of all his own. Federal Reserve is raising interest rates while Beijing eases access to credit to support cooling economic growth.
    Olivia Munn slams Duchess Meghan's 'crazy' half-sister

    Olivia Munn slams Duchess Meghan's 'crazy' half-sister

    Becoming a royal consists of a lot of rules that ban things such as social media accounts, dark nail polish and selfie pictures. While promoting Predator with co-stars Sterling K.
    West Nile virus detected at Bateman Island

    West Nile virus detected at Bateman Island

    Empty containers and change water weekly in containers that can not be removed, such as bird baths, pet dishes and wading pools. Eliminate all sources of standing water on your property, including flower pots, old auto tires, rain gutters and pet bowls.


Popular

Trader Joe's, Hollywood: LAPD Report Possible Hostage Situation
The driver later crashed the vehicle in the Silverlake area of the city before getting out and running into a trader Joe's store. About three hours later, Atkins agreed to handcuff himself and walked out the front door, surrounded by four of the hostages.

Olympics: Tokyo 2020 needs foreign help: IOC's Coates
For example, in biathlon the number of participants will be reduced from 230 people (115 men and 115 women) to 210 (105 and 105). The competition schedule for swimming remains to be fixed.

Mega Millions jackpot now close to $500 million
Players hit the jackpot in Mega Millions by matching the five white ball numbers (1-70) and the golden Mega Ball number (1-25). The cash option for Tuesday night's drawing will be $296 million, according to Mega Millions officials.

Only 33% of Americans approved of Trump's Helsinki summit with Putin
She wrote: "In Helsinki, President Trump agreed to ongoing working level dialogue between the two security council staffs". Most of the respondents with an opinion felt strongly about Trump's handling of the meeting.

Now search for 'Idiot' on Google images and encounter photos of Trump
As technology's impact in modern life spreads, European regulators have set the pace in shaping rules for the industry. Both Amazon and Samsung, maker of the popular Galaxy line of phones, declined to comment on the ruling.

Kings sign point guard Yogi Ferrell to 2-year deal
He may have to compete with the Mavs' latest draft pick, second round selection Jalen Brunson , a point guard from Villanova. Ferrell spent the previous two seasons with Dallas, averaging 10.2 points and 2.9 assists in 128 career games.

England to face New Zealand in final
South Africa started with two playmakers in Justin Geduld and Selvyn Davids , and it was this ploy that led to Ireland's undoing. From a midfield scrum, Lucy Mulhall made a great run and pass, which found Higgins who went over for a 10-5 lead at half time.

Top intelligence official says he meant no disrespect to Trump
In turn, national security experts said, Putin played Trump like a fiddle. "OK, that's going to be special". "The evidence is overwhelming and the President needs to say that and act like it".

Tiger Woods in contention heading into final day of The Open
The yellow grass of a dry summer in Scotland comes to life Sunday because of a red shirt at the British Open. All day long they had heard the cheers rolling across the links of Carnoustie and, finally, he was here.

Germany star Ozil defends his photo with Turkish president
The German football federation has said the meeting was ill-advised. Ozil has released a statement defending his actions.