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.

Multiple people injured after shooting on Toronto’s Danforth
Police are warning people to stay away from the area. Victims reportedly suffered "significant injuries". The victims are being sent to trauma centres.


Nicole Maines Joins the Cast of Supergirl as TV's First Transgender Superhero
Tomasi's Superman: Black Dawn , which saw Manchester Black terrorize the Superman, Lois Lane, and their son Jon). They join Brainiac-5 ( Jesse Rath ) and Agent Liberty ( Sam Witwer ) who were bumped to series regulars.


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.


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:

  • Tiger Woods rues a missed opportunity in The Open at Carnoustie

    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.
    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.
    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.
  • Bayer to end Essure sales

    Bayer to end Essure sales

    Those who think it's causing problems, such as persistent pain, should consult with their doctors, Gottlieb added. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.
    Gunman holes up in LA supermarket after firing at police

    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.
    Germany star Ozil defends his photo with Turkish president

    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.
  • Olympics: Tokyo 2020 needs foreign help: IOC's Coates

    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.
    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.
    Top intelligence official says he meant no disrespect to Trump

    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".
  • 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.
    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.
    Trump says ex-lawyer's tape over 'model payment' may be illegal

    Trump says ex-lawyer's tape over 'model payment' may be illegal

    Daniels and McDougal allege they had affairs with Trump around the same time, in 2006. He tweeted: "The good news is that your favorite President did nothing wrong! ".


Popular

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.

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.

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.

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.

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.

Mane handed the No. 10 jersey at Liverpool
Mohamed Salah and Sadio Mane reported for pre-season at Liverpool's training ground on Friday after returning from the World Cup. But the Reds have a new number 10, as Sadio Mané has taken the vacant shirt number, ditching his previous number of 19.

No regrets for McIlroy as birdie blitz falls short
That's why I tried to stay as aggressive as I possibly could even though I wasn't hitting the driver maybe as well as I could. I putted nicely, I scrambled well when I needed to and on a day like this all you are trying to do is keep yourself in it.

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.

Ritz Bitz sandwiches recalled for potential salmonella contamination
The company that supplies whey powder to the manufacturers of Ritz products recalled their whey powder due to salmonella concerns. Recalled products should be thrown out or returned to the store where they were purchased, CFIA said in a food recall warning.

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.