Energy agency: Global oil supply jumps, sending prices lower

15 November, 2018, 08:10 | Author: Regina Silva
  • Oil prices have lost a fifth of their value over the past month

Consequently, this implies that a production cut may do little to restore prices if Russian and USA production continues to pump at record levels, while demand also falters.

Non-OPEC supply will rise in 2019 by 2.23 million bpd, the Vienna-based organization said, 120,000 bpd more than previously thought and far more than the increase in world demand. Price is now moving through and beyond the 100 EMA and 55.00 looks a good long term place for a pause given the support that is there.

The agency raised its forecast for oil output growth from countries outside the OPEC to 2.4 million bpd this year and 1.9 million bpd next year.

Oil prices rose on Wednesday, ending the longest ever losing streak for US crude, on the growing prospect of OPEC and allied producers cutting output at a meeting next month.

Oil prices, which spiked in October in the run-up to the reimposition of USA sanctions on Iran's oil industry on November 5, fell after the USA granted waivers to eight countries importing Iranian crude for a 180-day period.

Since October, the oil price has fallen to below $70 a barrel, its lowest in eight months.

"It's like a run on the bank".

The three players Jose Mourinho has given up on
However, relations between the pair have settled to a more cordial level resembling something of a truce now they are both lodged in the north of England.


Avenatti Arrested For Suspected Felony Domestic Abuse; Social Media Erupts
The Los Angeles Police Department tweeted that the star attorney was booked in the afternoon and his bail was set at $50,000. An LAPD public information officer confirmed to Fox News that an individual had been arrested on domestic violence charges.


China Airshow Witnessed Deals Worth USD20 Billion With 239 Aircraft Sold
Meant as an adversary for the American F-22 Raptor or F-35, the J-20 is China's most recent home-grown stealth fighter jet. A J-20 fighter of the Chinese air force shows its load of long-range missiles at Airshow China in Zhuhai on Sunday.


Moreover, financial firms have been hedging the risk incurred by selling put options to oil producers, generating added downward pressure as prices fall toward option strikes, Goldman Sachs said in a note.

Oil demand is slowing as the world economy decelerates - OPEC nudged down its 2019 growth forecast in the report.

Trump's statement came after top oil exporter Saudi Arabia announced a supply cut in December and other producers considered reductions heading into 2019.

Brent prices rose 0.6 per cent on Wednesday to $65.86 at 1115 GMT (6:13 a.m. EST).

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown, as seen with the economic contractions in powerhouses Japan and Germany during the third quarter as well as in China's falling auto sales. United States output outstripped the production of Saudi Arabia and Russian Federation.

Saudi Energy Minister Khalid al-Falih said on Monday that Opec agreed there was a need to cut oil supply next year by around one million barrels per day from October levels to prevent oversupply.

U.S. crude oil output from its seven major shale basins is expected to hit a record 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy's Energy Information Administration said on Tuesday.

Recommended:

  • Denied booze, drunk Irish woman abuses and spits at Air India crew

    Denied booze, drunk Irish woman abuses and spits at Air India crew

    Earlier, Air India was in the headlines when a pilot of the airline failed to pass the pre-flight alcohol test. The incident took place on a flight to London last Saturday. "I am a f**king worldwide lawyer".
    Watch the 12.9-inch iPad Pro teardown reveal Apple’s secrets

    Watch the 12.9-inch iPad Pro teardown reveal Apple’s secrets

    Thanks to two Indian Apple resellers, the pricing and the launch dates of these two iPad Pro models have been publicly released. Whether you picked up the 11-inch or the 12.9-inch version, you may find yourself in need of some USB-C adapters and cables.
    Japan's SoftBank steps closer to transformation with mammoth mobile IPO

    Japan's SoftBank steps closer to transformation with mammoth mobile IPO

    Citing the prospectus, Bloomberg said the company will offer 1.6 billion shares at 1,500 yen a piece, or roughly $13. Investors have grown nervous about the lack of clarity in some of the investments by the $90bn Vision Fund .
  • Irish outcry over teenager's underwear used in rape trial

    Irish outcry over teenager's underwear used in rape trial

    According to Ms Coppinger, this is not the first time underwear has been used as evidence within a rape trial in Ireland. A barrister in the Cork trial told the jury to look at the way the complainant was dressed.
    Ariana Grande has dropped her music video for Breathin'

    Ariana Grande has dropped her music video for Breathin'

    The song itself opens with Grande giving a shout-out to her past exes including Big Sean, Ricky Alvarez, Miller and Davidson. The classic pop melody sounds likes something from a fairy tale and meshes perfectly with the surprisingly kind lyrics.
    UK PM to chair cabinet meeting as Brexit deal agreed

    UK PM to chair cabinet meeting as Brexit deal agreed

    The single currency slid 0.7 per cent versus the dollar to its lowest since June 2017 at US$1.124. The dollar gained 0.11 percent versus the yen on Wednesday to trade at 113.93.
  • Novak Djokovic sweeps aside Alexander Zverev at ATP Finals

    Novak Djokovic sweeps aside Alexander Zverev at ATP Finals

    Speaking on court after the win, he said: 'I don't think it was breathtaking tennis from both of us but a win is a win. Novak Djokovic reacts after beating John Isner to claim a record-equalling sixth ATP Finals title.
    Woman beat McDonald's manager over ketchup

    Woman beat McDonald's manager over ketchup

    Police in Santa Ana, California , are trying to identify a suspect who reportedly assaulted the manager of a McDonald's. Another employee attempted to intervene, and eventually called other over workers to help, the footage showed.
    Rajinikanth's 'Petta' confirmed as Pongal 2019 release

    Rajinikanth's 'Petta' confirmed as Pongal 2019 release

    Now, it's also clear that Petta will lock horns with Ajith's Viswasam at the box office during Pongal. At present, "Thalaiva" is in the limelight because of his upcoming film Petta .
  • Harry Potter: Wizards Unite Gets New Details, Trailer

    The game relies on the premise that small traces of magic have begun to leak out into the Muggle world. But the good news is that more time means a better game and we have a trailer to help pass the time.
    Death Toll Increases From Camp Fire

    Death Toll Increases From Camp Fire

    Full information about evacuations and road closures is listed on the Cal Fire pages for the Camp fire and the Woolsey fire . California Highway Patrol Chief Brent Newman asked for the public's patience as teams clear affected areas.
    Night Sight Launched Officially for All Pixel Phones

    Night Sight Launched Officially for All Pixel Phones

    All of this happens natively on the device and uses Pixel Visual Core to complete capturing multiple frames within split seconds. The feature is now being rolled out through the Camera app update on the Play Store for the Pixel 3 and the Pixel 3 XL .


Popular

Toyota Corolla Sedan Teased Again On The Eve Of Official Reveal
In US, 2019 Corolla Hatchback is available with 2.0 liter four-cylinder gasoline engine that offers 168hp and 210 Nm of torque. The sedan should also come with the 8inch display with will support Apple CarPlay and Entune 3.0 Audio system.

Tatum lavishes praise on rumoured girlfriend Jessie J
The British songstress is the first woman Tatum has been linked to since announcing his split from wife Jenna Dewan in April. Since then, Channing has been spotted on several occasions attending Jessie's concerts in Seattle and Salt Lake City.

Timberwolves Twitter Account Threw Some Serious Shade At Jimmy Butler
Every time I step out onto the court, my goal is to play hard, and the more time I get out there, the more time I get to go hard. Butler's prior locker room issues are well-documented. "And I'm looking forward to the opportunity".

Markets Right Now: Tech, internet stocks lead early declines
US crude rose 60 cents to $60.79 a barrel, the first increase after the longest stretch of daily declines since 1984. OPEC: The price of oil was down after Trump tweeted that he hoped Saudi Arabia and OPEC would not cut production.

Meghan Markle & Royals Celebrate Prince Charles’ 70th Birthday With Stunning Family Portraits
The picture was featured in a new BBC documentary called Prince, Son And Heir: Charles At 70 , also marking Charles' birthday. Clarence House also shared a video montage from every decade of his life.

Libyan eastern-based army denies chief's participation in Palermo conference
It still aims for a vote next year, but says Libyans should first decide what sort of election they want to hold. Prior to the Palermo meeting getting underway, the LNA submitted demands through a civil envoy to the gatherers.

Italy to respond to European Commission's rejection of 2019 budget on Tuesday
The fine for refusing to review the budget could correspond to 0.2 percent of Italy's GDP - some 3.4 billion euros. The Italian government has defied the European Commission (EC) by sticking to its big-spending budget plan.

Trump calls on Bill Nelson to concede, implies fraud amid ongoing recount
For those of us in South Florida , the thought that Snipes would be in charge was cause for concern due to far more recent memory. Marco Rubio , without citing any evidence , has also accused Broward County officials of voter fraud.

Mahathir: Goldman Sachs 'cheated' Malaysia over 1MDB
He said the rate Malaysia had paid was about 100 basis points higher than the market rate. The decision will be made by Malaysia's attorney general, Lim said.

Arrests made in two looting incidents as Woolsey Fire continues to burn
Getty A hospital worker embraces her co-worker as they evacuate patients from the Feather River Hospital during the Camp Fire. A mapping flight Friday night at 9:50 determined that the fire had burned 89,906 acres, but it was still spreading.