Saturday, 17 November, 2018

World's oil cushion could be stretched to the limit, IEA warns

World's oil cushion could be stretched to the limit, IEA warns World's oil cushion could be stretched to the limit, IEA warns
Jean Garcia | 12 July, 2018, 16:53

However, Iran exports might squeeze further if USA takes more aggressive stance on sanctions, they said.

Oil's price fall was aided by news that Tripoli-based National Oil Corp (NOC) had lifted a force majeure on four Libyan oil ports, saying production and exports from the terminals would "return to normal levels in the next few hours".

The rally received an extra boost from the International Energy Agency (IEA), which said the world's oil supply cushion "might be stretched to the limit" due to production losses.

Rising global oil supply, driven by crude giants Saudi Arabia and Russian Federation, may come under pressure as key producers face disruptions, the International Energy Agency said Thursday.

"In 2019, EIA forecasts that the United States will average almost 12 million barrels of crude oil production per day", said Linda Capuano, Administrator of the EIA. "We'll consider it", Pompeo told Sky News Arabia during a visit to Abu Dhabi, according to a State Department transcript released Tuesday.

"Escalating trade tensions between the USA and China has prompted risk aversion in today's trading session, which is evident in oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

On Tuesday, the U.S. unveiled a list of $200bn worth of products to be hit with 10% tariffs, prompting China to vow counter-measures.

Iranian girl held for dancing Instagram post
Maedeh Hojabri was arrested and forced to confess on state television for videos she posted of herself dancing in her bedroom. Dancing in public is forbidden for women in Iran , as is making public appearances without a hijab covering your hair.

The market has grown concerned that if the Saudis offset the losses from Iran, that will use up global spare capacity and leave markets more vulnerable to further or unexpected production declines.

Adding to the bearish mood were signs of a possible relaxation of US sanctions on Iranian crude exports.

"U.S. crude output has remained above the 10-million-barrel a day mark since February".

Non-OPEC production including from surging United States shale also continued to rise, but the IEA said that might not be enough to assuage concerns. Additionally, at some time in the near future, the Canadian pipeline problem will be fixed and the supply disruption over.

According to the September WTI chart, the trend is down according to the daily chart, putting the market in a position to test $67.99 to $66.81.

The selling pressure intensified as trade tensions between the USA and China raised concerns about demand.

Recommended

Woman arrested for allegedly beating 92-yr-old with brick Woman arrested for allegedly beating 92-yr-old with brick A neighbour had filmed the assault and told United States media that the woman who hit him said: "Go back to your country". Borjas had been driving by, she said, and wanted to stop, but the woman threatened to hit her vehicle with the brick.

Paul Pogba still haunted by Euro 2016 final defeat Paul Pogba still haunted by Euro 2016 final defeat He is very listened to in the group. "Against Portugal we thought we had won it before the start of the game". Hazard continued: "The French team has done what they have done since Didier Deschamps came in as coach".

Setting out vision for future ties, Britain's May presses Brexit plans Setting out vision for future ties, Britain's May presses Brexit plans If May survives the domestic political turmoil, she still has to convince European Union leaders that her proposals can work. The delay has been partly blamed on deep disagreements within the Conservative Party over what shape Brexit should take.

Hero or villain? Trump's court pick is in for a fight Hero or villain? Trump's court pick is in for a fight In that event, a few Democrats will probably break ranks and support the nominee in order to enhance their re-election prospects. Kavanaugh was hired as a law clerk for Justice Anthony Kennedy in 1993 and was even sworn in by Kennedy as a judge on the D.C.

Senator deletes tweet after revealing Meghan Markle broke this royal rule Harry leaned in to say hello to Dylan Mahon, who grabbed the smiling prince's beard, as Meghan covered her mouth laughing. After the visit, Harry and Meghan made their way to Trinity College in Dublin, where they saw the historic Book of Kells.

US Federal Judge: Reunite kids or face penalties US Federal Judge: Reunite kids or face penalties They remained apart for two months, with Pulex in detention in El Paso and her daughter sent to live with a foster family in MI . According to the document, the child is under the age of five and has been held in an ICE detention center for over a year.

Liverpool Eye Swoop For International Star As Klopp Lines-Up 3rd Signing Liverpool Eye Swoop For International Star As Klopp Lines-Up 3rd Signing Liverpool pulled out of a £53m deal to sign the France global this summer after discovering an old knee issue in his Reds medical. As to whether it's a £50m, £60m Alisson, or another keeper for £20m to fight it out, we don't know.

Have You Seen This? Cat crashes live TV interview Have You Seen This? Cat crashes live TV interview However, a small glimpse of the interview was used in a segment aired on Dutch TV channel NTR, seen below around the 3:56 mark. He patiently brushed off the cat's tail off his face everytime Lisio thought his owner needed a brushing.

Trump sets North Atlantic Treaty Organisation allies' military spending target to 4 percent Trump sets North Atlantic Treaty Organisation  allies' military spending target to 4 percent NATO Secretary General Jens Stoltenberg noted Wednesday that member countries have already been increasing their defense spending. He continued: "Nato is much stronger than it was two days ago".

North Atlantic Treaty Organisation turns focus After Trump's demands North Atlantic Treaty Organisation  turns focus After Trump's demands Of Nato's 29 members, just five meet that target this year: the US, Greece, Estonia, the United Kingdom and Latvia. He says it "must ultimately" go to 4 percent.

Liu Xia, widow of dissident, leaves China for Germany, friend says Liu Xia, widow of dissident, leaves China for Germany, friend says In May, several foreign diplomats who tried to visit her at her apartment amid concerns over her health were denied access. According to AP, Liu Xia's brother, Liu Hui, sent his thanks to his sister's supporters via social media.

China vows retaliation for latest United States tariff threat China vows retaliation for latest United States  tariff threat China 'cannot match fresh USA tariffs, ' Vishnu Varathan of Mizuho Bank said. It's unclear what that action could include. Jack Gerard, Cal Dooley, and Edward R.

Erdogan's son-in-law new finance minister Erdogan's son-in-law new finance minister The coronation of the presidential office as the nexus of political power takes place at a critical juncture. A senior adviser to Erdogan later said that governors would still be appointed for a five-year term.

Man sells 31-foot long fingernails to Ripley's in Times Square Man sells 31-foot long fingernails to Ripley's in Times Square The historic surgical procedure, which took roughly 20 minutes to complete, took place at Ripley's Believe It or Not! Mr Chillal's unusual choice didn't stop him from leading a normal life with his wife, two children and grandchildren.

Thai Soccer Players Wave in First Hospital Footage Since Dramatic Cave Rescue Thai Soccer Players Wave in First Hospital Footage Since Dramatic Cave Rescue Coach Ake, as he is known, is the assistant coach who was with the 12 boys in the caves, and was the last person to be rescued. Nopparat Kanthawong, the head coach of the Wild Boars team, told CNN that he did not know why the boys had gone into the cave.