OPEC's Oil Exports to US Fall to Five-Year Low in January
OPEC's Oil Exports to US Fall to Five-Year Low in January
Vladimir Putin and Nicolas Maduro
07 February, 2019, 15:22
Morse predicted that moving forward "We have plenty of potentially bullish moves in the market" following a period of soft demand before the seasonal fuel consumption rise begins around May, with Brent rising into the mid-$60 range and hitting $70 before year end - which the researcher believes will encourage USA producers to allocate more money to drilling.
The Energy Information Administration reported Wednesday that domestic crude supplies rose by 1.3 million barrels for the week ended February 1.
Oil fell 1 percent on Wednesday after a report showed a rise in USA crude inventories, while concerns about the impact of us sanctions on Venezuela on global supplies eased.
National Security Adviser John Bolton and Treasury Secretary Steven Mnuchin announce sanctions against Venezuela state-owned oil company PDVSA and embattled president Nicolas Maduro.
"The fact that USA crude oil and gasoline stocks rose more sharply than expected, as reported by the API after close of trading yesterday, is weighing on prices", said Carsten Fritsch, analyst at Commerzbank.
"It would seem that the market is really not too anxious yet about the potential loss of Venezuelan barrels", said analysts at JBC Energy in a report.
The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to but slightly less extensive than those imposed on Iran previous year, experts said on Friday after looking at details posted by the Treasury Department. -China trade dispute. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.
U.S. President Donald Trump said in his State of the Union address that a trade deal with China was possible.
Countering the rising US crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices.
Traders are still anxious about the global economic slowdown especially because of the uncertainty surrounding the U.S.
"The market will struggle to compare disappointing API Inventory numbers against reports of a decrease in Venezuelan output, OPEC cuts, and weak economic data".
The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three-quarters of its pledged cuts already, a Reuters survey showed last week. Elsewhere, supplies from OPEC face heightened uncertainty after Libya's eastern leader Khalifa Haftar said his forces have taken control of the country's largest oil field. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.
The government shut down for more than a month over Trump's demands for $5.7 billion for his promised border wall with Mexico. President Trump's second State of the Union address was postponed one week due to the partial government shutdown.
Google has mentioned that this extension never reports any identifying information about your accounts, passwords, or device. You'll be alerted that your login credentials have been leaked in the past and prompted to change your password .
A US-led coalition provided crucial air support as Iraqi forces regrouped and drove ISIL out in a costly three-year campaign. Former Iraqi Prime Minister Haider Al-Abadi tweeted in English on Monday that "Iraqi sovereignty must be respected".
The US tariffs are aimed at providing protection to US firms from Chinese competitors who can often produce goods more cheaply. The tech industry has been closely tracking the escalating tariffs imposed by the USA and China on one another.
A variety of Iraqi lawmakers used Trump's visit to the al-Asad base in December to call on US forces to leave the country. Trump also tasked the Pentagon late a year ago to start making plans for cutting the US force in Afghanistan in half.
The couple were first romantically linked in June 2018, when the pair were pictured together on a number of occasions. Lawrence's representative has confirmed to media that the actress and her partner Cooke Maroney are engaged .
And the two heavyweights will now go head to head in the last four in a bid to earn a place in May's final in Seville. Meanwhile, Los Blancos reached the last four, after securing an emphatic 7-3 aggregate victory over Girona.
The younger the age bracket, the more quickly these cancers gained ground, they reported in The Lancet , the medical journal. Of course, obesity is only one factor - the environment, genetics and other issues also play roles, the BBC points out.
While we've never met her personally we feel that in some kind of alternate universe, we'd be good pals with Jennifer Lawrence . Sources tell Page Six the couple is betrothed, and that Lawrence has been sharing the happy news with her inner circle.
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One thing is for certain, though, with the move, the team appears poised to take the next step in the Eastern Conference. However, according to Wojnarowski, the plan is to re-sign him to a long term deal at the conclusion of the season.
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Ingram tallied 12 points on four-of-eight shooting in the game. "I know it has to be tough, especially on our young guys". With James' return, the Lakers are looking to make significant additions for a late-season push.
Man Dead After E-Cigarette Explodes In His Face
It also advises against using a tablet or phone charger with the device, and to avoid charging it overnight. He was informed by the manager that the store did not sell that brand, because it was known to have issues.
Lady Gaga & Bradley Cooper To Perform 'Shallow' At 2019 Oscars
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