Oil demand growth seen slowing for a second year

Global Drawdowns Embolden OPEC and Analysts, but Experts Warn That It May Merely Be a Shifting of Supplies
IEA says global oil market now close to balance
Author

14 April, 2017

The IEA projected the oil market would likely tighten throughout the year as non-OPEC oil production, not just in the USA, is forecast to increase once again.

Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to April 13, bringing the total count up to 683. "It does appear that there is bit of focus on the data that came alongside inventory numbers which showed further increase in USA production".

But oil at above Dollars 50 a barrel has, in turn, attracted higher-cost producers in the United States back to the market, and frantic American drilling will push non-OPEC supply to surprisingly high levels throughout the year, the IEA predicted.

With the increasing rig count pointing to rising supply, Tony Headrick, energy market analyst at CHS Hedging, said OPEC would be watching. If you would like to discuss another topic, look for a relevant article.

OPEC meets on May 25 to consider whether to extend the supply cut beyond June. Saudi Arabia, Kuwait and most other OPEC members are leaning toward this if agreement is reached with other producers, OPEC sources told Reuters last month.

Then in December, non-OPEC producers led by Russian Federation agreed to cut their own output to 558,000 barrels per day.

Yogi govt decides to improve power supply in UP
The chief minister also asked the power department to ensure that defective transformers in rural areas were replaced immediately. This is published unedited from the PTI feed .

NDA allies vow to put united front in 2019
Replying to a question as to whether presidential election also came up for discussion, Jaitley said, "It was not on the agenda". The party said that the NDA should consider Bhagwat's name for the post if the dream of a "Hindu Rashtra" has to be fulfilled.

Turkey calls for removal of Assad regime
Moscow has warned Washington that its cruise missile attack against the Syrian regime "plays into the hands of extremists". That followed him saying last week that the "longer-term status of President Assad will be decided by the Syrian people".

Brent crude traded at around $55.83 a barrel on Thursday shortly after the European open, down 0.04 percent, while USA crude was around $53.05 a barrel, down 0.11 percent.

West Texas Intermediate for May delivery rose 7 cents to settle at $US53.18 a barrel on the New York Mercantile Exchange. They were on track for their third consecutive weekly gain, the longest since early January. About 431,000 US crude contracts changed hands Thursday, short of the 531,000-contract average over the past 200 trading days.

LONDON, April 13 The global oil market is close to balance after almost three years of excess supply, as production cuts by the world's largest exporters offset a longer-term decline in demand in the richest nations, the International Energy Agency (IEA) said on Thursday.

That is less than the organisation had anticipated previously and could prove an "optimistic" forecast, it said.

On the other hand, the Paris-based IEA said on Thursday that it sees the global oil market as close to balancing after a fall in stockpiles in developed countries.


More news


  • Penguins top Blue Jackets in playoff opener

    Penguins top Blue Jackets in playoff opener

    The shot completely surprised Price and the puck beat him over the shoulder to give the Rangers an early 1-0 lead in Game One. This year the Canadiens beat NY in all three meetings, so I think the home team should be a much more sizeable favorite.

    Tuesday Evening Weather: Getting Even Warmer

    Overview: Mostly sunny skies and warm temperatures return for Thursday and Friday , with high temperatures around 80 degrees. Wednesday will be nearly the exact same pattern, with sunny skies in the morning followed by partly cloudy in the afternoon.

    Davis Cup: Australia leads US 2-0 in quarterfinal

    But the new-and-improved model of Australia's top-ranked player now chases harder, runs further and digs deeper than ever before. Isner said: "Right now, a lot of people could argue he's playing maybe the best tennis he's ever played".
  • Latest rumored OnePlus 5 specs include 8GB of RAM

    Latest rumored OnePlus 5 specs include 8GB of RAM

    As for its photography prowess, there may be a 23MP camera on the rear equipped with OIS skills, zoom, and third-gen fast flash. OnePlus 5 is expected to be featuring the latest Snapdragon 835 chipset from Qualcomm, however, this isn't the best part.
    South Africans gather for nationwide protests against Zuma

    South Africans gather for nationwide protests against Zuma

    Nkosi said Cosas came out in their "numbers" to defend the ANC and Luthuli House against the DA and Economic Freedom Fighters. Sipho Pityana leader of SaveSA said South Africa is not a junk country with a junk president and called on Zuma to resign.
    Glitch triggers sirens to sound in Dallas

    Glitch triggers sirens to sound in Dallas

    Technicians are trying to determine how to bring the system back online without the risk of it being hacked again, he said. According to Dallas PIO director Sana Syed, there was no emergency or weather alert.
  • Burger King debuts Whopper ad that triggers Google Home devices

    Burger King debuts Whopper ad that triggers Google Home devices

    Burger King did not immediately respond to a question asking whether the company had any concerns about angering consumers. So, they conducted an experiment, and changed the copy on the Whopper's Wikipedia page, and the Google Home read it.
    Meet Putter, the ice cream-loving squirrel

    Meet Putter, the ice cream-loving squirrel

    Her flavor of choice? "We put a sign out to let people know she's part of the family, and to limit feeding her". An ice cream shop and a local squirrel are going viral for their unique friendship.
    Alabama Gov. Robert Bentley resigns over sex scandal

    Alabama Gov. Robert Bentley resigns over sex scandal

    Allegations of the affair with Rebekah Caldwell Mason, which consumed his administration for more than a year, broke up GOP Gov. Robert Bentley has resigned after pleading guilty to abusing his office, allegedly to hide an affair with a political adviser.
  • 'Dancing with the Stars' recap: Mr. T waltzes off, Rashad Jennings dazzles

    'Dancing with the Stars' recap: Mr. T waltzes off, Rashad Jennings dazzles

    T and his pro partner Kym Herjavec were emotional throughout their week of rehearsals as their pre-dance video package revealed. Goodman complained he didn't see much rumba, but Tonioli called her her a rumba dominatrix and a diva in overdrive.

    Rubio says US can't defeat ISIS until Syria's Assad is removed

    McMaster also made clear that Trump wants a world-wide response to Assad's action that would include Russian Federation and Iran. Pressed to clarify Sunday, National Security Adviser Lt.

    Pearl Jam, Tupac, Yes, Journey to be inducted into Rock Hall

    The band had been a staple on his CBS Late Show since 1996, when they made their debut performing the No Code tune "Hail, Hail". Snoop Dogg speaks during Tupac Shakur's induction into the Rock & Roll Hall of Fame at Brooklyn's Barclays Center on Friday.