Brent Crude Hits New High On Soaring Demand

Brent Crude Hits New High On Soaring Demand
Brent Crude Hits New High On Soaring Demand
Author

16 May, 2018

OPEC and its partners chose to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

The world's benchmark crude was up 85 cents, or 1.1%, at $77.97 a barrel by 11:22 a.m. ET (1522 GMT). The rising oil prices are also giving the government a headache as a chunk of its annual budget will now be required in its purchase, thereby compromising on other social sectors.

Oil rallied this month to the highest since 2014 as tensions in the Middle East escalated and after US President Donald Trump withdrew from a 2015 accord that had curbed Iran's nuclear program in exchange for sanctions relief.

"In 2012, the reduction in Iranian crude production and exports were around 1 MMBPD", Wittner said, Reuters reported.

World oil prices have surged by more than 70 percent over the a year ago as demand has risen sharply but production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers including Russian Federation. Total volume traded on Tuesday was in line with the 100-day average.

Finally, heads are beginning to roll in India's biggest bank fraud case
Total income came in at ₹12,946 crore, against ₹14,989 crore in the same quarter previous year . Sources said the Allahabad Bank board is likely to meet in a day or two.

Wisconsin Man Sets New Record After Eating 30000th Big Mac
Guinness World Records has recognised Gorske for the most Big Macs consumed since 2016, when his tally was 28,788. Gorske says he's driven not by the challenge of reaching new milestones but by his love of hamburgers.

Anti-Putin leader Alexei Navalny one of 1600 arrested
Videos and photos emerging from Russian Federation show what appear to be large crowds assembled for the protests . The office then warned the protesters that other venues where they were planning to march were unauthorized.

In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day (bpd), marking the second-highest level on record on a daily basis, data showed on Tuesday.

OPEC figures published on Monday showed that oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017. The numbers provided by the kingdom indicate that it could increase production by about 190,000 bpd and still respect the limit agreed with fellow members if it decides to compensate for the loss of Iranian barrels.

Rosneft's oil and gas condensate output in the first quarter was down 1.2 percent year on year because of the global supply pact with OPEC, the company said on Monday.

Fifty-five Palestinians were killed in confrontations with Israeli troops Monday after tens of thousands converged on the Gaza Strip border to protest the USA embassy.


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