OPEC Agrees to Pump 1 Million Barrels a Day

OPEC Agrees to Pump 1 Million Barrels a Day

The market rallied further in post-settlement trading, after the American Petroleum Institute said US crude inventories fell a surprising 9.2 million barrels, far exceeding the decline of 2.6 million barrels that had been expected. It simply stated that OPEC countries would "strive" to adjust production levels in order to conform to the terms of the production cut deal reached in 2016.

Other oil-importing economies, especially emerging markets such as India that have been affected by the rising cost of oil imports, have also been exerting pressure.

The head of Saudi oil giant Aramco said it has spare capacity of 2 million bpd and can meet additional demand in case of supply interruptions.

"With the global market pricing to pull crude out of the United States, this loss of USA supplies will exacerbate the current global deficit, making the increase in OPEC production all the more required", Goldman Sachs analysts said in a note.

Taking a somewhat different stance, Russian Energy Minister Alexander Novak said Saturday's endorsement to increase oil production was based on "fundamental principles, on research done by our teams, by teams of our friends and colleagues, the OPEC secretariat".

Sources claimed OPEC leadership was taken aback by the numbers thrown by the Indian contingent and they retorted that the one million barrels per day shrinkage in demand was too high a number.

Xiaomi Mi Pad 4 with LTE, AI Face Unlock launched
It's now only possible to pre-order both devices, but Xiaomi's site states that the Redmi 6 Pro will go on sale June 25 at 10:00. Xiaomi's latest budget smartphone , the Redmi 6 Pro , also appears to channel the very successful iPhone X in terms of design.

New Zealand Prime Minister Jacinda Ardern introduces Daughter to the World
Ardern has had little sleep over the past few days, with the baby also described as being "very alert and one hungry baby". It's the couple's first child together, and comes eight months after the 37 year old was sworn in as Prime Minister.

Supreme Court orders Washington to reconsider same-sex marriage First Amendment case
Supreme Court denounced government hostility toward the religious beliefs about marriage held by create professionals", she said . Washington courts will now review the florist's case for similar issues, but it's unclear whether their analysis will change.

Brent crude futures were down 78 cents at $74.78 a barrel at 0917 GMT, while USA light crude was up 25 cents at $68.83 a barrel, supported in part by a Canadian supply outage. "Hope OPEC will increase output substantially".

Oil fell on Monday as investors prepared for an extra 1 million barrels per day (bpd) of oil to hit the markets after OPEC agreed to raise production and as US equity markets slipped on trade war fears.

OPEC did not limit production, it boosted production, and the Crude Oil is on the water.

Losses in US crude prices were limited by the likelihood that an outage at Syncrude Canada's 360,000 barrel per day oil sands facility would last through July.

In reality, ministers said several countries are unable to pump more so the real output boost would have been smaller, ranging from Iran's 500,000 BPD estimate up to Iraq's prediction for as much as 800,000 BPD.

"My fear is - this will lead to energy poverty in many parts of the world", he had said. "Price of oil and gas have become subject to vagaries of geopolitics", he had added.

Related Articles

  • The Avengers 4 Trailers Are Going To Have A Weird Marketing Problem

    The Avengers 4 Trailers Are Going To Have A Weird Marketing Problem

    With Ant-Man and the Wasp , Marvel has beautifully crafted a hilarious, touching, and inspiring film for families. "I don't know if it is just because I liked it so much and felt so cool in it, that I really wanted to wear it".
    Southgate: Germany's exit has no bearing on England

    Southgate: Germany's exit has no bearing on England

    Well over 30 games into the World Cup in Russian Federation and goals have been a certainty in all the matches played so far. The huge 2018 World Cup Group G clash between England and Belgium will be broadcast on NBCSN this Thursday at 2 p.m.
    On the brink, Argentina handed a final shot at World Cup salvation

    On the brink, Argentina handed a final shot at World Cup salvation

    Russian Federation have already shown us how much a team can be lifted by their fans, so I hope that the fans really make some noise and back their side.
  • Disney Declares Shareholder Dividend As Fox Vigil Continues

    Disney Declares Shareholder Dividend As Fox Vigil Continues

    The $38-a-share price is about $10 a share higher than what Disney offered in December - and $3 above Comcast's bid. Even so, THR cautions that "Comcast is not out of the running quite yet as it could still top Disney's offer".
    Uruguay 3 - 0 Russian Federation  | 25 Jun 2018

    Uruguay 3 - 0 Russian Federation | 25 Jun 2018

    Uruguay spoiled Russia's feel-good start to the World Cup on Monday with a comfortable 3-0 to finish top of Group A. Coach Stanislav Cherchesov insists Russia's success at the World Cup is about much more than home-team advantage.
    Hernandez dreaming of 'the impossible' at World Cup

    Hernandez dreaming of 'the impossible' at World Cup

    Sweden substitute Pontus Jansson said he had lost his temper with the Germans but accepted they had ultimately regretted their actions.
  • Trump threatens Harley-Davidson over production move

    Trump threatens Harley-Davidson over production move

    Of course, Trump had something to Tweet about it and decided to make his opinion public. the president had a lot to say about it. But many of Harley's motorcycles sold in India are assembled in the country, so they may not be subject to the tariffs anyway.
    Alexandria Ocasio-Cortez Just Stunned the Political World

    Alexandria Ocasio-Cortez Just Stunned the Political World

    But instead of envisioning himself with the big gavel, Crowley is about to become a former Member of Congress. Ocasio-Cortez spent just under $200,000, none of it from corporate political action committees or lobbyists.
    Chicharito Scores as Mexico Beat South Korea in 2018 World Cup

    Chicharito Scores as Mexico Beat South Korea in 2018 World Cup

    In its first Group F game, South Korea was unable to find the back of the net in a 1-0 loss to the group's co-leader in Sweden . It is astounding, indeed, what a couple of wins at a World Cup and a surplus of good vibes can do to a team and its fan base.
  • Justice Kennedy Is Retiring - Cortney O'Brien

    Justice Kennedy Is Retiring - Cortney O'Brien

    She was a deputy assistant USA attorney general in the Office of Legal Counsel under President George W. The state chapter of the Council on American-Islamic Relations called it deeply disappointing.
    Three things we learned today at the World Cup

    Three things we learned today at the World Cup

    The Red Devils were rampant at times and rested both forwards in the second half for tougher tests ahead. Check below for game reports, highlights and other key facts from World Cup 2018 Day 9.
    Serena happy to plant seed of doubt for Wimbledon rivals

    Serena happy to plant seed of doubt for Wimbledon rivals

    Open is changing its seeding protocol for players coming back from pregnancy, reports The New York Times . Regardless, the four Grand Slams are not beholden to WTA policies in seeding their fields.