Lunes, 20 Agosto, 2018

Oil prices continue their advance as focus shifts to API supply report

Malita Javier | 19 May, 2017, 23:29

Oil prices have risen more than 3% after Saudi Arabia and Russian Federation said a deal to cut production should be extended until March next year.

The small move higher Tuesday put both Brent and US futures on track to rise for a fifth day in a row.Kuwait's oil minister, Essam al-Marzouq, backed the previous day's agreement by Saudi Arabia and Russian Federation on the need to extend a crude output cut by OPEC and other producing countries of 1.8 million barrels per day (bpd) until the end of March next year.

Global benchmark Brent crude settled up 98 cents, or 1.9 percent, at $51.82 a barrel, having touched $52.63, the highest since April 21.

The six-month accord, agreed to past year, is up for review when OPEC and other exporters meet next week.

Brocade Communications Systems, Inc. (BRCD) Receives $10.25 Average PT from Analysts
Following the transaction, the chief executive officer now owns 1,143,810 shares of the company's stock, valued at $14,263,310.70. Finally, Wunderlich reissued a "sell" rating on shares of Brocade Communications Systems in a report on Thursday, March 30th.

The following month, 11 non-OPEC oil-producing countries pledged to cut another 558,000 barrels a day, bringing the overall reduction to 1.8 million barrels a day.

Amid the cutbacks, production in the United States, which isn't part of the agreement, has risen to the highest level since August 2015.

A second source said he expected Iran would probably agree to a nine-month extension when Opec and non-Opec producers meet to set policy on 25 May in Vienna, provided that other producers such as Iraq were also on board.

The minister believes global oil reserves will decline by another 100-120 mln barrels per day by July 1, 2017.

Daydream standalone VR by Qualcomm
There is still no word on pricing for these headsets, and that remains the biggest stumbling block for mainstream adoption of VR. The update is codenamed Daydream Euphrates and it will be available to all phones with Daydream support later this year.

"I feel optimism because our main partner in this process, and our main partner without doubt is Saudi Arabia, has fully implemented all the agreements that took place up to now, and secondly, Saudi Arabia wants to maintain stable and fair prices for oil", Putin said.

Goldman said that beyond the ongoing rise in US oil production, which is up over 10 percent since mid-2016 to 9.3 million bpd, there was also an increase in output from within OPEC by members who were exempt from the cuts, or where forceful disruptions had ended, including Libya and Nigeria.

Following the Russia-Saudi statement, Kazakh Energy Minister Kanat Bozumbayev said "Kazakhstan should follow the trend", in comments reported by Russia's RIA Novosti agency. Saudi Aramco plans to sign agreements with at least 10 energy companies including GE, Schlumberger, Baker Hughes and Halliburton on May 20 during U.S. President Donald Trump's visit to Saudi Arabia, according to two people familiar with the matter. "Year-to-date compliance with production cuts remained robust at 96 percent", said the report.

India lags behind Lanka, Bangladesh in healthcare
China, with a score of 74 on the index, has been ranked at 82 - far ahead of India, and Sri Lanka has scored 73 on the index. Countries with the highest scores in 2015 include Canada, Australia, Japan and much of Europe.

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