Remembering Peak Oil: Saudi Arabian Production Was Supposed to Peak in 2006

Feb 22, 2017, 00:47

LONDON, Feb 21 OPEC and outside producers including Russian Federation will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group's secretary general said on Tuesday.

The bigger reason oil price are not yet in the clear is that investors are anxious that the production cut might not be effective in restoring a balance in the demand and supply dynamics. While Crude Oil has lagged many of its commodity brethren, there does appear to be a unified march higher in the commodity field that could continue if the anticipation of inflation persists.

Since that agreement was signed, oil prices have surged 17% to $54.40 a barrel.

Moors says certain oil stocks, "the darlings of energy investors", are about to make a comeback now that oil prices are rising.

As crude oil prices recover further, cost reflation may partly offset reduced costs linked to less regulation.

Net long USA crude futures and options positions are also at a record high, US data showed on Friday.

Sutton United 0 Arsenal 2: Perez and Walcott break minnows' stern resolve
Urgent patchwork has been undertaken all week at Sutton's Gander Green Lane, right down to the very fine details. Shaw later enjoyed a pie on the bench during the second half. "Secondly, their enthusiasm.

Detroit Tigers owner quietly paid Rosa Parks' rent
Parks had moved back to Detroit in 1957 after helping start the Civil Rights movement with the bus boycott in Montgomery, Alabama. And thanks to Little Caesars' continued success and loyal customers, Ilitch was able to do so.

Sargento Food Inc. announces recall of at least six products
Consumption of food contaminated with Listeria monocytogenes can cause listeriosis, an uncommon but potentially fatal disease. Sargento Off the Block Shredded Fine Cut Cheddar Jack Cheese with a sell-by date of July 5, 2017.

In a key note speech at the conference Opec's Sec-Gen Barkindo said that only 100% compliance from Opec producers would be acceptable while also raising the possibility of other producers cutting production. OPEC's production cuts are now focusing on mostly heavy and medium grades of crude oil, which opens the door for the U.S.to provide these commodities to countries in need, including China.

On the fundamental front, we got word that OPEC is looking to step up its compliance with the late-November supply cut accord. Transactions on Monday will be booked Tuesday for settlement purposes because of the U.S. Presidents' Day holiday.

Wonfull will likely buy the cargo from Swiss trader Trafigura [TRAFG.UL], an active seller of USA crude in Asia, said a second trader who closely tracks oil deals in Shangdong.

Russian Federation overtook the OPEC de-facto leader in December, when both countries started restricting supplies in line with the cuts agreed between the cartel and other global producers to oust the problem of oil glut.

The price for Brent crude oil was up 2.1 percent about an hour before the start of trading in NY to $56.97 per barrel. To start with, OPEC excluded two of its biggest producers, Nigeria and Libya from the production cuts and it allowed Iran to raise its output slightly. "This bullish stance is countered by the ever-increasing inventories in the United States and rising rig counts", PVM Oil Associates strategist Tamas Varga said in a note.

YOU MIGHT ALSO LIKE
  • India sets world record with 104 satellites in a single rocket launch

    India sets world record with 104 satellites in a single rocket launch

    The rest were commercial launches for global customers, through agreements with ISRO's commercial arm Antrix Corporation. Prime Minister Narendra Modi congratulated the space scientific community and the nation for this proud feat.

    Distracted beagle a hit at Westminster Dog Show

    We're spending the day with Rumor to find out! Earlier Tuesday, Boyles said this would be Rumor's last major show. The Guttenberg family said they purchased Ricky from Washington as a puppy to keep as a family pet.
    Sprint's $90 unlimited plan is not what it seems

    Sprint's $90 unlimited plan is not what it seems

    After the promotional period is over, customers will pay the additional United States dollars 10 per month for first line. The new data plan comes a few days after rival wireless carrier Sprint introduced its own unlimited data offering.
  • China wants U.S. to have dialogue with N. Korea

    Coal is North Korea's biggest export and a year ago China imported 22.5 million tonnes, up 14.5 per cent from 2015. Washington had earlier called on Beijing to cut coal imports, which earned Pyongyang US$1 billion in 2015.
    Pedro & Costa Send Chelsea Into FA Cup Quarterfinal

    Pedro & Costa Send Chelsea Into FA Cup Quarterfinal

    Antonio Conte: "Yes, John Terry is fit for this game, he's okay". "We will need to punch above our weight and stay in the game as long as we can".
    Bright Light in Northern California Sky Was Missile Test

    Bright Light in Northern California Sky Was Missile Test

    All missiles are tracked from multiple sources from launch until final impact in the ocean. Trident II (D5 ) is a ballistic missile that can contain several warheads.
  • It's official, Georges St-Pierre is returning to the UFC

    It's official, Georges St-Pierre is returning to the UFC

    If and when St-Pierre returns, he'll be riding a 12-fight winning streak, which ran his career MMA record to 25-2. St-Pierre has not fought since his title defence victory over Johny Hendricks at UFC 167 in November of 2013.

    Trump considering Marlins owner Jeffrey Loria for ambassador to France

    In 2016, Loria also gave $33,400 to the Republican National Committee and $84,660 combined to 20 state Republican Party groups. If that is true, we do not want this unrelated transaction to complicate that process and will not pursue it.

    Yet another major retailer has dropped Ivanka Trump's line from its website

    Fragrances by both Ivanka and Donald Trump were available on the website, along with some Trump bath products such as after shave. Following Trump's disparaging remarks about Mexican immigrants in 2015, Macy's made a decision to drop his fashion line.
  • Bacterial infection linked to rat urine in NYC

    The Health Department says leptospirosis is spread by animal urine, and is rarely spread from human to human. The city's Health Department said two patients were diagnosed in December and one this month.

    $89000 Drug: Marathon Charging $87800 More Than Rx's Price Overseas

    Emflaza is a corticosteroid that treats the disorder by reducing activity within the immune system and decreasing inflammation. Some studies have shown that patients on deflazacort tend to lose the ability to walk later that the ones who are not treated.
    Baggies' late strike denies West Ham win

    Baggies' late strike denies West Ham win

    The Croatian reacted furiously to the goal, picking up a television microphone on the sidelines and throwing it to the ground. I told him past year that he is for me, when I watch him on television, he is one of the best referees . "He's good.
popular