Iran sells crude oil at $50.93 per barrel in a week

13 September, 2017, 00:42 | Author: Irene Delgado
  • Oil edges up as Saudis discuss extending supply cut

The increasing numbers of operating rigs, as well as increasing production, have been raising concerns that the US shale oil producers which were able to cut their production cost dramatically over the past years are now a low-priced global competitor and would continue to undermine the OPEC agreement to cut supplies.

Among persistent glut worries, Saudi Arabian Energy Minister Khalid al-Falih had discussions with his Venezuelan and Kazakh counterparts about the chances of extending supply cuts through March 2018.

The initial OPEC-non-OPEC agreement pushed Brent prices up to nearly US$57 a barrel and WTI to over US$54 a barrel in January this year, but since then, the benchmarks have been sliding down, with a few notable interruptions of the trend thanks to supply disruptions and the May decision to extend the cuts beyond the original deadline of June 30, 2017.

OPEC and other producers, including Russia, Mexico and Kazakhstan pledged in late 2016 to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was depressing prices. U.S. West Texas Intermediate (WTI) crude CLc1 declined 30 cents at $47.77 a barrel.

Man Utd plot January move for £92m Arsenal, Liverpool target
Mourinho spent a large part of the summer chasing a winger, with Inter Milan's Ivan Perisic his supposed first choice. The Chile worldwide is expected to complete a move to Manchester City in January for a knockdown price of £20m.


Crane collapses as winds howl in South Florida
He said videos of the collapse posted on social media showed a luffing crane, which lacks a horizontal arm and does not spin. Officials urged people in buildings facing the crane to seek shelter on the opposite side of the building or in a stairwell.


Suspect Arrested After Shooting At Dublin Scioto High School in Columbus
Columbus City Schools have canceled classes for students on Monday. "Excellent job by our officers", Columbus Police tweeted. The entire incident was over within minutes, however, thanks to the actions of a school employee, police said.


OPEC's oil output dipped in August, the organization said Tuesday, a sign that supply and demand could be moving further towards balance. OPEC exempted the two nations from cutting production because their output had already tanked due to domestic conflicts. "There is also a lot of talk about whether OPEC is going to extend its deal or not and the market is weighing a lot of outcomes". While some oil processing has recovered, 6 percent of US capacity still remains shut.

Benchmark crude futures were sideways in range-bound trading early Tuesday in Asia, as the recovery of refining capacity in Texas shut by Hurricane Harvey more than two weeks ago slowed down to a crawl and the market awaited further direction from the latest weekly U.S. stocks data, due out from the industry body American Petroleum Association later Tuesday, to be followed by the official figures from the Energy Information Administration Wednesday. "A similar production level is also anticipated for September", the Saudi ministry said.

Al Falih hailed the efforts of the UAE to rebalance the market, the report said.

Data from industry group the American Petroleum Institute (API) was due later on Tuesday while the U.S. Department of Energy's Energy Information Administration (EIA) will release its numbers on Wednesday (9/13).

Recommended:

  • Google challenges record European Union  antitrust fine in court

    Google challenges record European Union antitrust fine in court

    These concern the contracts for its AdSense advertising service and the licensing of its Android mobile phone operating system. Google had initially said that they "respectfully" disagrees with the legal argument.
    Rafa Benitez misses Newcastle trip to Swansea

    Rafa Benitez misses Newcastle trip to Swansea

    Swansea now have one more point than Newcastle , having won four points from the opening three games. It's very early on, we've got new faces who need to be integrated as soon as possible.
    Pregame: Nebraska aims to add another win in lopsided history with Oregon

    Pregame: Nebraska aims to add another win in lopsided history with Oregon

    It's really fun to be where I am. "Royce and Charles have to be 10-year players in that program from what I remember", Riley said. Try as you might, you aren't going to find many game ball recipients as deserving as these three fearless children.
  • Xiaomi launches Mi Notebook Pro with Windows 10 and 15.6-Inch display

    Xiaomi launches Mi Notebook Pro with Windows 10 and 15.6-Inch display

    Xiaomi on Monday introduced several new devices, including the bezel-less Mi MIX 2 flagship and the more conventional Mi Note 3 . It also features 2 USB-C ports however only 1 port can be used to charge the device, the 2nd port is only for data transfer.
    Hurricane Katia spins off Mexico Gulf coast, menaces Veracruz

    Hurricane Katia spins off Mexico Gulf coast, menaces Veracruz

    Hurricane Katia has deteriorated into a soggy tropical depression that is dumping rain over the mountains of east-central Mexico. The natural disaster , the strongest to strike Mexico in more than 80 years, killed at least 61 people.
    Luke Smith Weighs in on Destiny 2's Shader Brouhaha

    Luke Smith Weighs in on Destiny 2's Shader Brouhaha

    Some players are actually calling for a boycott of the game's microtransaction system, which is gaining a lot of traction. Destiny 2 shaders are a little more than colors, they can add effects like textures and chrome effects for example.
  • Rohingya Muslims massacre: Aung San Suu Kyi should not be silent

    Rohingya Muslims massacre: Aung San Suu Kyi should not be silent

    The region has witnessed tension between its Buddhist and Muslim populations since communal violence broke out in 2012. They use "the combination of human rights violations, and deliberate impoverishment, to force Rohingyas to leave".
    Gas prices in MA  remain the same this week

    Gas prices in MA remain the same this week

    On the survey taken on September 8, the average price range was up 30 cents at $ 2.69/gallon of a regular gasoline. Once power is restored and roads open, gasoline deliveries will resume.
    Trump gets briefed on Hurricane Irma

    Trump gets briefed on Hurricane Irma

    Long said it was "hard to say" how long the $15 billion approved by Congress for disaster relief will last. He said he was saying prayers for us. "He really wants to make sure that we're taking care of the people".
  • Hurts leads No. 1 Alabama past Fresno State

    Hurts leads No. 1 Alabama past Fresno State

    UA quarterbacks haven't thrown an interception, and the Crimson Tide recovered its lone fumble. It was the most tackles a Bulldog since Stratton Brown had 15 against Air Force (10/28/16).
    Dallas Cowboys rumors: Experts say Cowboys won't even win NFC East

    Dallas Cowboys rumors: Experts say Cowboys won't even win NFC East

    Last season, during two victories against Dallas a quarterback notorious for turning the ball over threw just two picks. Part of the struggles of the Cowboys' offense against the Giants' defense come from the personnel the Giants deploy.
    Manchester United manager Jose Mourinho relaxed about players' futures at the club

    Manchester United manager Jose Mourinho relaxed about players' futures at the club

    Marouane Fellaini is also out of contract next summer, with United having invoked the extension clause in his deal in January. Mourinho said, as per reports from ESPN . "All the other players are under the club control until end of the 2018-19 season.


Popular

Bilic offers Sakho another lifeline at West Ham
Ayew set up Obiang's goal and then poked home after Fonte's shot from Aaron Cresswell's corner was blocked. Javier Hernandez hit the bar in the first half, in one of West Ham's few clear-cut chances.

75 in US News Rankings
Among all national universities , including private universities, FSU ranked 81st, up from 92nd past year , the university said . Also, the Air Force Academy has the best civil engineering program at public schools.

Global cricketers voice support for World XI match
The three matches will be held on September 12, 13 and 15th at Gaddafi Stadium Lahore . Sarfraz said that the World XI tour is a moment of great joy and pride for all of us.

Saga PLC (SAGA) Receives Neutral Rating from JP Morgan Chase & Co
It increased, as 2 investors sold Restore PLC shares while 18 reduced holdings. 7 funds opened positions while 32 raised stakes. Jefferies International's price target would indicate a potential downside of -2.68% from the company's previous stock close.

Hurricane Irma forces millions to evacuate
In its 4 p.m. advisory, the National Hurricane Center said Katia now has maximum sustained winds of 105 miles per hour . Only 26 minutes separated the announcements of Irma and Katia making landfall.

China to Shut Bitcoin Exchanges
China's looming ban on virtual currency trading won't affect the global market as exchanges based in other countries will continue to operate.

Cardinals vs. Lions: Highlights, game tracker and more
That's why Kenny Golladay was such an incredible surprise in Detroit's win over Arizona today. When the two teams played in 2015, Fitzgerald had a little under 60 yards and a touchdown.

Browns players appear in pre-game video on racial inequality
QB Cody Kessler, who is 0-8 as a starter last season with the Browns past year , was inactive. And he finished it off by himself with a one-yard touchdown run.

Janet Jackson Shows Off Slim Body in Her First Post-Baby Show
The Grammy winner's concert on Thursday in Louisiana saw her sing fan favourites Nasty and All For You. She hugged fans who were moved to tears upon seeing her and even held and comforted a fan's baby.

House approves bill to ease deployment of self-driving cars
This bill also includes regulations on cyber security to prevent things like vehicle hacking from occurring. Naturally, companies like Google , GM, Ford, and Tesla are praising this new bill.