Saturday, 26 May, 2018

Rosneft first-quarter oil output down 1.2 percent because of OPEC deal

Source U.S. Energy Information Administration Short Term Energy Outlook May 2018 Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
Orlando Vargas | 16 May, 2018, 16:30

Brent crude futures, the global benchmark for oil prices, stood at $78.21 per barrel on Tuesday, virtually unchanged from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session, CNBC reported.

USA crude is trading at a hefty discount to Brent, the global marker, thanks to sharp rises in US production to 10.7 million bpd, which has left the American domestic oil market well supplied.

USA light crude CLc1 closed 35 cents, or 0.5 percent, higher at $71.31 a barrel, also not far off the day's peak at $71.92, its highest since November 2014.

The tightening market has just about solved the global supply overhang that has weighed down oil prices between 2014 and 2017.

US crude is trading at a steep discount to Brent thanks to sharp increases in USA production, to 10.7 million barrels per day (MMBPD).

The spread between the two crudes will be watched by traders as speculation swirls over how OPEC producer Iran's exports will be affected after American President Donald Trump renewed sanctions on the Persian Gulf state.

Economic crisis has driven Venezuelan production to its lowest in years, while natural decline in Mexico cut production by 175,000 bpd in April, down 8 percent year-on-year, the largest fall for any non-OPEC producer.

Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
Source U.S. Energy Information Administration Short Term Energy Outlook May 2018

Saudi Arabia pumped 9.868 million barrels a day last month, the lowest since January 2017, according to OPEC's monthly report.

Known for its extensive oil demand, China is the top consumer of Iranian oil, a role which the world's second largest economy has confirmed following the U.S. sanctions plan.

The IEA said the previous round of sanctions, which were lifted in early 2016, cut Iran's crude exports by more than 1 million bpd.

These events surrounding the Middle East has pushed Brent crude to the highest level since March 2015, which is now at $7.3 per barrel. The U.S. crude contract fell as much as 0.6 percent to $70.95 a barrel on Wednesday. He said that Brent crude oil could rise as high as $85 (£63) per barrel, but predicted that they would not drop below $69.70 (£52).

April crude imports from Saudi Arabia, South Korea's top crude oil supplier, fell 6.9 percent to 3.32 million tonnes, or 810,564 bpd, from past year.

"A rising oil price brings upside price risk to all commodities", Morgan Stanley said in a note to clients this week.

The oil prices remain firm despite the output increase in United States oil rigs, with the experts estimating that the production may continue to rise for next over half-a-dozen months.

Samsung Galaxy S9 and S9+ released in two new colors
Samsung will begin shipping the Galaxy S9 and Galaxy S9 Plus in Burgundy Red in Korea and China starting this month. It has developed this finish to appeal to all users by fusing a touch of high fashion with urban interior design.


OnePlus 6 launch today
In terms of design, the smartphone will bring back glass build for the rear, first seen on the OnePlus X. The device may come with a 12MP + 20MP vertically-positioned dual camera setup on the back.


Malaysia's Mahathir Vows to Investigate Toppled Government
The 92-year-old prime minister in the report said Anwar could be given a seat in the cabinet once he was re-elected to parliament. Dr Mahathir was quoted as saying in the report that his government would follow due process and Najib would be treated fairly.


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