Woman Partially Sucked Out Of Southwest Plane Died Of Impact Trauma: Report
Southwest opposed engine maker on stepped-up FAA inspections
FAA orders engine inspections after deadly Southwest Airlines incident
Analysts' Recommendations in Limelight: Chesapeake Energy Corp (CHK)
CWG 2018: Pradeep Singh bags silver in men's weightlifting
Oil prices start the week lower amid relentless increase in U.S. drilling
20 Junio 2017, 02:10 | Dolorita Barahona
In the third development stage, Libya plans its production to increase to 2.2 million bpd by 2023, which would require around US$18 billion in investments.
Oil fell for the first time in three days after U.S. drillers added the most rigs in more than three years, making it hard for Opec to drain global oversupply.
CIMB economist Song Seng Wun expects oil prices to hold at about US$50 a barrel for another six months or so, until the next Opec meeting in Vienna in November.
Brent futures for August were down 4 cents, or 0.1 percent, at $47.33 a barrel by 11:39 a.m. EDT (1539 GMT), while USA crude for July was down 9 cents, or 0.2 percent, at $44.65 per barrel the day before the July contract expires. Oil fell to as low as $26 per barrel, making it increasingly hard for OPEC to help push the prices.
OPEC and non-members chose to extend cuts in oil output on May 25, by nine months to March 2018.
The June STEO forecasts a 2017 average spot price for Brent crude oil of $53/barrel (b), with prices increasing to $56/b in 2018.
"We're getting back to the fact that we're getting increasing production from OPEC members, increasing production from non OPEC members, and we've got a reasonably slow level of demand growth that is easily met by growth of production from non-members like Canada and the USA - so why in the world would we have an environment of rising oil prices?" While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuelas tight finances that leave it unable to invest and maintain its own domestic refineries.
Eight prominent hedge funds have reduced the size of their positions in 10 of the top shale firms in the Permian, the largest USA oil field, by over $400 million, concerned that producers are pumping oil so fast they will undo the recovery.
Similarly, the oil for delivery for June contracts traded higher by Rs 1.80, or 0.37 per cent, to Rs 492.40 per 10 kg in 52 lots. With Brent crude at a seven-month low, can Opec avoid a rebellion?
US drillers increased the rig count by six to 747, the highest level since April 2015, according to Baker Hughes. As of 2015, Venezuela had almost 298 billion barrels of proved oil reserves - the largest in the world. The International Energy Agency warned that if Libya and Nigeria continue to increase output, those extra barrels will delay OPEC's goal to re-balance the market.
More importantly, output from Iraq, one of the worst compliers in the Opec deal, is set to rise this year. The country has shipped more oil in recent weeks and that is offsetting cuts in exports made by Saudi Arabia and a few others.
Last week, the National Oil Corp said it expected OPEC member Libya's production to recover to 900,000 bpd in the short term.
Ryan Blaney delivers on promise early with Pocono victory
In the first round of qualifying, Busch was second at 178.056 miles per hour behind Kyle Larson , who ran 178.625 miles per hour . You just don't get a true feel of what you're running down pit road. (17) Ricky Stenhouse Jr ., Ford, 174.750 miles per hour .
Larson, Truex take top 2 spots in Mich. qualifying
He has seven Top 10s in his last ten starts at MI , so he can deliver a solid score on his finishing position alone. He will also provide some place differential value this week starting 12th and is now fastest in final practice.
Details needed on health care plan -- Mark Severtson
The Obamacare meltdown was predicted from the beginning and the insurance companies are now paying for their shortsightedness. It won't continue progress toward health-care coverage for all Americans made under Obamacare, but will do considerable harm.
OnePlus 5 Camera Samples leaked by the CEO
Today, we have come up with five top reasons to prefer OnePlus 5 over other flagship devices. One of the smartphones that many Android fans have been waiting for is the OnePlus 5 device.
Cuba rejects new US policy, saying pressure will not work
Bush, Carlos Gutierrez, says that "Cubans in Cuba will be terribly disheartened" if Trump decides to reverse course. Coast Guard to deal with drug smuggling via the open seas with its limited resources and vast responsibilities.
Macron kicks off Paris Air Show with airborne entrance
The deals could be announced as early as next week, when Boeing is likely to unveil plans for the Max 10 at the Paris Air Show . For the Max 10, however, Boeing pledged on Monday that already had more than 240 orders secured for the larger 737 version.