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Climate withdrawal compounds glut concerns
06 June 2017, 06:37 | Vickie Mathis
Increased U.S. drilling would put a strain on OPEC and other major producers' efforts to curb production in an effort to trim the global supply glut and stabilize prices. "A scenario that would not be favourable to oil prices".
November's deal between OPEC and non-OPEC members like Russian Federation has been slow to take hold, as many nations sold inventory out of storage before truly cutting exports.
On oil price decline, the OPEC scribe said that the cartel has no issues with people taking position, adding that the producers' group has made a decision to focus on the fundamentals. "We want to institutionalise cooperation between OPEC and non-OPEC producers", Saudi Energy Minister Khalid al-Falih said.
U.S. President Donald Trump's withdrawal from the Paris agreement, the landmark 2015 global pact to fight climate change, drew condemnation from Washington's allies and many in the energy industry - and sparked fears that U.S. oil production could expand more rapidly than it is now.
"Doubts remain as to the likelihood that inventories will fall as Opec continues to constrain output", ANZ said in a research note.
But U.S. production is not growing as fast as the government earlier predicted.
Crude stockpiles were down to 6.4 million barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels.
However, US crude production rose to 9.34 million bpd last week, up almost 500,000 bpd from a year ago.
Growing worry over crude oversupply after Libya increased output has sent global oil prices lower, which is likely to result in a price cut of NT$0.5 (US$0.017) per liter for gasoline and diesel at CPC Corp.
Stokes century punishes South Africa
South Africa , however, then missed dangerman Stokes twice in his first two balls, with Maharaj again the unfortunate bowler. Earlier, England profited from at least six dropped catches after being sent into bat.
Marking difference with US, France urges dialogue with Iran
Obama's silence as Iranian leaders stole the 2009 presidential election while arresting and killing democratic protesters. Rouhani said in a press conference in the presence of over 300 domestic and foreign reporters in Tehran on Monday.
LIGO confirms gravitational wave for third time
By way of analogy, Landry likened spacetime to the canvas of a painting. "I wouldn't bet against it, frankly", Wagoner says. Even the gravitational hum from a neutron star could theoretically be detectable once LIGO is sensitive enough.
China's credit downgrade could 'reawaken risk'
At the same time, Moody's has changed to stable from negative the rating outlooks of 24 out of the 26 GRIs and rated subsidiaries. Meanwhile, growth in the world's second largest economy has dropped from 14.2% in 2007 to 6.7% a year ago .