teknolojiarsivi.com
teknolojiarsivi.com September 25, 2017


Oil Prices Drop 5 Percent after OPEC Meeting in Vienna

04 June 2017, 06:26 | Vickie Mathis

It's set to be a bright start here in London

Canary Wharf

Khalid Al-Falih said he expected a "healthy return" for USA shale and remained defiant that a boom in US shale won't derail OPEC's effort to tackle the demand and supply imbalance.

"Both Brent and WTI traded around one-month highs ahead of the OPEC meeting, but were tempered when Saudi Arabia's oil minister played down further reductions in any new OPEC output deal".

Well then - it looks as though OPEC, Russia and other major oil producers have agreed this week that they are going to hold their collective brush power for another nine months.

Concerns remain that OPEC-led production cuts will support a further rise in output from the USA, where producers can operate at much lower costs.

USA crude prices were down 0.84 per cent at US$50.93 a barrel even as Organization of the Petroleum Exporting Countries delegates said that the producer group had made a decision to extend cuts to March. Crude oil prices fell quite sharply in the aftermath of this announcement however, with many investors clearly having hoped for more aggressive cuts.


Brent crude futures were at $51.09 per barrel at 0348 GMT, down 37 cents, or 0.7 percent, from their last close.

In any case, given the seasonal increases in demand in the second half of the year, the company believes that a nine-month extension should be more than enough to bring stocks down to their five-year average.

However, an exemption would automatically undermine OPEC's effort to push up prices by extending the cut agreement, OilPrice indicated.

OPEC accounts for a third of global oil production and includes numerous world's largest oil exporters such as Saudi Arabia and Qatar.

Year to date, USO has added more than $125 million in new assets, but there are some signs traders are growing exhausted of the fund from the long side as USO lost almost $15 million in assets since the start of the current quarter. Beyond bloated inventories, one of the main reasons markets have not tightened more has been USA oil production, which has soared more than 10 percent since mid-2016 to 9.3 million bpd. Falih informed that OPEC members Nigeria and Libya would still be excluded from cuts.



Other News

Trending Now

Who Got Eliminated On The Bachelorette 2017 Tonight? Premiere
A guy named Adam showed up with a rather large puppet called Adam Jr., which seemed to freak Rachel out. And then the limo exits commence. "I cut my brother down from a tree when I was 7 years old".

John Clayton the latest casualty of layoffs at ESPN
ESPN declined to comment on the matter for The Post and Clayton has not responded to a request for comment. The Sporting News report notes that KIRO is owned by Bonneville International, and licenses the ESPN name.

Serena's back at a Slam! OK, sort of; she watched Venus win
A little luck has already unfolded with the loss of No6 seed Dominika Cibulkova, who Williams might have met in the fourth round. Earlier this year, Serena Williams inadvertently announced on Snapchat that she was expecting a child .

Lue: Cavs' Irving feeling 'good' after Game 4 ankle injury
He hit a driving layup with less than two minutes left in the third quarter, but stepped on one of Terry Rozier's feet. We'll need all the help we can get if we hope to extend this series and put off the offseason.

To many, Memorial Day has lost its meaning
The date of Decoration Day, as he called it, was chosen because it wasn't the anniversary of any particular battle. If you're a bit hazy on the difference between Memorial Day and Veterans Day , you're not alone.

Fox News finds itself in an unaccustomed spot _ out of first
Fox's Shepard Smith had the most-watched hour of the evening while pre-empting " The Five " at 9 p.m. To be fair, Fox isn't losing viewers - for now it's just bragging rights to No. 1 that are in play.

North Korea says ballistic missile test successful
As a result, North Korea is stepping up its development of advanced weapons that would allow the country to defend itself. Prior to Tuesday, the USA military had conducted 17 tests of its missile-defense system and nine were successful.

James passes Jordan, Cavs back in Finals with 135-102 win
Aside from a Game 3 upset after losing Thomas to a hip injury, the Celtics lost by margins of 13, 44, 13, and 33 points. Turns out Irving was just getting warmed up en route to scorching."Very unstoppable", is the way Lue described Irving.

Palestinian stabs Israeli officer, is shot
Trump left for Jerusalem after the welcome ceremony for his meeting with Israeli president Reuven Rivlin at the President's House. The status of Jerusalem is ultra-sensitive and has been among the most hard issues in Israeli-Palestinian peace talks.

Phil Jones warns team-mates on Europa League final
And I know he's a Manchester United fan, so I tell him the same as I tell everyone: "I will not stop here". Hopefully we can start from the final against Ajax on Wednesday.