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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil rises as global demand rises

    Rocky
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    • Post n°1

    Oil rises as global demand rises Empty Oil rises as global demand rises

    Post by Rocky Sun 13 Aug 2017, 2:33 am


    Oil rises as global demand rises

     Baghdad / Range

    Oil prices have seen little gains in volatile trading as the market assesses the impact of a drop in US crude stocks and instability in Nigeria as well as strong growth in global demand at a time when market equilibrium is slowing.
    Global Brent crude <LCOc1> rose 20 cents to settle at 0.39 percent to $ 52.10 a barrel, while the WTI rose 23 cents, or 0.47 percent, to $ 48.82 a barrel. US crude fell 1.5 percent on a weekly basis, while Brent crude 0.6 percent.
    The International Energy Agency (IEA) said it adjusted the standard demand data for 2015 and 2016, which means that the low demand base in 2016 and 2017, coupled with the lack of change in the high supply data, could lead to a slow rate of drawdown from stocks initially expected.
    In Nigeria, hundreds of people stormed a crude oil facility and a gas station owned by Royal Dutch Shell in the Niger Delta on Friday, demanding jobs and infrastructure development, a Reuters witness said.
    Global demand for oil will grow at a faster pace than expected this year, helping to reduce supply oversupply, despite rising crude production in North America and weak compliance by OPEC members with production cuts, the International Energy Agency said in its monthly report.
    The agency revised its forecast for demand growth in 2017 to 1.5 million bpd, compared to estimates of 1.4 million barrels per day in its previous monthly report, and said it expected demand to grow by another 1.4 million bpd next year.
    "Producers have to be encouraged by demand, which is growing on a year-on-year basis than initially expected," the Paris-based energy agency said. "Confidence will be strengthened that the restoration of balance will continue, if some producers involved in production agreements do not show signs of weakness as they strengthen their positions," said the agency, which advises industrialized countries on energy policy.
    The Organization of the Petroleum Exporting Countries (OPEC) is cutting production by 1.2 million barrels per day, while Russia and other producers outside the Organization to reduce production of 600 thousand barrels per day until (March) 2018, in order to support oil prices, bringing the total agreed reduction between the two sides To 1.8 million barrels per day.


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