Economy

Oil markets cautious as OPEC cuts are met by rising USA output

Oil markets cautious as OPEC cuts are met by rising USA output

While OPEC in their monthly report expects to see a larger oil supply deficit in 2018, the International Energy Agency (IEA) sees the appetite and an oil market oversupplied in the first half of 2018.

The dramatic shifts envisioned by the IEA in its World Energy Outlook would transform the US from an energy importer into a major player in global markets capable of producing 30 million barrels of oil and gas a day by 2025. If shale resources turn out to be double current estimates, and the use of electric vehicles erodes demand more than anticipated, prices could stay in a "lower-for-longer" range of $50 to $70 a barrel through to 2040.

With regards to access to clean cooking, the report said 80 per cent of the projected growth in gas demand takes place in developing economies, led by China, India and other countries in Asia. "Meeting this demand would require an overall investment of around $10.5 trillion across upstream, midstream and downstream operations" Opec Secretary-General, Mohammad Barkindo, said noting that the 2017 outlook was more positive than previous year, partly thanks to oil exporting nations' efforts to stabilise the market.

"I think this group of committed and responsible producers came together. and I think they will continue to do what it takes to take us to the next level", he said at an worldwide oil conference.

In Abu Dhabi on Monday, the UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei, said that oil producers were expected to unanimously extend a production cut accord later this month, but its duration was still under discussion.

More news: Trump picks former pharmaceutical executive as new health secretary

After hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014, oil prices have recently been hovering around the $55 mark.

The World Energy Outlook says that China, in an effort to reduce severe air pollution in major cities, will lead in the development and deployment of increasingly efficient solar photovoltaic panels. Forecasts for shale-oil output in 2025 were bolstered by 34 per cent to 9 million barrels a day.

"Electric vehicles are in the fast lane as a result of government support and declining battery costs, but it is far too early to write the obituary of oil as growth for trucks, aviation, petrochemicals, shipping, and aviation keep pushing demand higher".

It expects the USA to account for 80% of the increase in global oil supply to 2025, driven by increases in shale.

At the same time, the renewable energy sources will become more important.


  • U.S.  warns Islamic Jihad to drop war threat against Israel

    U.S. warns Islamic Jihad to drop war threat against Israel

    A total of 14 terrorists were killed in the aftermath of the tunnel collapse, including two senior Islamic Jihad field commanders. But the Al-Hayat report said that Islamic Jihad was undecided on what to do in the wake of the tunnel demolition.
    Misfiring Italy fail to reach World Cup for first time since 1958

    Misfiring Italy fail to reach World Cup for first time since 1958

    Their on-field celebrations proved too much for the Eurosport news desk, which they tackled and subsequently broke. The only regret is that it ended like this", he added. "We have believed in this, we know how strong we are".

    Opera Trading Capital Purchases Shares of 300000 Rite Aid Corporation (RAD)

    Several analysts have released their opinion on Rite Aid Corporation (NYSE: RAD ), with 1 analysts believing it is a strong buy. Tiaa Cref Investment Mngmt Ltd Limited Liability Company invested 0.01% of its portfolio in Rite Aid Corporation (NYSE: RAD ).
  • Rocket League Switch is out now!

    Rocket League Switch is out now!

    Japanese Nintendo has uncovered a number of Nintendo trademark applications that cover a variety of different series. Amiibo figures that can be used for this goal include ones that feature "Super Mario" and " Splatoon " characters.
    Police arrest 5 in officer-involved shooting

    Police arrest 5 in officer-involved shooting

    The Bristol County District Attorney's office is investigating whether the police shooting was justified. Neither Quinn's office nor Fall River police answered additional questions about the shooting yesterday.
    Russian Federation  accuses USA  of providing cover for the 'Islamic State' militia

    Russian Federation accuses USA of providing cover for the 'Islamic State' militia

    But Twitter users soon sniffed out the actual sources, which were all videos posted online more than a year ago. On Tuesday afternoon, Russian state-media also broadcast the footage as part of their news coverage.
  • Climate Change: 15000 scientists unite to give a second warning

    Climate Change: 15000 scientists unite to give a second warning

    They also warned of a potentially catastrophic loss of species due to extinction by the end of the century. But, by and large, humanity has done a awful job of making progress.
    Stock Review: Tracking Shares of Chipotle Mexican Grill, Inc. (NYSE:CMG)

    Stock Review: Tracking Shares of Chipotle Mexican Grill, Inc. (NYSE:CMG)

    Gateway Invest Advisers Ltd Limited Liability Company owns 0.01% invested in Moody's Corporation (NYSE:MCO) for 10,729 shares. Chipotle Mexican Grill Inc . had 201 analyst reports since July 22, 2015 according to SRatingsIntel. (NYSE:CMG) is now 2.96.
    Bharti Airtel sells stake in Bharti Infratel for Rs3,325 crore

    Bharti Airtel sells stake in Bharti Infratel for Rs3,325 crore

    Bharti Infratel settled 4.16 per cent down at Rs 394, whereas Bharti Airtel closed at Rs 497.70, down 0.07 per cent on Tuesday. With this movement, the share price of Bharti Infratel tumbled by almost 4% on stock exchanges.
  • Oppo F3 Plus 6GB RAM variant launched: Specs, price and more

    Oppo F3 Plus 6GB RAM variant launched: Specs, price and more

    Connectivity options include 4G VoLTE, Wi-Fi, Bluetooth 4.1, GPS, USB OTG, 3.5mm audio jack, and MicroUSB 2.0 port. Ever since OPPO F1 was released, the smartphone company has had a good run with its photography-centric F series.
    Jurvetson is on leave from Tesla and SpaceX boards after harassment claims

    Jurvetson is on leave from Tesla and SpaceX boards after harassment claims

    DFJ announced Jurvetson's departure in a letter to the firm's limited partners today, according to Recode . We felt the responsible thing to do was to launch an independent investigation, and so we did.
    YouTube blocks videos of late jihadist cleric

    YouTube blocks videos of late jihadist cleric

    His radical message was reportedly influential in attacks on the Boston Marathon , in Fort Hood , San Bernardino , and Orlando . Social media has increasingly become a tool for recruiting and radicalization by the Islamic State of Iraq and Syria ( ISIS ).