• News
  • Medicine

IEA expects rise in non-OPEC oil output

IEA expects rise in non-OPEC oil output

It estimates that Opec crude output fell by 365,000 bpd last month to 31.68 million bpd, with Saudi Arabia cutting by more than it has pledged, while Nigeria and Libya, which are exempt from cutting, have had further disruptions to their production.

Supply and demand in the oil market are close to matching up, the IEA said today, as landmark OPEC-led production cuts are mitigated by rising U.S. supply and slipping worldwide demand growth.

The IEA projected the oil market would likely tighten throughout the year as non-OPEC oil production, not just in the US, is forecast to increase once again.

OPEC data showed members of the group had cut March output beyond the level they had promised. This would provide further support to prices, which in turn would offer further encouragement to the United States shale oil sector and other producers.

Oil had rallied above $US53 a barrel after some members of the Organisation of Petroleum Exporting Countries voiced support for prolonging production cuts with other nations beyond June.

As with Wednesday's report from Opec in Vienna, the IEA sees the USA as the main contributor to net growth this year of almost 500,000 bpd after a dip last year of almost 800,000 bpd, with the U.S. expected to raise production by 680,000 bpd.

In its closely watched monthly oil market report, the IEA reduced its forecast for 2017 demand growth to 1.3 million barrels a day, warning that this outlook could still "prove optimistic".

More news: Latest rumored OnePlus 5 specs include 8GB of RAM

Oil inventories fell in March but probably showed a rise in the first quarter of this year overall because oil consumers stockpiled crude before the OPEC-led cuts took effect properly, the IEA said.

Still, the IEA said, global oil supply and demand appear to be rebalancing after more than two years of oversupply.

Even at this mid-way point, we can consider what comes next.

"The net result is that global stocks might have marginally increased in 1Q17", it said.

Global benchmark Brent futures added 13 cents or 0.25% to trade at $55.99 a barrel on the ICE Futures Exchange in London.

Oil prices are still around 25 per cent higher than they were a year ago, and roughly stable over the past three months, despite frequent day-to-day volatility.

Leave Your Comment

Leave Your Comment


Latest News

  • CA affirms guilty verdict vs Pemberton

    CA affirms guilty verdict vs Pemberton

    She said: 'The (lower) courts set aside all evidence that shows that another person could have killed Laude. Pemberton said the lower court erred in convicting him due to the testimony of forensic expert Dr.
    The Most Valuable Team in Baseball Didn't Make the Playoffs Last Year

    The Most Valuable Team in Baseball Didn't Make the Playoffs Last Year

    The Tigers spent more than $200 million on players previous year and are just shy of that mark in 2017. Forbes said today it estimates the Yankees are worth $3.7 billion, up 9% from past year .
    Trial of Samsung heir focuses on father-to-son succession

    Trial of Samsung heir focuses on father-to-son succession

    Clad in a white shirt and grey suit, Lee, himself the vice-chairman of Samsung Electronics , was mostly expressionless. The suspension of the Galaxy Note 7 phablet a year ago dealt a blow to its market presence as well as its reputation.
  • Chief Keef arrested in Miami, and his mugshot is the best ever

    Chief Keef arrested in Miami, and his mugshot is the best ever

    Officers saw Cozart moving his hands around in the auto and was also held at gunpoint with a stun gun, the report said. Keef also allegedly advised officers about the probable outcome if he was tested for illegal substances.
    Leaders Chelsea maintain 7-point gap over Spurs

    Leaders Chelsea maintain 7-point gap over Spurs

    The Belgian playmaker was named PFA Player of the Year after helping to inspire Premier League glory in 2014-15. I'm very happy to face this type of situation, to play with only four points above our opponent.
    Tillerson: 'There is no change' to US  stance on Syria

    Tillerson: 'There is no change' to US stance on Syria

    Mr Johnson spoke with USA secretary of state Rex Tillerson, who is still due to visit Russian Federation , before making his decision.
  • Tragedy on Canadian Mountain: 'I Think Your Friends Have Fallen'

    Tragedy on Canadian Mountain: 'I Think Your Friends Have Fallen'

    No information about the identities of the missing snowshoers is being released until all the family members have been notified. Ferries, 62, said that's when he knew the entire group had fallen when a cornice, or snow ledge, had fallen from under them.
    Marcos Alonso sends Diego Costa warning to Manchester United defenders

    Marcos Alonso sends Diego Costa warning to Manchester United defenders

    I am in a team that is winning and that motivates me even more , " Costa explained. This year I hope will be different, that we win titles.
    'N Korea blasts US strikes on Syria, says justify nukes'

    'N Korea blasts US strikes on Syria, says justify nukes'

    The launches are considered to be in violation with the corresponding resolution adopted by the United Nations. Mr Chang said Chinese leader Xi Jinping would have considered the strike as a "sign of disrespect to him".
  • Owner saves his dog from icy pond

    Owner saves his dog from icy pond

    The whole ordeal was captured by a TV crew who was in the area to report on a story about ice safety. Earlier this month, firefighters rescued a youth who wandered onto thin ice in Ted Hole Park .
    Who Will Be Eliminated on Tonight's 'Dancing With the Stars' Episode?

    Who Will Be Eliminated on Tonight's 'Dancing With the Stars' Episode?

    In honor of the episode's theme, " Most Memorable Year ", the 20-year-old looked back on 2000 - the year she was adopted. She earned a score of 36 out of 40 from the judges. "I just heard what you did", he tweeted.
    South Carolina and Gonzaga on the defensive in Final Four

    South Carolina and Gonzaga on the defensive in Final Four

    That helped the Gamecocks stick with Gonzaga after the Bulldogs began the game shooting 60 percent at the first media timeout. He missed his second free throw on objective but Gonzaga's Zach Collins rebounded and made two free throws to clinch it.
  • Venezuela protesters target Maduro, vow to keep up pressure

    Venezuela protesters target Maduro, vow to keep up pressure

    Venezuela has struggled with triple-digit inflation, food and medical supply shortages amid an ongoing economic slump. The protesters were seen carrying Venezuelan flags and anti-Maduro signs as they hurled rocks and sticks at police.
    Fewer hurricanes for 2017, but three could be 'major'

    Fewer hurricanes for 2017, but three could be 'major'

    Out of those, his department forecasts 4 will become hurricanes, compared to the typical 6 to 7 in any given season. It only takes one storm to hit the coast to make an "inactive" season an "active" season for the ones affected.

    Dodge Challenger SRT Demon to Debut at 2017 New York Auto Show

    High-performance engines often have higher compression ratios and thus need fuel with higher octane ratings to avoid knocking. The hashtag #DodgeDemon is the next part that will be seen in the Dodge performance story.
  • Spring sunshine could give way to wintry washout for Easter weekend

    Northern regions face chilly gales, heavy rain and even snow over high ground as temperatures nosedive in the coming days. We're tracking another dry day across Northeast Kansas, but the sky conditions will be changing for the rest of the week.
    Top NFL prospect Myles Garrett bench presses a reporter

    Top NFL prospect Myles Garrett bench presses a reporter

    One of the most hard prospects to get a feel for is North Carolina quarterback Mitchell Trubisky . His father, mother and uncle were college athletes, and Thomas is the best of the bunch.
    Rise in sea temperatures blamed for damage to Great Barrier Reef

    Rise in sea temperatures blamed for damage to Great Barrier Reef

    The reefs which were damaged two years in a row, the problem reached to be extremely severe because they are dying off. Securing a future for coral reefs "ultimately requires urgent and rapid action to reduce global warming ".

Breaking News



Recommended

Watch Tim Tebow smash his second home run of the season

The Fireflies continue their season with three straight home games against the Hickory Crawdads starting Monday night at 7:05 pm. In the second inning, Columbia took a 3-0 lead after Ali Sanchez hit a two-run single and Gene Cone hit an RBI single.

The Crown season 3: Claire Foy talks departure after season 2

Stranger Things , another Netflix original series, was nominated for the BAFTA for Best International TV series, according to Deadline.

Burger King tried to hijack the Google Home with new Whopper ad

It raises the grim prospect of more marketers abuse of the growing number of voice activated devices in people's homes. Should companies try to break through your TV to continue their advertising via your connect devices?

Coca-Cola European Partners plc (CCE) Receives $43.94 Consensus Target Price from Analysts

According to sentiments of 20 analysts the mean estimates of short term price target for the company's stock is marked at $44.11. Bernstein set a $48.00 target price on shares of The Coca-Cola and gave the stock a "buy" rating in a research report on Monday.

Yankees worth big league-high $3.7 billion

For the day, Pineda fanned 11 in his 7-2/3 innings, allowing the two hits and no walks, throwing 93 pitches, 67 for strikes. Montgomery was on the AA and AAA level in 2016, recording a 14-5 record with a 2.13 ERA in 25 starts. "He's doing good.

Saints pre-season opponents announced

A Spanish language radio broadcast is also available on the Louisiana Spanish Network (WGSO 990 AM in the New Orleans area). New Orleans then finishes up by hosting the Baltimore Ravens on either August 31 or September 1.

USA stocks close flat amidst geopolitical tensions

By the close, gold for June delivery was up $20.30, or 1.6%, at $1,274.20 an ounce - its loftiest settlement since early November. United shares on Monday were testing resistance at their 10-week moving average, trying to climb the right side of a base.

Executions in China said to outpace world despite decline

The following methods of execution were used across the world: beheading, hanging, lethal injection and shooting. Two Caribbean countries -Antigua and Barbuda and Bahamas- commuted their last remaining death sentences .

South Africans hold nationwide protests against Zuma

Many who attended the protest at the Union Buildings flew the South African flag high and held up placards against Zuma . The Guptas deny any wrongdoing, and Mr Zuma has said there was nothing improper in the way he chose ministers.

Bradley Cooper and Irina Shayk welcome first child

A source said at the time: "Engagement or marriage may happen under the radar because they are very private people ". An insider said: " Bradley has been there for her and is loving seeing the baby grow inside her".