Nigeria, two others push OPEC oil output higher

15 August, 2018, 05:26 | Author: Billie Castillo
  • So what would the loss of Iranian oil exports look like

Benchmark Brent crude oil was up 10 cents at $72.91 a barrel by 0930 GMT. USA stock indexes broadly gained, supporting oil futures.

OPEC agreed in June to increase output by one million bpd in a bid to prevent sharp rallies in crude prices that could potentially curb consumer demand.

West Texas Intermediate was down 0.6% to $67.34 per barrel at 3:15 p.m. ET.

Turkey's financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa's rand, Argentina and Mexico's pesos and the Russian rouble.

At the same time, OPEC lowered its global oil-demand growth estimate by 20,000 bpd, to 1.64 million bpd this year.

OPEC has modeled four different scenarios to quantify the likely impact of trade tariffs on the global economy and global oil demand.

Hedge funds and other money managers reduced their bullish positions in US crude futures and options in the week ending on August 7, data from the US Commodity Futures Trading Commission showed on Friday.

Pouille sinks Murray in Cincinnati opener
TORONTO-On Sunday, Stefanos Tsitsipas left his teenage years behind him as he contested his first-ever ATP Masters 1000 final. Stephens had dominated the first set, scoring two early breaks to race into a 4-0 lead against a hesitant Svitolina.

Increased production in Nigeria, Kuwait and the UAE more than offset the drop recorded in Libya, Iran and Saudi Arabia, according to Bloomberg.

USA energy companies last week added the most oil rigs since May, adding 10 rigs to bring the total count to 869, according to the Baker Hughes energy services firm.

That was the highest level of drilling activity since March 2015. The Organization of the Petroleum Exporting Countries said on Monday that Saudi Arabia had cut production.

Robust oil demand, geopolitical tensions, plunging Venezuelan production, Libyan outages, and returning US sanctions on Iran's oil have all combined, at various times, to boost crude oil prices so far this year.

The United States has started implementing new sanctions against Iran, which from November will also target the country's petroleum sector.

Economists, analysts, and investment banks haven't fundamentally altered their assumptions for global economic growth and oil demand growth, but they all warn that trade disputes are adding yet another-quite bearish-wild card to watch for in oil price trends.

But demand for crude may not climb by as much as previously thought, raising concerns that the market may slip into over-supply once again.

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