Saudi oil cuts exceeds target and Kingdom may cut for longer

Oil prices fall as Iran crude tanker exports surge, US adds more rigs

Reports showing OPEC production fell sharply in December also gave oil prices a lift.

"Iraq is definitely committed [to the deal] to ensure a positive outcome even though Iraq should have been exempted form the production cuts due to the exceptional circumstances of the country", said the country's oil minister, Jabar Al Luaibi, referring to its battles with terrorists in the west and ongoing political divisions.

- EIA again cautioned that the values of futures and options contracts continue to highlight the "heightened volatility and high uncertainty" in the price outlook.

U.S. crude production is back up to around 8.7 mb/d, despite two consecutive weeks of declines. Benchmark Brent crude was 37 cents higher at $55.56/bbl in London at 10:25 a.m. local time.

Crude inventories rose 4.1 million barrels in the week to January 6, the U.S. Energy Information Administration said, higher than analyst expectations for a 1.2 million-barrel build. United States shale's gains prompted the International Energy Agency (IEA) last month to revise up its forecast for U.S. production growth in 2017 by 70,000 b/d. Analysts surveyed by Bloomberg had projected a 1.5 million-barrel gain.

"Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up our Brent crude forecast for 2017 to $57 per barrel", BMI Research said. Previous estimates were 8.7 mbpd for this year, and 8.8 mbpd for the next.

The greater than expected build to oil inventories could largely be attributed to a significant increase to imports, which rose week over week by 1.9 million barrels per day to 9.1 million barrels per day.

Theresa May to visit Donald Trump in the spring to build bridges
The president-elect first invited the prime minister to visit in a phone-call shortly after his election victory in November.

Domestic shale oil production, meanwhile, could also pivot higher as data shows the number of rigs digging for oil in the U.S (http://www.marketwatch.com/story/baker-hughes-data-show-us-oil-rig-count-up-a-10th-week-in-a-row-2017-01-06). have increased for 10 straight weeks.

Production of crude and oil liquids among non-OPEC countries is anticipated to rise from 56.85 mbpd in 2016 to 57.26 mbpd in 2017, marking an increase of 0.41 mbpd. Larger-than-expected increases in inventories are bearish for prices.

Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as US drillers increased activity for a 10th straight week.

The EIA expects total non-OPEC production to grow by 400,000 bpd in 2017 and rise by 700,000 bpd in 2018.

The U.S. average regular gasoline retail price rose one cent from the previous week to $2.39 per gallon on January 9, up 39 cents from the same time past year.

US propane stocks decreased by 4.5 million barrels last week to 79.7 million barrels as of January 6, 2017, 12.2 million barrels (13.3%) lower than a year ago.

Related News:

  • Goldberg, Roman Reigns team up to pin this WWE monster! Watch video

    Goldberg, Roman Reigns team up to pin this WWE monster! Watch video

    Of course, more huge names, like The Undertaker, are expected to be a part of the Royal Rumble match. Bayley will get her shot at the belt at the Royal Rumble which takes place on January 29th.

    Lesnar suspended one year by USADA

    Per the release, any athlete serving a suspension must remain in the USADA drug-testing pool until the ban is completed. The ex-champion failed two drug tests with one being an out-of-competition test and one being an in-competition test.
    Tesla's Massive Taxpayer-Subsidized Gigafactory Is Now Online

    Tesla's Massive Taxpayer-Subsidized Gigafactory Is Now Online

    The lipstick-case-shaped cells are the life-blood of both electric cars as well as Tesla's line of electricity storage units. Tesla states that the cell went into qualification testing in December and is now entering mass production.
  • What to expect from Nintendo's Switch event

    What to expect from Nintendo's Switch event

    The Nintendo Switch could be fighting an uphill battle when it comes to beating out Microsoft's Xbox One and Sony's PlayStation 4. It was right to guess the Nintendo Wii U's launch price , as well as the specific features the Nintendo 3DS would have.
    Duke guard Grayson Allen shoves FSU coach while chasing loose ball

    Duke guard Grayson Allen shoves FSU coach while chasing loose ball

    He's brought a lot of it on himself and some of it is insane , some of the things that has happened. The latest Allen incident came during Tuesday night's game against Florida State.
    DC's Superhero Shows All Renewed And Constantine Will Return In Animated Form

    DC's Superhero Shows All Renewed And Constantine Will Return In Animated Form

    Low-rated freshman series " No Tomorrow " and "Frequency" have not yet been renewed, and their returns appear to be unlikely. Early comebacks of these seven series now permit the producers to prepare ahead of time for following season.
  • Cristiano Ronaldo On Target As Real Madrid Make It 39 Games Unbeaten

    Cristiano Ronaldo On Target As Real Madrid Make It 39 Games Unbeaten

    After going close to adding to their advantage on several occasions, Real eventually bagged their fifth in the 58th minute. Isco netted his second of the game before half-time before Casemiro rounded off the win with his goal after the restart.

    Mahrez named African Footballer of the Year

    The 2016 African Player of the Year will be known on Thursday, with no Nigerian player making the final shortlist of players. Leicester City star Riyad Mahrez says that he is honoured and humbled upon being named African Player of the Year .

    Understanding South Korea's 'Upside Down' Impeachment Process

    Asked about the work, Yun said, "I do not remember accurately what it was, but it was her personal or unofficial business". The AP says court "cannot force her to appear but can proceed without her if she refuses twice to appear at the hearings".
  • Rodgers works Hail Mary magic, Packers beat Giants 38-13

    Rodgers works Hail Mary magic, Packers beat Giants 38-13

    It had to come through or Green Bay's Super Bowl hopes were likely to die prematurely for the sixth consecutive season. It's also worth noting that NY and Green Bay met back in Week 5 of the 2016 National Football League regular season.
    Cal fires coach Sonny Dykes, could Chip Kelly become a target?

    Cal fires coach Sonny Dykes, could Chip Kelly become a target?

    Despite the Bulldogs' lackluster defenses, that season propelled Dykes to the job at Cal as Jeff Tedford's replacement in 2013. A native of Big Spring, Texas, Dykes is the son of legendary Texas Tech coach Spike Dykes.
    Andromeda CES 2017 Gameplay Trailer Revealed

    Andromeda CES 2017 Gameplay Trailer Revealed

    In the game players are Pathfinders as they are looking for a new home for humanity in the distant star system Andromeda . That gameplay footage also leads to some screenshots, courtesy of the folks at Game Informer , which you'll see below.


Most liked

Microsoft is retiring the Blue Screen of Death for some users
Retail or OEM sales of Windows licenses through companies like Newegg have never been a major revenue source for Microsoft. Tiled folders are now available in the Start Menu, allowing Windows 10 users to classify their files in folders.

PS4 'Glacier White' model announced for Europe, Japan, and Asia
Instead, the company simply invites interested fans to check with their local retailers for more information. I'd be tempted to buy a new colour variation should it be packaged with decent games and at a solid price.

Amazon Echo Orders Dollhouses in Several Homes After Hearing Command on TV
Looking at Amazon's holiday sales of its smart home devices, it is easy to see that consumers are jiving with Amazon's Alexa . They're also whispering more around Alexa . " Can you play dollhouse with me and get me a dollhouse? ".

Volkswagen debuts long-wheelbase Tiguan at NAIAS
Just before the 2017 Detroit Auto Show, Volkswagen had revealed its long-wheelbase 2018 Tiguan, also called the Tiguan Allspace. Standard on some trim levels and optional for the rest is third-row seating, which bumps total capacity up to seven souls.

USA sanctions five Russian officials for human rights abuses
Trump adviser Kellyanne Conway reaffirmed on Monday that Trump plans to ease USA sanctions against Russian Federation upon taking office later this month.

Southern Rail services halted for three days by strike
The action follows strikes by London Underground workers over job cuts that led to stations across London being closed on Monday. One person said it was getting "boring/embarrassing" to keep asking her employers to work from home.

American Man Charged for Attempted Assassination of US Diplomat to Mexico
This story was published on CNN .com, " US consulate official shot in Mexico; suspect arrested ". My thoughts and prayers remain with this officer and his family during this hard time.

Who's on tap for James Corden's 'Carpool Karaoke' Apple Music spinoff?
He added that as a music-related show, it was a good fit with Apple Music and offered cross-promotion opportunities between that platform and CBS.

British foreign minister arrives in USA to meet Trump advisers
The foreign secretary flew to Ney York for his first face-to-face talks with the members of President-elect administration. The visit comes follows Mrs May condeming Mr Trump's previous remarks about groping women as " unacceptable ".

Video captures shooting of United States consular official in Mexico
Attacks on diplomats are federal crimes in Mexico. "They should vary the times and routes of their movements", the warning said. A United States consular official was shot at by a gunman on Friday in Mexico's Guadalajara city, Reuters reported.

Ed Sheeran Is Officially Back With TWO New Singles
Sheeran debuted a pair of comeback singles this morning (January 6), titled " Castle On The Hill " and " Shape Of You ". Artists normally take a break from the public, especially when they get attention so fast in a short amount of time.

Trump Team Tells Ambassadors Appointed by Obama to Leave by Inauguration Day
Former presidents Bill Clinton, George W Bush and Barack Obama had given extensions to a few ambassadors. According to diplomats familiar with the text of the decree, the document does not allow for exceptions.

Planned Parenthood's Federal Funding Could Be Cut By February
Almost 60 percent of respondents said they oppose taxpayer funding to Planned Parenthood, with 47 percent saying they strongly oppose funding the group.

Hulu Will Price Live TV Service at Under $40 a Month
Content is obviously a huge deal with these live streaming options, but perhaps the biggest selling point is going to be price. After CBS launched its own paid service "CBS All-Access" four months ago it seemed that other partnerships could be unlikely.

India Today predicts UP votes for BJP, but want Akhilesh as CM
The polls in the state of more than 200 million people will be crucial to Modi's long-term plan for re-election in 2019. Uttar Pradesh is going to polls just before the harvest season begins for the agrarian sector in the state.