Egypt, ILO launch economic empowerment program to secure sustainable jobs for youth, women    'We can't wait:' Biden to push US Congress for $1.9 trillion in COVID-19 relief    De Jong leads Barcelona to win over Elche in Spanish league    2 in 5 Americans live where COVID-19 strains hospital ICUs    Ora Developers Egypt signs EGP 2.54 billion loan agreement    Defense chief orders review of military sex assault programs    Nigeria's number one lender, Access Bank, is looking at Egypt    British supermodel Naomi Campbell visits Egypt    Personal loans dominate 77.5 % of NBE's retail banking portfolio    Egyptian pop music producer Mido Mounib dies at 41    Egypt will inoculate medical staff with COVID-19 vaccination this week    Egypt's Sisi ratifies extension of state of emergency for three months    New daily Coronavirus cases continued to fall over the weekend    South African mourns death of jazz 'giant' Jonas Gwangwa    Klopp says Burnley shock can spark Liverpool turnaround    Manchester City's Guardiola says Foden must not look to emulate De Bruyne    Eight cabinet ministers to deliver statements before Egypt's parliament this week    China rescues nine miners after 14 days trapped underground: CCTV    3,000 arrested at protests demanding Navalny's release    Sudan reiterates concerns over planned 2nd GERD filling without binding deal    IMF urges deficit control in Tunisia even as protesters demand jobs    Egypt's Sisi to inaugurate fish farming project in Port Said Saturday    Egypt reports 748 new coronavirus cases, 52 deaths on Friday    Donald Trump says goodbye to the White House    BREAKING: Egypt resumes diplomatic relations with Qatar ending 4-year boycott    Egypt reports 899 new coronavirus cases, 58 deaths on Tuesday    Egypt sends medical supplies to help Jordan battle coronavirus    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Oil prices rise, but 2018 outlook points to adequate supply
Published in Amwal Al Ghad on 18 - 12 - 2017

Oil prices rose on Monday amid an ongoing North Sea pipeline outage and signs that booming U.S. crude output growth may be slowing, although the 2018 outlook points to ample supply despite production cuts led by OPEC.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.66 a barrel at 0634 GMT, up 36 cents, or 0.6 percent, from their last settlement.
Brent crude futures LCOc1, the international benchmark for oil prices, were at $63.59 a barrel, up 36 cents, or 0.6 percent, from their last close.
Traders said the slightly higher prices came on the back of the North Sea Forties pipeline system outage, which provides crude that underpins the Brent benchmark, as well as indicators that U.S. oil production growth may be slowing.
North Sea operator Ineos declared force majeure on all oil and gas shipments through its Forties pipeline system last week after cracks were found.
"The force majeure … is acting as a major prop for crude," said Sukrit Vijayakar, director of energy consultancy Trifecta.
In the United States, energy companies cut rigs drilling for new production for the first time in six weeks, to 747, in the week ended Dec. 15, energy services firm Baker Hughes said on Friday.
Despite this dip in drilling, activity is still well above this time last year, when the rig count was below 500, and actual U.S. production C-OUT-T-EIA has soared by 16 percent since mid-2016 to 9.8 million barrels per day (bpd).
This means U.S. output is fast approaching that of top producers Saudi Arabia and Russia, which are pumping 10 million bpd and 11 million bpd respectively.
The rising U.S. output also undermines efforts by the Organization of the Petroleum Exporting Countries (OPEC), which is de facto led by Saudi Arabia, and a group of non-OPEC producers including Russia to withhold production to tighten the market and prop up prices.
Largely because of rising shale output from the United States, the International Energy Agency (IEA) said global oil markets would show a slight supply surplus of around 200,000 bpd during the first half of 2018.
Data from the U.S. Energy Information Administration (EIA) showed a similar surplus for that period and still indicates a supply overhang of 167,000 bpd for all of 2018.
Source: Reutres


Clic here to read the story from its source.