OPEC Publishes Wrap-Up of 2017 Oil Data

The national consumer watchdog has said Australian motorists are directly paying for the extravagance of oil-rich Middle Eastern nations

USA sanctions on Iran also threaten to reduce oil exports from that OPEC producer.

An OPEC source familiar with Saudi thinking said that Riyadh and Washington had discussed their oil policies before the United States announcement on Iran.

Back in April, when oil prices hit a three-and-a-half year highs, U.S. President Donald Trump slammed OPEC for manipulating oil prices in a tweet saying that oil prices were "artificially very high" and "will not be accepted".

Saudi Arabia's pricing announcement for its monthly crude exports gives the first indication of how Gulf producers see markets. And the imposition of USA financial sanctions against Venezuela's government helped push crude prices to 20 cents shy of $80/bl on May 22.

Reuters reported on May 25 that the producers were considering a supply increase of 1 million bpd, with a final decision to be made at the June 22-23 meeting in Vienna of OPEC and non-OPEC ministers. Global reserves decreased by 0.4% year over year in 2017 and OPEC reserves dipped 0.3%, mostly due to lower production from Venezuela, the current world leader with reserves of almost 303 billion barrels.

"OPEC will not bow and obey" to USA pressure to increase oil production, said Hossein Kazempour Ardebili, one of Iran's representatives to the organization.

Headlines on OPEC members' plans for the meeting later this month will lead to volatile market swings, said Tariq Zahir, managing member of Tyche Capital Advisors in NY. Analysts had expected a drawdown of about 2 million barrels for the period. It's mostly because of a rise in EIA oil inventories and record weekly domestic production.

Mercedes Delay Upgrade due to Quality Issues
Canadian Lance Stroll , in the other Williams, caught the Wall of Champions in the morning and punctured a tire. Mercedes, closest rivals Ferrari and Red Bull have each won two races so far.

The poster maintained high production levels between 2014 and 2016 to protect its market share, a period in which the value of oil shipments declined.

OPEC members exported a total of 24.86 million barrels a day last year, down by 406,000 barrels compared to the prior year total, with most (62.6%) sent to the Asia-Pacific region.

OPEC and Russian Federation will meet on June 22 to decide whether to increase production following a fall in global inventories as world demand outstrips supply.

Kazempour said the group would unite in opposition to the US request.

United Kingdom retail prices in late May were at their highest since October 2014, reflecting underlying crude prices above $79/bl in the week to May 23. USA crude oil stockpiles were forecast to have fallen for the second consecutive week, a preliminary Reuters poll showed on Monday.

The price of oil has been under pressure given the potential for a trade war escalating over Washington's pursuit of tariffs.

Related News:

  • Battlefield 5 will feature a battle-royale mode

    Battlefield 5 will feature a battle-royale mode

    Whatever the case may be, it's not great news for gamers that every game seems to be going down this route now. What do you make of Battlefield V's new trailer? Starting from release, everyday will bring something new.
    Trump wants Russian Federation  to rejoin G-7

    Trump wants Russian Federation to rejoin G-7

    Trump called the summit a "one time shot" for Kim, but expressed optimism at the beginning of talks with the North Korean regime. But short of that, he also pledged the US would raise its own trade barriers to combat unfair trade practices around the world.
    Everton, Newcastle interested in Marcus Rashford loan

    Everton, Newcastle interested in Marcus Rashford loan

    Henderson captained England on Thursday against Costa Rica and was outstanding in the 2-0 win. He added: "I think he could be huge for England at the tournament".
  • Salah hits out at Ramos over Champions League final injury

    Salah hits out at Ramos over Champions League final injury

    Without their star man, Egypt were beaten 3-0 by Belgium after goals from Romelu Lukaku, Eden Hazard and Marouane Fellaini. At the Ulleval stadium in Oslo, Norway, who are not qualified for the World Cup, took a fourth-minute through Joshua King.

    Meghan Markle Makes Trooping the Colour Debut with Husband Prince Harry!

    Since her 2011 Trooping the Colour debut, Kate Middleton has never worn short sleeves, and neither did Princess Diana. He had a hip operation in April and retired from public life previous year .
    Arsenal sign Swiss captain Lichtsteiner from Juventus

    Arsenal sign Swiss captain Lichtsteiner from Juventus

    Lichtsteiner has been a valuable member of the Swiss national side, and will also lead the country in the FIFA World Cup 2018 . Unai Emery has made his first signing as Arsenal manager and he's gone for experience in the shape of Stephan Lichtsteiner .
  • Trump signals support for legislation lifting federal ban on marijuana

    Trump signals support for legislation lifting federal ban on marijuana

    Sessions directed federal prosecutors to reverse former President Barack Obama's work to ease punishment in nonviolent drug cases. It said the proposal has potential to dramatically reshape the nation's legal landscape for pot users and businesses.
    Salmonella outbreak linked to pre-cut melon sold at Walmart, Costco, Kroger

    Salmonella outbreak linked to pre-cut melon sold at Walmart, Costco, Kroger

    Those who reported illness said they had eaten pre-cut cantaloupe, watermelon, honeydew melon, or a fruit salad mix with melon. Young children, the elderly and people with weakened immune systems are more vulnerable to severe illness.
    'Best news ever!' Kim Kardashian's trip to the White House pays off

    'Best news ever!' Kim Kardashian's trip to the White House pays off

    When I just popped up on her phone, she said it was a moment where she knew that this is a moment. "She's really a nice person". Do you think more celebrities should involve themselves in politics? "This is not the end for me".
  • Erin Tañada: Duterte 'kiss' is 'form of violence'

    Erin Tañada: Duterte 'kiss' is 'form of violence'

    President Rodrigo Duterte said there was no malice when he kissed in public a Filipina during a public event in South Korea . While the woman has defended the kiss and said she was thrilled by her encounter, others said the president went too far.
    'God of Cricket' Sachin Tendulkar trolled for alleged nepotism

    'God of Cricket' Sachin Tendulkar trolled for alleged nepotism

    While Arjun, a left-arm fast bowler, has got a place in the four-day squad, he is not featuring in the limited-overs squad. WV Raman has been given an extension and will be the coach of this team as Dravid will be with the A squad in England.
    Kenya says plane on domestic flight missing, search halted until dawn

    Kenya says plane on domestic flight missing, search halted until dawn

    The plane, operated by East African Safari Air Express, took off from the western town of Kitale in the late afternoon Tuesday. The search was called off two times due to poor weather even after phone signals from the aircraft were located.


Most liked

Buffett, Dimon urge end to quarterly profit forecasts
They offered "common-sense" recommendations for public companies to improve governance and relations with shareholders. Several big companies like AT&T, Coca Cola, Facebook and UPS have stopped issuing quarterly earnings guidance.

EA Play 2018: Anthem release date and gameplay details announced
The latter's launch is far more limited, however, with Android users having first crack at the game's "pre-alpha" test version . EA will, however, monetise the game through paid cosmetic modifications to Javelins, much like the skins in Fortnite .

Iconic Yahoo Messenger will shut down after 20 years
Currently, Yahoo has no replacement for Yahoo Messenger, but it said it is testing new chat apps, like its Yahoo Squirrel . However, Yahoo Messenger could not keep up with messaging services from competitors such as Facebook , Apple, and Google .

Robert Whittaker vs. Yoel Romero II is going ahead after all
At a media availability for UFC 225 , CM Punk was asked if he would accept a White House invitation from President Donald Trump. Anderson (8-2) is the bigger and more powerful striker, but Holm has sharpened her skills over years of boxing and kickboxing.

LeBron James played in the National Basketball Association finals with a broken hand
On a personal level, I give thanks to him for giving my five-year-old a game-winner for the ages in these playoffs. The Cavaliers' largest lead in Game 4 was one point. "This feels like reality", Kerr said.

Authorities identify woman bitten by alligator
A man who claims to be a family friend said the victim's husband is in Chicago and is rushing to the scene. Since 1948, it says there have been 300 incidents when alligators have bitten people, and 22 have died.

At a fashion show, Anthony Bourdain, Kate Spade remembered
Of those with known mental health conditions who died by suicide, 41 percent used a firearm. If you know someone at risk of suicide, there are five steps you can take: 1.

Meghan Markle Makes Her Buckingham Palace Balcony Debut For Queen’s Birthday Celebration
While watching the flypast, the seven-year-old hilariously placed her hand over Prince George's mouth when he began to giggle. Meghan's premiere week continues on Jun. 14, when she and the Queen will travel to Cheshire for a series of royal events.

United States strikes ZTE deal, commerce secretary announces, but congressional critics object
They will simply monitor the compliance of the company with the USA export control laws. The new agreement will force ZTE to replace its top management and board, Ross said.

Halep breaks Grand Slam duck, wins French Open
However she looked exhausted in the fourth and Halep took advantage as she broke back and then backed that up with a hold to love. After leveling the match at a set apiece, Halep looked sharper and more energetic in the first couple of games in the third set.

EA Origin Access Premier subscription gets pre-launch games
Subscribers can play over 100 PC titles whenever they like as long as a Premier member is maintained. It'll also include all the titles from the existent Origin Access tier.

U.S. Service Member Killed, 4 Others Wounded in Somalia Attack
A USA service member was killed Friday in southern Somalia, according to four U.S. military officials. Al-Shabab, linked to al-Qaida, seeks to establish an Islamic state in Somalia .

Argentina replace injured Manuel Lanzini with River Plate star Enzo Perez
Manuel Lanzini became the latest addition to the casualty list this week, as he tore his anterior cruciate ligament in training. Lanzini is now expected to head back to London for more analysis and treatment while the other head to Russian Federation .

Del Potro to face Nadal in first French Open semifinal since 2009
Otherwise, he stayed steady in a 7-6 (5), 5-7, 6-3, 7-5 win over No. 3 Marin Cilic in a matchup between two past U.S. Top-ranked Simona Halep is up against 2016 champion Garbine Muguruza in the other semifinal match.

Qatar Airways boss apologises for 'sensationalised' sexist comments
Qatar Airways Chief Executive Officer Akbar al-Baker poses in front of an Airbus A350-1000 in Antalya, Turkey April 25, 2018. Later, at a CEO summit organized by CAPA Centre for Aviation, Mr Al Baker backtracked and said it was a joke.