Oil edges higher on cuts to Saudi exports

Khalid al Falih speaks during a news conference in Riyadh

The oil cartel and partners agreed to slash production in December, taking 1.2 million barrels per day off the market in order to prevent supply glut and a further slump in crude prices.

Drilling rigs are parked up in the Cromarty Firth near Invergordon, Scotland, Britain January 27, 2015.

High drilling activity past year resulted in a more than 2 million bpd rise in production, to 12.1 million bpd reached this February, making the United States the world's biggest producer of crude oil ahead of Russian Federation and Saudi Arabia, with some 3.6 million bpd being exported in February.

April West Texas Intermediate crude, +0.82 per cent rose 86 cents, or 1.5 per cent, to $56.93 a barrel on the New York Mercantile Exchange, after prices rose 0.5 per cent last week, according to Dow Jones Market Data.

The report comes as OPEC countries and allied major oil producers led by Russian Federation are trying to balance the oil market.

According to an annual five-year outlook report by the International Energy Agency, the USA became the world's top oil producer in 2018, and is set to become the world's biggest oil exporter over the next five years. Now comes word that OPEC and its allies plan in April to keep its oil output well below the level pledged as part of its original deal.

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group's meeting in April and that China and the U.S. would lead healthy global demand for oil this year.

Philadelphia Eagles signing Malik Jackson will work wonders on defense
Jackson was slated to make $10 million in 2019 on the final year of his three-year, $33.5 million deal with the Bucs. At 32-years-old, Jackson is still a burner, on the field and of holes in the pockets of the Buccaneers.

The United Arab Emirates in February exceeded its OPEC target for oil output cuts, achieving 119 percent of its goal, the country's energy minister said on Tuesday at an energy conference.

Markets have been further tightened by the implementation of US sanctions against oil exports from OPEC-members Iran and Venezuela.

A host of involuntary supply curbs in OPEC members, caused by unrest in Libya and United States sanctions on Iran and Venezuela, have also boosted prices.

In the near term, upcoming reports on USA inventories are expected to show that crude stocks rose 2.7 million barrels last week.

With a projected 2.3 million barrel of crude oil production per day and $60 oil benchmark in the 2019 budget, the rise in the oil prices, they say is healthy for the finance of the budget which has an unprecedented huge capital expenditure component.

The first report, from the American Petroleum Institute, an industry group, is due at 4:30 p.m. EDT (2030 GMT), followed by the government's official supply report on Wednesday.

Related News:



Most liked

Ole Gunnar Solskjaer: Arsenal defeat 'lowest' point as Manchester United manager
The victory saw Arsenal go above United and occupy fourth place in the table. But then again they have got three points and we haven't.

Man charged with assaulting driver for singing to Christmas music
The trooper said that Lucas resisted being handcuffed, and he had to sweep the man's legs out from under him to gain control. According to police, Clayton Lucas was getting his Scrooge on when he tried to strangle his Christmas song loving driver.

Felicity Huffman, Lori Loughlin indicted in alleged Ivy League college admissions scheme
Macy has not been charged nor have the colleges, which all released statements saying they knew nothing about the scheme. Both Loughlin and Huffman went through Singer to gain admissions into colleges for their children, authorities said.

40,000 Fans Scream "SIII" After Cristiano Ronaldo Scores His Hat-Trick
Cristiano Ronaldo slots home from the penalty spot to complete his hat-trick and send Juventus through. Before that, he had played every domestic game - 26 Serie A matches and two in the Coppa Italia.

Browns to acquire Odell Beckham Jr. from Giants
This trade included the Giants getting guard Kevin Zeitler , who they actually received via the Olivier Vernon trade last Friday. Big Blue is reportedly still involved in talks to trade their veteran Pro Bowl receiver, per Jeff Howe of The Athletic .

Spotify Premium Now Comes With Hulu for Free
The joint account does not apply to Spotify Family subscribers paying $14.99 a month for up to five people. That's particularly relevant to students, who pay $4.99 for Spotify Premium, Hulu, and Showtime.

Green Bay Packers sign Preston Smith: Grade, reaction and more
Just moments later, Rapoport also tweeted that the Packers are expected to sign former Chicago Bears safety Adrian Amos . The organization is looking to make sure that doesn't happen again in 2019 by addressing their needs in free agency.

College coaches, actresses indicted in admissions bribery case
Actresses Lori Loughlin and Felicity Huffman were indicted in a nationwide, federal college admissions bribery case. It does not appear the schools were involved in the wrong-doing.

Browns are interested in signing former Ravens LB C.J. Mosley
He was the second-best free agent linebacker on NFL .com's list of the 101 best free agents, behind only Minnesota's Barr. The contract is a bit pricey but it will be well worth it if the Jets defense could live up to its apparent potential.

Nicki Minaj and Juice WRLD Forced to Cancel Show on European Tour
She and Juice WRLD were scheduled to open the event. "You need to pick a side", Cardi said in response to Minaj's radio episode. Nicki had the day before the next concert, March 11 in London off - it was the least she could do, they complained.

The US urges Germany to reject Huawei's bid for its 5G network
Germany also concluded through an internal investigation that Huawei would not be able to intercept data using the equipment. Altmaier received the USA letter on Friday - one day after he said Germany doesn't want to put an outright ban on Huawei.

Apple says 'it's show time' March 25, TV service announcement expected
BuzzFeed News reporter John Paczkowski points out that Apple also used the slogan for a 2006 event to preview Apple TV. In addition to the video streaming service, the news subscription service will probably be along for the ride as well.

Rose Rivera killed daughter to keep her from having sex, police say
According to the document, Rivera said she believed her daughter was sexually active because the 11-year-old smiled 'different '. Sheriff's officials say Rivera requested medical assistance for her child at the valet parking area for the hospital.

BIGBANG's Seungri booked for alleged violation of anti-prostitution law
South Korean media reported that police had confiscated Seungri's passport now that he was officially regarded as a suspect. A petition surfaced last week calling for him to step aside after causing "unrecoverable damage to the group's reputation".

Google's video game controller has (potentially) been revealed early in patent filings
It mostly talks about notifications being received on the controller, possibly conveyed via haptic feedback. The Reps Twitter account posted a tweet showing off renders of the controller.