Brent oil price exceeds $68 first since November

No Shortage of Oil

U.S. West Texas Intermediate crude futures edged up 29 cents to $58.55.

In its Oil Market Report released on March 15, the IEA (International Energy Agency) estimated that the oil market will fall into a deficit of 0.5 MMbpd (million barrels per day) in Q2 2019, which could help U.S. crude oil prices to easily move above the psychologically important level of $60.

With OPEC withholding supply and US sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Re-definitive showed a slight supply deficit likely appeared in the first quarter.

Oil prices were stable on Friday, propped up by production cuts led by OPEC and as USA sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.

Crude has rallied nearly 30% this year as the Organisation of Petroleum Exporting Countries and its allied partners - known as Opec+ - capped their output to bring the market back to balance.

At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 12, or 0.3 per cent, to Rs 4,073 per barrel in a business turnover of 15,509 lots. The reduction is created to cut any oil glut and prop up prices.

New Zealand mosque attacks: Who is Brenton Tarrant?
Aziz said: "He gets into his vehicle and I just got the gun and threw it on his window like an arrow and blasted his window". Armed police were deployed at several locations in all cities, unusual in a country where levels of gun violence are low.

In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred US companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA.

The United States is now & # 39; the world's largest oil producer thanks to the oil-rock revolution that it is going to form by 2020 a net exporter of crude and refined products.

Weekly figures showed that U.S. oil production dipped to 12 million barrels per day last week, down from 12.1 million bpd the week before. "Total demand is projected to exceed 100 million barrels per day during the second half of 2019", the report said.

"Much of this spare capacity is composed of crude oil similar in quality to Venezuela's exports".

Furthermore, the record high USA crude oil production continues to threaten the market share of OPEC and Russian Federation. OPEC uses secondary sources to better approximate actual figures, rather than depending only on official reports from oil producing countries.

During President Obama's term, the US, which changed its policy after more than 40 years in 2013, in addition to lifting the ban on oil and natural gas exports, has also made a decision to turn into an economy that will meet only 11 percent of its annual energy needs with imports by 2020 from an economy that was responding to its annual energy demand of 65 percent with imports in 2013.

Related News:



Most liked

The Cure announced as Glastonbury 2019 headliners
This year will mark The Cure's fourth time headlining the festival, having previously done so in 1986, 1990 and 1995. Announcing their headline slot, The Killers said: "Well folks, there ya have it".

Adam Lallana Starts - Liverpool Team vs Fulham Confirmed
Fulham look destined for relegation this season as they are in 19th place on the standings and 13 points adrift of safety. Second half we could have finished it off and then it is clear at 1-0 if you don't kill it off that can happen.

Court filing: Ex-Trump aide Rick Gates continues to cooperate
If Gates wasn't needed anymore, the parties likely would have asked to set a sentencing date. After all, Gates was the Inaugural Committee's deputy chair.

New Zealand terror attack
New Zealand Prime Minister Jacinda Ardern has said the cabinet has backed gun laws changes "in principle" following the massacre. Ardern also promptly made tightening gun laws, which may prove politically hard , a priority for her government.

Verstappen delivers first podium to Honda since 2008!
Daniel Riccardo left at the end of last season to join Renault as a result of the rising status of the Dutchman. Red Bull team principal Horner believes that the team "over-performed" in the race.

Eating eggs can lead to higher risk of cardiovascular disease
Risks were found with eggs and cholesterol in general; a separate analysis was not done for every cholesterol-rich food. Whether eating dietary cholesterol or eggs is linked to cardiovascular disease and death has been debated for decades.

CBOE Suspends Addition of BTC Futures
Several different sources point to different reasons as to why CBOE is discontinuing its bitcoin futures offering to traders. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading.

Latest crew arrives at International Space Station
Three spacewalks are planned, one of which will mark the first all-female spacewalk with Anne McClain and Christina Koch . You can also get news, images, and features from the space station on its Instagram or Twitter .

Apple Confirms March 25 Event: It's Show Time
Further, neither of the popular media services likely feel that they need Apple to attract or retain subscribers. Rumour has it that the service will combine original content and existing third-party subscription services.

Android Q Promises To Make Your Smartphone Safer And Smarter
Technically, that's "Android Q (Go edition)" - brackets and all, I'm not kidding - but it's a ridiculous name and I won't use it. This means it is suggested you only download the Android Q beta on a Pixel device if it is not your primary phone.

Qualcomm Apple lawsuit: Jury awards $31 million in patent lawsuit to Qualcomm
Billions of dollars are at stake in that trial, which goes to the heart of the licensing dispute between the tech giants. But anorther legal decision involving Qualcomm and Apple was announced today.

Jacinda Ardern says suspect in Christchurch attack meant to continue attack
New Zealand has in the past tried to tighten firearm laws, but a strong gun lobby and culture of hunting has stymied such efforts. The hospital also confirmed 39 people are still receiving treatment, with 11 of them in intensive care. "Hi guys how are you".

Tyler 'Ninja' Blevins Reportedly Paid $1M by EA to Stream Apex Legends
The folks at Reuters were the first ones to find out about this deal and they were informed by one of their sources. In the case of chameleon-haired Twitch king Tyler "Ninja" Blevins, the number could be as high as $1 million.

‘Absolutely his intention’: Christchurch gunman planned further attacks, had other firearms
Twelve operating theatres worked through the night on the more than 40 people wounded, said hospital authorities. Most others marked on the email were media houses, both domestic and worldwide , said a PM's spokesman.

VW chief apologizes for evoking Nazi concentration camp slogan
Diess's remark "is in this context considered inappropriate", the supervisory board said in an emailed statement to Bloomberg. The phrase "arbeit macht frei" or work sets you free hung above the gates at Holocaust sites such as Auschwitz .