Oil slides as US climate withdrawal compounds glut concerns

The U.S. shale oil boom is recovering from the crash faster than nearly anyone imagined, OPEC included.

Crude oil prices continued to trend higher for the second consecutive fortnight in a row.

U.S. oil output is expected to keep rising, as the U.S. Energy Information Administration forecasts production of about 10 million barrels a day in 2018.

But more recently, OPEC has retreated by putting a lid to its production. He said he expects the number was more like 850,000 barrels a day.

The return of "very cheap hydroelectric power in the western USA", and more nuclear power capacity after seasonal maintenance, "should put a lot of pressure on [natural] gas prices", he said. USA commercial crude inventories decreased by 6.4 million barrels last week, maintaining a total US commercial crude inventory of 509.9 million barrels.

"And, now, with the last week's decision of the OPEC and non-OPEC countries to continue their cooperative efforts, we have seen further momentum in the right direction, indicating a steady re-balancing of the market. We are talking about production plans in mid and long-term and our target does not complicate OPEC's short-term decisions", Zanganeh was cited as saying in an interview with Argus, Shana reported on Wednesday.

Tributes flow for ex-MotoGP champ Hayden
From 2009 to 2013 he competed in MotoGP with the Ducati team, following which he raced with the Aspar Racing Team for two years. Members of his family reportedly flew out from the United States to be with Hayden while he was being treated at the hospital.

The trading arm of oil giant Saudi Aramco is looking to step up hiring for its Singapore office as it pushes into the regional energy hub, three sources with knowledge of the matter said.

John Redwood, Charles Stanley's chief global strategist, said: "10 years ago the United States produced 5.1m barrels of oil a day". Last year, just 7 percent of USA export loadings headed to Asia.

Russia's most powerful oil boss said the deal between OPEC and its partners to curb output won't stabilize the crude market over the long term as US shale fills the supply shortfall.

But America's oil boom didn't slow almost as much as feared.

The 1.3 million barrels a day reported by EIA for last week tops a record 1.2 million barrels per day exported in the week of February 17. Total motor gasoline supplied (the agency's measure of consumption) averaged 9.6 million barrels a day for the past four weeks, down by 0.7% compared with the same period a year ago.

Goldman Sachs agrees that the US oil boom looks to be back on track.

The Cheapest Countries For Air Travel (Canada's Not One Of Them)
The priciest country is Belgium , at US$54.63 per 100 kilometres, making it more than double the price of a flight from Canada. Short-haul flights on low cost carriers in Canada cost an average of US$11.24, while full-service was $27.17.

OPEC and non-OPEC countries are committed to bringing global oil inventories down to the industry's 5-year average.

So how high will USA production go? That drove the supply of gasoline lower by 2.9 million barrels a day.

"This May the United States is hitting 9.3 m barrels of daily output".

Before the start of trading in NY, the U.S. Energy Information Administration reported gasoline demand in March was down year-over-year for the third month in a row, suggesting some consumer factors may not be eating away at the supply-side strains.

Competition to supply China is also fierce, with top producers Russian Federation and Saudi Arabia fighting for market share in the world's number two oil consumer as Iran also stepping up supply.

Fracking has become more efficient and productive, and is responsible for virtually all the increase in oil and gas production in recent years.

Fact-Checking Trump's Speech On Paris Climate Agreement Withdrawal
Shortly after Trump's speech, Cuomo issued an executive order maintaining ny state's climate and clean-energy goals. He said the accord would "keep our handsome country tied up and bound down" but said he was open to renegotiating.

"By the next meeting, if prices and the situation remain like this, they will have to do something ..." There are also infrastructure challenges in terms of transporting shale oil to refiners, some of which don't process that type of crude.

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