"But the magnitude of the improvement was really not known", said one Gulf delegate, as quoted by the Financial Times. However, crude oil prices are down 12.7% YTD. However, a deal to cut output had the side-effect of triggering a surge in USA production and a jump in the inventories to an all-time high. For more on crude oil prices, read Part 1 of this series.
OPEC's February report showed total output had fallen from 32.097 million bpd in January to 31.958 million bpd. OPEC members actually exceeded their targeted cuts, partially offsetting a 64% compliance rate among non-members. Saudi Arabia has reduced its output by 300,000 barrels per day more than its promised cuts; hence, the kingdom had the moral right to be indignant that other countries are not picking up the slack. On Nov. 30, the cartel officially announced that its members would cut their production by 1.2 million barrels per day, while non-OPEC members would reduce production by an additional 600,000 barrels per day. The nation's crude output has climbed to 9.1 million barrels a day, the most since February past year, according to the Energy Information Administration.
Libya's National Oil Corporation (NOC) said it was confident of regaining control of two key oil ports, Es Sider and Ras Lanuf, which have a combined capacity to export 600,000 bpd. "So, unless oil demand growth rebounds to record levels in 2017, oil prices could head for another substantial fall", said Leonardo Maugeri, senior fellow at the Harvard Kennedy School's Belfer Centre for Science and International Affairs. Russian Federation slashed oil production by 161,000 barrels per day as of March 19 against October 2016 taken as a base level within the framework of the agreement with OPEC, a source familiar with official statistics on oil production in Russian Federation told TASS on Monday. "OPEC can easily shoot itself in the foot if the cuts lift the long-dated WTI price, which will drive US shale yet higher and stronger". While the number of active rigs is still well below the highs of a few years ago, the rig count has already doubled compared to last year's low. The report indicated that during the week before inventories of crude oil in the US declined by 237,000 barrels, which goes against the normal trend of increases in crude inventories during this time of year. For that month, global oil supplies were higher to the tune of 0.26 million barrels per day but a lot of this appears to have been seasonal in nature. That said, it also doesn't factor in the risk of shale production continuing to grow.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 0.3 percent at 2,795 ringgit ($630.71) a tonne at the midday break.
A few days after saying Clinton's emails were being investigated, the FBI cleared her of doing anything unethical. Comey said the Department of Justice as a whole also had no evidence that Trump Tower had been wiretapped .
Rhode Island now averages 73.7 points per game on offense while the defense gives up just 65.1 points per game. The Rams took the lead early on in the game but OR caught up for a nail biting second half.
The changes Trump is agreeing to from the House aren't going to help those Republican senators reconcile themselves to the bill. Health and Human Services Secretary Tom Price also said regulatory changes in particular could increase competition in markets.
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Patrick's weekend in most of the country, but it would appear as if the break from the miserable weather was only temporary. Unsafe road conditions are expected overnight and in the morning, with a snow and ice warning in place across the country.
He added that 11 others were injured in the incident, including one of the school administrators who was in charge of the trip. Bawumia donated an undisclosed amount of money to the University of Energy and Natural Resources students on admission.
According to their response, there was a major defect on the entire inventory Amazon had received from the manufacturer. After investigating the issue, the developer and Amazon both confirm that the cancellation was just a mistake .
Spurs coach Gregg Popovich said Aldridge has been dealing with issues all season but added his joy at the strong diagnosis. While Aldridge's health is the most important thing, the Spurs will be happy to have their big man back on the court.
The 27-year-old Homan and Courtenay are joined by third Emma Miskew and lead Lisa Weagle, along with alternate Cheryl Kreviazuk. The home nation were unable to recover from the early blow as Canada came out 9-3 winners.
War Machine found guilty on 29 charges in Christy Mack case
The Associated Press doesn't usually identify victims of alleged sexual assault, but Mack gave permission to use her name. Koppenhaver, 35, made his UFC debut at The Ultimate Fighter 6 Finale, where he won KO and Fight of the Night honors.
Angry mob pelts stones, set police vehicles ablaze
They allegedly set afire some police vehicles and also vandalised the police station in the wee hours today, he said. TOI report revealed that stone pelting at two other police vehicles was also reported from the spot.
Brexit process will officially start next week
The United Kingdom has informed European Council President Donald Tusk's office of May's intention, the spokesman said. Pro-EU Liberal Democrat leader Tim Farron warned that May was embarking on an "extreme and divisive" Brexit plan.
Idea Cellular, Vodafone India announce merger
"We expect to develop common IT system for combined entity and larger scale to drive cost efficiency", he said. Idea Cellular has a net worth of Rs 24,296 crore and turnover of Rs 36,000 crore.
United Kingdom to launch European Union divorce on March 29
Theresa May first came to Wales in the baking hot sun in Cardiff Bay last summer, a short time after she became Prime Minister. Leaving the Single Market was not on the ballot paper in the referendum , it is a political choice made by Theresa May.
Giroud reveals Arsenal players' thoughts over Wenger's future
Dortmund boss Thomas Tuchel has dismissed his chances of succeeding Arsene Wenger as Arsenal boss and says he's happy in Germany. Arsene Wenger: Time to go at Arsenal? The veracity of the story has been disputed however, and Arsenal have moved to deny it.
South Korea to hold presidential election May 9
The Constitutional Court dismissed Park on Friday last week when it upheld a December parliamentary impeachment vote. Park's legal team has reportedly said she would actively cooperate with the prosecution office's investigation.