Saudi students bag 27 awards at Regeneron ISEF 2024    Civil defense issues weather warning amid forecasted thunderstorms    Public security launches online service for reporting financial fraud on Mada cards via Absher    Ministry of Interior reports over 16,000 violations in latest inspection campaign    Aramco signs three MoUs with American companies to advance lower-carbon energy solutions    King Abdulaziz University launches female admissions in maritime studies    Palestinian death toll nears 35,400 as Israel continues to pound Gaza    Pro-Palestinian protests continue across US campuses amid arrests    White House confirms evacuation of 17 American doctors from Gaza hospital    Tense calm in New Caledonia as France increases security presence    Jorge Jesus praises Al Hilal's resilience after dramatic last-minute draw in Riyadh Derby    Saudi Arabia's RGA implements innovative road technology for Hajj season    Star golfer Scottie Scheffler arrested over alleged assault on police officer    Saudi Arabia joins International Agency for Research on Cancer    Row erupts over portraits of Australia's richest woman    Al-Ittihad's victory drought continues, misses chance to qualify for ACL elite    Al Ittihad CEO frustrated with 'not positive' SPL feedback, announces internal assessment    Cognite Data Fusion now available on Google Cloud in Saudi Arabia    Indian spices face heat over global safety concerns    Glioblastoma: Top Australian doctor remains brain cancer-free after a year    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil prices slip as high stocks overshadow OPEC cuts
Published in Alriyadh on 17 - 02 - 2017

Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices.
Brent crude futures LCOc1 were trading at $55.57 per barrel at 0945 GMT, 8 cents below their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 4 cents at $53.32 per barrel.
Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group OPEC could extend an output cut aimed at reining in a global supply overhang.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent.
The cuts are aimed at curbing oversupply that has dogged markets since 2014.
But inventories and supplies remain high, especially in the United States.
"You've got bullishness from the OPEC cuts, but the bearishness of the inventory report," Hamza Khan, head of commodities strategy at ING, said. "The question is, which of these is going to give first?"
Brent and WTI have traded within a $5 per barrel price range this year, in what has become the longest and most range-bound period since a price slump began in mid-2014.
In the United States, rising output C-OUT-T-EIA has helped push up crude USOILC=ECI and fuel stocks USOILG=ECI to record highs.
In Asia, oil flows into the region remain as high as they were before the production cuts, Thomson Reuters data shows, as exporters fight for market share.
And there are also signs of faltering demand growth in core markets, China and India.
In India, fuel demand growth fell in January, while in China sagging car sales and soaring gasoline and diesel exports also point to a slowdown in growth.
That leaves Europe, where OPEC has significantly cut its sales. But Thomson Reuters data shows rising North Sea oil exports to Asia, indicating there is no real supply shortage in the region.
Despite the supply glut, analysts expect oil markets to tighten in the longer term.
"In the fourth quarter of 2018, global oil demand will most likely surpass 100 million barrels per day," AB Bernstein said on Friday in a note to clients.
"If oil prices stay around $60 per barrel and GDP growth over 3 percent per annum, then oil demand growth will be stronger over the next 5 years, than the previous decade. What we are witnessing is a rather surprising renaissance of oil consumption," it said.


Clic here to read the story from its source.