Oil prices slide on swelling U.S. supply, global market slump
27 January, 2019, 15:43 | Author: Lawrence Cooper
On Friday, oil prices gained as concerns over tighter global supply amid the threat of US sanctions on Venezuelan oil sector outweighed surging USA stockpiles.
US crude oil production remained near a record high level of 11.9 million barrels per day for the week ending January 18, EIA data showed on Thursday.
According to the Weekly Petroleum Status Report, U.S. crude oil imports averaged 8.2 million barrels per day last week, up by 664,000 barrels per day from the previous week, while crude oil exports averaged 2 million barrels per day last week, down by 931,000 barrels per day from the previous week.
As tensions between the administration of Venezuelan President Nicolas Maduro and the self-proclaimed interim president Juan Guaido continue, officials and experts worldwide have voiced their concerns over the situation, appealing for dialogue while calling for the issue to be resolved without outside influence.
Russian oil giant Rosneft has also marketed its ESPO grade more aggressively, signing new long term supply deals with state oil companies such as ChemChina and PetroChina.
US refineries that depend on Venezuela's heavy crude would have even more trouble securing supplies as Canadian and Mexican crude are often not as discounted and are limited in availability.
Full year Iranian imports dropped to 29.274 million tons, or 585,475 bpd, down 20 percent from 2017 after the United States imposed sanction on Tehran over its disputed nuclear program. WCS prices jumped sharply after Alberta Premier Rachel Notley ordered a production cut of 325,000 b/d to drain the excess supply from the system in December.
Gasoline stocks rose for the eighth straight week to a record 259.7 million barrels, as demand for the fuel over the past four weeks fell 0.1% from a year ago.
Although, it is worth pointing out that if the US-China trade war talks do not make any headway, sentiment could quickly sour and cause fears over slowing economic growth to resurface.
Still, the long-term trend is a declining dependence on Venezuelan oil.
Venezuelan production will decline by an additional 300,000-500,000 barrels per day (bpd) this year but such punitive measures could expand that outage by several hundred thousand barrels..
Shipments to the United States account for about 75 percent of the cash Venezuela gets for crude shipments, according to a Barclays research note published last week. One proposal would see Washington declare that any payment to Venezuela in return for oil must go to the new government, or perhaps some form of humanitarian account to help feed the country's starving people. The state-owned company owes China US$17-billion and is behind on its payment, so any effort to divert its exports to that market may not yield the company any revenue.
Hector Bellerin is out for the season with a serious knee injury, and Arsenal have two very different potential replacements. The result extended Manchester United's unbeaten run to eight games following Ole Gunnar Solskjaer's appointment.
The NBA veteran was critical of Erdogan following the failed coup attempt in the Turkish capital of Ankara in 2016. The Istanbul chief prosecutor's office also prepared paperwork seeking Kanter's extradition, Anadolu said.
Saints' tight end Ben Watson has been critical of National Football League commissioner Roger Goodell for his silence on the hit. Benson's statement added, "The NFL must always commit to providing the most basic of expectations - fairness and integrity".
Sala tweeted a photo of himself and his now-former FC Nantes teammates over the weekend, captioned with "The last goodbye". An air and sea search has been launched and rescue teams have been scrambled to waters north of the Channel Island.
The storm was expected to bring up to 10 inches (25 centimetres) of snow to the Midwest before walloping the Northeast on Sunday . Temperatures in many places could be in the single digits and in the negative degrees with the windchill factored in.
Microsoft said in a statement that Bing's service has been restored in China after it had been inaccessible, without elaboration. Bing's rival Google shut down its search engine in China in 2010, after rows with the authorities over censorship and hacking.
The heaviest snow was expected between midnight and 6 a.m., with snow lingering in some areas into the afternoon and evening. The weather service says precipitation totals will be around 1 to 2 inches across the region before the rain moves out.
They also said that He, his staff and organisations related to his project would be punished according to laws and regulations. He, the scientist, said the twins' DNA was modified using technology known as CRISPR-Cas9 to alter the embryonic genes.
He also confirmed that the countdown for PSLV-C44 mission begins at 7.37 pm on Wednesday for launch on Thursday night at 11.37 pm. India conducted its first launch of the new year on January 24, launching two satellites from the Satish Dhawan Space Centre .
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