Oil inventories of developed nations decline: OPEC report

"Iran's exports of oil to Asia and Europe will nearly certainly decline later this year and into 2019 as some nations seek alternatives in order to avoid trouble with Washington and as sanctions start to bite", said Sukrit Vijayakar, director of energy consultancy Trifecta. Price is another matter", he said."Iran, which is one of the main sour crude suppliers of the Mediterranean basis, provide Saras with crude.

In his statement he also mentioned Kharg Island, which has recently seen a number of changes made to the oil sales strategy to reach a new oil exports capacity of 8 million barrels of oil and related products combined.

Oil prices rose Monday on more signs of a tightening global oil market, despite the release of OPEC data which signaled robust production. Historically, the negative consumption response dominated the increase in oil investment.

USA crude futures climbed 49 cents, or 0.69%, to $71.19 a barrel on the New York Mercantile Exchange.

Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in USA drilling activity pointed to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran, Reuters reports. The global benchmark crude traded at a $6.34 premium to July WTI.

The Organization of the Petroleum Countries said in its monthly report Monday that petroleum stockpiles in the developed world stand just 9 million barrels above the five year average - a sign that the glut that weighed on the market for years is almost gone.

"The geopolitical tinderbox around the Middle East seems to be encouraging buyers, while global supply demand fundamental are staying "strong enough" to keep the sellers at bay for now", analysts at TAC Energy said. On Friday, prices dropped 66 cents to $70.70.

Brussels presses United Kingdom for progress on post-Brexit Irish border
Max fac - or the Maximum Facilitation proposal - will use technology to ensure that goods can be traded freely across borders. Barnier later said that there had been "a little, not very little progress" but warned that more was urgently needed.

The oil inventories of main developed countries almost declined to a latest five-year average level, indicating a possible tipping point from the supply glut, OPEC's latest report on Monday showed.

All key crude oil futures contracts saw traded volumes jump as speculators took on new positions in the hope of profiting from rising prices while refiners hedged to protect themselves from higher feedstock oil prices.

U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.

The Opec cuts and looming sanctions come amid strong demand.

Prior to the introduction of the EU's 2012 sanctions against Iran, Saras bought some 10% of its crude from there, and had been buying Iran crudefor some 30 years until that time.

A map published July 3, 2017, locates oil and gas fields in the Persian Gulf.

Related News:

  • Iran, EU meet to try to save nuclear deal

    Iran, EU meet to try to save nuclear deal

    After meeting his Chinese counterpart on Sunday, Zarif said he was hopeful of forging a "clear future design" for the accord. French Foreign Minister Jean-Yves Le Drian has said that his country intends to stay in the Iran nuclear deal.
    Kaspersky to move data from Russian Federation  to Switzerland to improve transparency

    Kaspersky to move data from Russian Federation to Switzerland to improve transparency

    The Global Transparency Initiative emerged from this situation and is Kaspersky's "ongoing commitment to assuring the integrity and trustworthiness of its products".
    Europa's plumes make Jupiter moon a prime candidate for life

    Europa's plumes make Jupiter moon a prime candidate for life

    Xianzhe Jia , a University of MI space scientist, and his colleagues published their findings on May 14 in Nature Astronomy . That's particularly exciting because it also suggests that Europa may have an energy source propelling the water skyward.
  • Chelsea now considering approach for manager of Premier League rivals

    Chelsea now considering approach for manager of Premier League rivals

    It is the moment in which the club needs to take risks. "We need to create dreams that will be possible to achieve". He added: "In football you never know". "Today 100 per cent I feel I am here", Pochettino said .
    Karnataka Polls 2018: What happens in case of a hung assembly?

    Karnataka Polls 2018: What happens in case of a hung assembly?

    Republic TV-Jan ki Baat exit poll has said that the BJP is likely to emerge as the single largest party with 95-114 seats. Out of the 222 seats, 80-90 are expected to go to the BJP , while anywhere from 35-50 are expected to go to the JD (S).
    Tim Cook To Duke University Graduates: 'Think Different, Be Fearless'

    Tim Cook To Duke University Graduates: 'Think Different, Be Fearless'

    In his tweet following the commencement ceremony, Cook congratulated the students and encouraged them to be fearless. In every way and every turn, the question we ask is not what can we do, but what should we do, he further added.
  • Hamilton Cautiously Optimistic After Win in Spain

    Hamilton Cautiously Optimistic After Win in Spain

    Vettel gave away his position when Ferrari chose to go for an extra stop and give the German driver fresher tyres. There are arguments for both sides, of course, but in principle we would all like to see more overtaking.
    Monday's Wake-Up Weather: Kicking off the week with rain chances!

    Monday's Wake-Up Weather: Kicking off the week with rain chances!

    Tonight: A chance of showers and thunderstorms, then showers and possibly a thunderstorm after 1am. Tuesday NightA 20 percent chance of showers and thunderstorms after 2am.
    Superman actress Margot Kidder passes away

    Superman actress Margot Kidder passes away

    No further details were given and messages left with Kidder's representatives were not returned. B-movie buffs say 1974s Black Christmas , with Kidder as a sorority sister , is a must-watch.
  • NBC To Debut 3 New Shows In September, 8 For The Season

    NBC To Debut 3 New Shows In September, 8 For The Season

    NBC is dedicating a night to Dick Wolf in the 2018-19 season and will lean on reality programming next spring. Greenblatt acknowledged the quickest they could get Brooklyn Nine-Nine on the schedule would be midseason.
    Tepper set to buy Carolina Panthers

    Tepper set to buy Carolina Panthers

    If an agreement is set, the owners can make the sale official with a vote at next weeks owners meeting in Atlanta, GA. According to Ian Rapport of NFL Network , Tepper would like to see the Panthers stay in Charlotte.

    Jared Kushner is Finalizing President Trump's Mid-East Peace Plan

    But according to the USA ambassador to Israel, the act of moving the embassy sends the message to Israel that 'You are not alone'. Still, Kushner's remark was sufficiently callous that it was excised from the official White House transcript.


Most liked

Gap pulls shirt with incorrect map of China from stores, issues apology
The fashion retailer has also pulled the product off its shelves in China and destroyed the shirts, a statement on its Weibo read. Gap is the latest of several companies that have apologised for perceived slights to China's sovereignty.

Michael Carrick keen to learn from Jose Mourinho after retirement
Mourinho said: "Moving forward I will organise my coaching staff in a way where the assistant manager figure doesn't exist". The process of education is something I like to do. "And when Michael (Carrick ) has the pro licence badges".

PM Modi congratulates Malaysian counterpart over phone on his victory
Mahathir, 92 was sworn in as the leader on Thursday, making him the world's oldest democratically elected leader. Asked about other possible crimes, Mahathir said: "We can not do everything at the same time at one go".

'Last Man Standing' renewed by Fox after being canceled by ABC
Fox executives were also asked if Allen's politics were seen as a potential benefit. "I've missed my Baxter family", Fuller wrote. It really limited the opportunities to schedule Brooklyn . "We put it into development, and made a commitment to it right way".

Elon Musk Says Tesla Model S Crash Media Coverage Is 'Messed Up'
On Monday firefighters in Switzerland said a fatal accident involving a Tesla may have set off a fire in the car's battery. The 18 year-old driver slammed into a concrete wall, and the vehicle burst into flames, trapping the occupants inside.

Maharashtra ATS Arrests Man Planning Terror Attacks
Mirza is said to have told the intelligence agencies that there are at least six training camps active in and around Karachi. Devadiwala was Mirza's handler and the latter was awaiting orders from Devadiwala when apprehended, sources revealed.

Honor 10 launching in India today
Design-wise, the camera is located on the top left corner and is aligned horizontally with an LED flash on the inner edge. Huawei's online youth-oriented brand Honor launched its flagship phone the Honor 10 in London on Tuesday.

Oppo Realme 1 launched in India starting at Rs. 8990
We have also compared the device with the competition in the market to see how it stands against devices with similar pricing. The Realme 1 will be sold exclusively on Amazon India with the first flash sale taking place on May 25 starting at 12pm.

Doug Franz previews the NBA Draft Lottery for the Phoenix Suns
The selection is most likely going to land at No. 10 and in addition to that, the Sixers own their pick at No. 26. The Phoenix Suns have the best odds of landing the No. 1 overall pick at 25 percent.

RBI curbs on Allahabad Bank
On yearly basis, net loss of the bank rose to Rs 4,436.37 crore from a loss of Rs 1,850.67 crore in fiscal ended March 2017. He further said the banks which are out of the PCA ambit have a crucial role to play in the economy.

$70 Million Picasso Damaged and Pulled From Auction
Wynn suffers from a disease that affects his peripheral vision, which may have played a role in the incident with " Le Rêve ". Two outside conservators have now been brought in to make recommendations for the successful restoration of the " Le Marin ".

Xiaomi launching new smartphone on June 7, will it be Redmi S2?
Expected Price Redmi S2 in India: The new S series smartphone , Xiaomi Redmi S2 is launched in China in two variants. If we talk about pricing, the 3GB RAM with 32GB storage version is priced at 999 yuan (Rs. 10,560 approx.) in China.

Nokia X6 Leaked; Xiaomi Confirms New Smartphone Launch in India!
The Nokia X6 will be HMD Global's second mid-range Android smartphone to be launched in China before other markets. Nokia X6, in its standard version (Mediatek with 4 GB RAM), will cost 1499 yuan, which equals to about $237.

Fortnite Thanos Limited Time Mashup — LYTV
Are you into Fortnite , if so how are you finding the limited time Infinity Gauntlet mode? share your thoughts below as always. While the crossover may seem odd at first, it actually makes sense, given how massive these two entertainment properties are.

Scott Arfield Signs For Steven Gerrard's Rangers From Burnley
As revealed by Football Insider, Arfield will be paid more than £25,000-a-week, meaning his Rangers deal will cost £5.3million in wages alone .