OPEC sees weaker demand for its crude next year as rivals surge
14 October, 2018, 03:07 | Author: Brooke Harris
Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new US sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.
According to the outlook, Brent crude oil spot prices will average 74 US dollars a barrel in 2018 and 75 dollars a barrel in 2019.
Brent crude fell $1.55, or 1.9 percent, to $81.54 a barrel by 10:53 a.m. ET (1453 GMT), off the session low of $81.14, its weakest since September 26. Brent crude reached a four-year high of $86.74. OPEC has been under the hit list from the US for declining the increased outcome to answer rising oil prices.
Last month, India shipped in about 528,000 barrels per day (bpd) oil from Iran, about 1 percent more than the 523,000 bpd of August and about 27 percent more than a year earlier, tanker arrival data obtained from shipping and industry sources showed.
"At the heart of the price malaise are concerns that oil demand will be adversely impacted by a myriad of downside risks facing the global economy". The U.S. National Hurricane Center upgraded Michael to an "extremely dangerous" hurricane yesterday.
Saudi Arabia's September production rose to 10.50 million barrels a day, a month-over-month increase of about 100,000 barrels a day.
Hurricane Michael kills 17 in US
The number was expected to rise as the storm exited the state late Thursday, Duke said in a tweet . Ronald, who lives in Coral Gables, said, "I'm okay". "People will just pack up and leave".
OPEC now forecasts average 2018 global demand of 98.79 million barrels a day in 2018, down by about 30,000 barrels from the previous month's estimate.
On the oil front, United States crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase.
Elsewhere, U.S. crude inventories climbed by 6 million barrels last week, the Energy Information Administration said, more than double analyst expectations of a 2.6 million-barrel increase. OPEC and its allies "are ready and willing to continue to make sure that the market remains well supplied".
Oil traders will watch for the weekly USA drilling rig count, an indicator of upcoming production, which is due at about 1 p.m. from Baker Hughes.
Oil prices rose Tuesday due to evidence of falling Iranian crude exports and as roughly 20% of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.
Worries about crude supply from the Middle East have given prices some support.
Rights groups and the USA criticized the United Nations Human Rights Council for electing controversial nations to the council. In Cameroon, HRW said government forces and armed separatists had committed "grave abuses" in the country's Anglophone region.
Witnesses described having minutes to find safety as the water levels rose, inundating houses and catching motorists off guard. The victims include six Spanish nationals, a Dutch tourist, a British couple and one unidentified victim, the BBC reported .
Fans have long speculated that West would run for president in 2020, but he appeared to throw cold water on that notion for now. West also had a sartorial suggestion for Trump, proposing a hat that says just "Make America Great" - dropping the "again".
Ahead of the storm's arrival, Governor Ralph Northam has declared a state of emergency in anticipation of its potential impacts. There's no water, no power and emergency officials have no access to many towns from the Florida Panhandle to Virginia.
Between August 2014 and August 2018, the CDC received information on a total of 362 confirmed cases of AFM nationwide. There is no specific treatment for AFM, but a neurologist may recommend certain interventions on a case-by-case basis.
But it moved fast and intensified quickly, and emergency authorities lamented that many people ignored the warnings. More than 900,000 homes and businesses are still without power in Florida, Alabama, Georgia and the Carolinas.
The former funeral home was forcibly closed in April for deplorable conditions regarding decomposing and mouldy bodies. Bowser said they have names of some of the deceased infants and the medical examiner will conduct an investigation.
Cousins became the first player in National Football League history to complete at least 30 passes in four consecutive games. But they failed to recover an onside kick. "For him to make that kick is really why we brought him here".
The couple, who had dated for seven years, got engaged in January when Brooksbank, 32, proposed during a trip to Nicaragua. She had insisted her scars be shown to inspire others, Buckingham Palace said, after a tough childhood battling scoliosis.
England have played out a 0-0 draw with Croatia at the Stadion HNK Rijeka to pick up their first UEFA Nations League point. We had so many young players and they did a very good job. "I could hear the noise", said England boss Gareth Southgate .
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