Economy

Opec: Oil price recovery seen amid output cuts

Opec: Oil price recovery seen amid output cuts

Not only did we see the API report an 840,000 barrel drop in crude oil inventory, but also a 1.8 million barrel drop in distillate inventory offsetting a surprise 1,347-million-barrel increase in gasoline inventory caused another drop in overall USA liquid supply. A surprise build in gasoline inventories despite heavier refining activity, along with an increase in USA crude production, pushed prices lower. Exxon Mobil has applied to the Treasury Department for a waiver from US sanctions on Russian Federation in a bid to resume its joint venture with state oil giant Rosneft, The Wall Street Journal reported.

He said the UAE was satisfied by the high level of compliance with the current agreement by OPEC and non-OPEC countries to cut back oil production, and that this compliance would have a direct bearing on the general positive movement of non-OPEC partners in the agreement.

Ford unveils 1st gasoline-electric hybrid
The VW brand aims to further launch 10 electric vehicles between 2020 and 2025. "I make a little test with this auto ", he said. Mizuno added that plug-in hybrid models would likely follow, but did not say when that vehicle might hit the market in China.

Brent crude futures LCOc1 were at $53.34 per barrel at 0715 GMT, up 41 cents, or 0.77 percent, from their last close. The group agreed to let Iran pump an additional 90,000 barrels a day to reach output of about 3.8 million as the country recovers from sanctions.

OPEC's compliance with the pledged cuts improved to 104 percent in March from 90 percent in February, while the rate for non-OPEC producers in the accord rose to 64 percent from 38 percent over the same two months, the International Energy Agency said in an April 13 report. The global benchmark crude traded at a $1.97 premium to June WTI. U.S. production rose to 9.252 million barrels a day in the most recent week, highest since August 2015. USA shale production is ramping up aggressively.

Donald Trump signs executive order targeting H-1B visa used by Indians
The government uses a lottery to award 65,000 visas yearly and randomly distributes another 20,000 to graduate student workers. Government data released this week, meanwhile, shows that the number of applicants for H-1B visas has fallen.

"The U.S. market perhaps doesn't believe in the oil market balance that OPEC would have us believe", said Hans van Cleef, senior energy economist with ABN AMRO. Gasoline demand fell by 52,000 bpd to 9,223,000 bpd. United States gasoline inventories are 8.3% below their all-time high.

China's March gasoline output rose 2.5 percent year-on-year to 11.24 million tonnes, the highest level since at least April 2014, China's National Bureau of Statistics said, adding fuel into an Asian market that is already well supplied.

Korea, US, Japan Unite against China's THAAD Retaliation
State television footage showed leader Kim Jong-un smiling joyfully and waving to North Koreans as the KCNA narrated the event. In February, it suspended imports of coal from North Korea, depriving the country of an important source of foreign currency.


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