Sci-tech

OPEC's oil cap on Libya, Nigeria is premature - Kuwait

OPEC's oil cap on Libya, Nigeria is premature - Kuwait

The contracts had already been trading some 5% above the week's lows, boosted by a report from the International Energy Agency (IEA) that demand growth is accelerating, from China that crude imports grew significantly and from the U.S. Energy Information Administration (EIA) that oil stocks had fallen.

According to data from NBS, a week prior to this, on June 29, Brent crude sold for $47.08/b, Bonny Light crude price at $47.66/b and WTI Midland crude price stood at $44.08/b and ended with Brent crude price of $47.63/b, Bonny Light crude price of $47.80/b and WTI Midland crude price of $44.43/b on July 5.

Nigeria and Libya have been invited to a joint meeting between OPEC and non-OPEC on July 24 in St Petersburg, Russia. US West Texas Intermediate crude futures settled up 46 cents, or 1%, at $46.54 per barrel, Reuters reported. An OPEC and non-OPEC committee meets in Russian Federation on July 24 to discuss the impact of the deal. OPEC is hoping higher demand in the second half will get rid of excess inventories. So far, they have had hardly any effect, with oil prices still around US$45 a barrel.

Oil markets edged lower amid high fuel inventories and improving industry efficiency, but remained on track for a solid weekly gain.

Israel reopens Jerusalem holy site after deadly assault
Israeli authorities are still working to identify the attackers, police spokesman Micky Rosenfeld said. The two policemen killed were Israeli Arab citizens from the country's Druze community.

Global oil supplies rose by 720,000 barrels per day (bpd) in June across the world and by 340,000 bpd in OPEC countries, according to the report, driven not only by Libya and Nigeria but also countries subject to the cartel's cutback agreement.

"Each month something seems to come along to raise doubts about the pace of the rebalancing process", the IEA report said.

"OPEC compliance with production cuts slipped to 98 percent in June, but more importantly output from exempt (from cutting) members Libya and Nigeria is now about 700,000 bpd higher than at the time of the November OPEC agreement, offsetting about 60 percent of the OPEC cuts".

Combined, Libya and Nigeria have increased output from 2.048 million bpd in April to 2.585 million bpd in June, and a cap would merely hold steady these levels of production, and would still take away from OPEC/NOPEC production quotas that promised to cut production by 1.8 million bpd.

Martin Landau, star of 'Ed Wood', passes away at 89
At the 1995 Academy Awards, he won the Oscar for Best Supporting Actor for his portrayal of actor Bela Lugosi in " Ed Wood ". Landau began as a cartoonist, but was accepted into the Lee Strasberg Actor's Studio in 1955 alongside Steve McQueen.

Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russian Federation and other non-OPEC producers cut supplies since January.

OPEC said last Wednesday the world would need only 32.2 million bpd of its crude next year, down 60,000 bpd from this year and about 400,000 bpd less than it pumped in June. Oil production in North Dakota fell 10,000 barrels-per-day in May.

"The market is having difficulty picking its head up", said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

Commander Says US Ready for Military Ops Against N.Korea
Earlier this month, Moon reiterated he's willing to meet North Korean leader Kim Jong Un if conditions are met. The ministry, which gave no agenda for the talks, said it was still waiting for an answer from Pyongyang.


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