Published: Sat, July 21, 2018
Finance | By Jaime Brady

Oil prices fall amid record US output, stockpile build

Oil prices fall amid record US output, stockpile build

Oil markets have fallen over the last week as Saudi Arabia and other members OPEC member and Russian Federation have increased production and as some supply disruptions have eased. It accounts for around 5 percent of Japan's annual crude oil imports. Exports would be stable this month and fall in August, it said.

"Considering that payment is to be finished by end of October, it is important that the refiners would finish loading (Iranian oil) before mid-September".

Trump also said he was concerned that the Chinese currency was "dropping like a rock" and the strong USA dollar "puts us at a disadvantage". The goal is to bring down oil prices-and gasoline prices-ahead of the mid-term elections in November, the same month in which the renewed USA sanctions on Iran are returning.

Brent crude, now trading at just under $72 per barrel, topped $80 in May for the first time since November 2014 after US President Donald Trump tore up the 2015 nuclear agreement with Iran and set a 4 November deadline for countries to stop buying its oil. That level was always dependent on the strength of domestic and global demand, so could end up ranging from 10.6 million to 11 million, they said.

OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040.

Oil imports from Iran totaled about $9 billion in the year ended March and substituting some of the contracts with more North American crude will help India lower the $24.5 billion trade surplus it runs with the world's largest economy. More recently, however, officials such as Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin have suggested a more flexible approach could be taken.

50 injured in clashes between PML-N workers, police in Lahore
It said the authorities have now chose to keep both Maryam and Sharif at Adiala Jail for now. Scores of PML-N workers were arrested in the run-up to Sharifs' arrival, the party said.

Raptors Reportedly in the 'Driver's Seat' to Score Kawhi Leonard
There was also a relatively quick response from Leonard's camp, indicating that he has no desire to play in Toronto. Buford publicly stating on draft night that the franchise had every intention to keep Leonard in San Antonio.

Iron Dome Intercepts Rocket Fired From Gaza Amid Israeli Strikes
Many Israelis have characterized the government's response to ongoing "terror kite" attacks from Gaza as flaccid, at best. On Friday, thousands of Palestinians gathered near the Gaza border for their near-weekly protest.

According to International Energy Agency chief Fatih Birol, the USA will account for 80 percent of world's oil supply growth through 2025.

As a result, the kingdom seems to be having difficulty right now placing all the barrels it wanted to.

"It was not long ago that the Saudis said they would make sure that there is adequate oil supply in the market, and now they are trying to reassure those who think they could oversupply the market", ING analysts said in a morning note.

Distillate fuels stockpiles, which include diesel and heating oil, rose by 1.7 million barrels, compared with expectations for an 873,000-barrel gain, the data showed.

He further stated that Saudi crude oil exports in July will be roughly equal to their June levels, and that he expects exports in August to drop by roughly 100 kbd. "If it replaces the lost volumes from Iran and Venezuela, overall supplies will eventually be balanced". Some countries such as China have rejected USA calls and Japan is seeking a waiver.

Like this: