Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once US sanctions come into force later this year.
The EIA now estimates that the June production would be 10.900 million bpd, but the revision to the May figure suggests that the output for June could be lower than the expected 10.9 million bpd, according to Bloomberg.
Crude prices remained supported by the prospect of an Iranian supply squeeze following the imposition of United States oil sanctions, with yesterday's rally stymied by short-term bearish supply factors that continue to weigh on prices. "Brent oil may fall to $67 per barrel", said Reuters technical commodities analyst Wang Tao. "We may be seeing a similar move now". US crude futures slumped last month by the most in two years, and traded just below $68 a barrel yesterday on the New York Mercantile Exchange.
Total products supplied over the last four-week period averaged 20.87 million barrels per day, up by 0.6 percent from the same period previous year.
Crude oil prices moved up by 0.33 per cent to Rs 4,580 per barrel in futures market today as participants raised bets, tracking a firm trend in the global markets.
The global benchmark traded at $5.86 premium to WTI in the same month after the spread widened to as much as $11.43 in June. The contract lost 1.9 percent on Wednesday.
Low U.S. stockpiles were still providing a floor for prices, with overall U.S. crude inventories below the five-year average of around 420 million barrels.
The country's top two refiners SK Energy and GS Caltex bought 2 million barrels of USA crude each for October arrival, while its smallest refiner Hyundai Oilbank has also purchased 2 million barrels of medium-sour Mars crude for the first time, the sources said.
"A wide price spread between the USA and global benchmarks a while ago made American crude relatively cheap and attracted buyers, helping decrease inventories", Mizuho's Tsugata said. "They will bring in more US crude in the second half of the year because a wider WTI-Dubai spread is making USA crude purchases economically viable", said Kim Jae-kyong, a research fellow at Korea Energy Economic Institute.
At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance with oil output cuts that took effect in January 2017, after months of underproduction by countries including Venezuela and Angola.
The survey shows Saudi Arabia's output was below the 10.8 million barrels a day threshold that the kingdom was said to be indicating it would pump in July, suggesting demand for its oil isn't as strong as initially expected.
For their first summer, Prince Harry and Meghan Markle will be spending few weeks together before heading on to join the Queen . The Duchess and I had a chat about the recent referendum - she watched with interest and was pleased with the result".
Speaking during a joint news conference with Italy's premier, Trump said he would meet with the Iranians " anytime they want to ". Economic hardship in Iran forced Khamenei to reluctantly back Rouhani's efforts in securing the 2015 nuclear deal.
India would have ended with far less if it wasn't for Kohli withstanding a thorough examination of his skill and temperament. Stokes, introduced after lunch, showed why he is such an important part of this England side with an aggressive spell.
Worldwide sanctions were lifted under the pact between world powers and Tehran in return for curbs on Iran's nuclear program. According to Pompeo, the restoration of sanctions against Iran is an important pillar in U.S. policy.
Trump has steadily attacked his attorney general for recusing himself from the Russian Federation probe in March 2017. The White House denied that Trump was actually directing his attorney general to end the "ridiculous" investigation.
Coupons and discounts available for items under the tax-free list may still be applied to reduce the item's sales price. For five days Wisconsin is eliminating its sales tax on select items and stores are preparing to be busy.
Maurizio Sarri seems impressed by Hudson-Odoi and has stated that the player will be a part of the side for the upcoming campaign. The winger joined Chelsea from Barcelona in 2015 and has won the Premier League and FA Cup with the club.
In hundreds of such videos that have surfaced on the internet, people are seen crashing into poles and tripping on potholes. The Gujarat police on Tuesday warned people not to take the "Kiki Challenge" which is going viral on social media.
Will Trump’s trade war precipitate a currency war?
Chinese authorities warned earlier that if the dispute escalated, they would adopt unspecified "comprehensive measures". The 25 percent duty would be applied to the proposed list of $200 billion of Chinese products announced on July 10.
Trump blasts LeBron James ahead of Ohio rally
The basketball star recently opened an I Promise School for low income and at-risk kids in OH , inspired by his own upbringing. But the best laugh was reserved for the man who conducted the LeBron interview, suffering the worst of Trump's Twitter jab.
Samsung Electronics misses forecast on lower phone sales
Samsung then said it is preparing the release of micro LED TVs customized for businesses and households, respectively. Revenue in Samsung's mobile division declined 22 percent in the quarter to 22.67 trillion won ($20.2 billion).
North Korea said to be working on new missiles
A truck and trailer similar to ones used in the past to move missiles was seen in one satellite photo, said the official. The factory reportedly produced two ICBMs, including the Hwasong-15 - a missile capable of reaching the US East Coast.