Crude Oil Prices Recover after a Recent Plunge, Upside is Limited

While the OPEC has managed a high rate of compliance, most of it comes from the oil rich kingdom of Saudi Arabia, which has cut 744,000 bpd – 153% above its target.”Remember one of the reasons some are skeptical about the success of OPEC cuts is because some producers like Libya have no production cap”, said Phil Flynn, senior market analyst at Price Futures Group. Speaking to CNBC Africa, Kachikwu praised the cartel for its efforts to rebalance the market, however, saying he was confident that “prices will hold”.OPEC’s compliance with its production cut agreement reached 94% in February, according to a survey from Reuters.However, some data other than the production numbers suggest that the Kingdom might be bypassing the OPEC deal by other means. Peugeot poised to buy GM’s Opel, creating European vehicle giant
Unite boss Len McCluskey and United Kingdom business minister Greg Clark both held talks with Carlos Tavares. PSA will have the second most market share in Europe, behind Volkswagen, after its acquisition of Opel. The Energy Information Administration said inventories rose by 1.5 million barrels last week.Given the transit time between the Arabian Gulf and U.S. ports, the uptick in imports since January, notably from Saudi Arabia, may reflect a flurry of deals signed before the OPEC deal went into effect.Away from the oil market, precious metals continued to register massive slides as the dollar remained strong, with gold sliding below $1,235 an ounce from $1,250-levels earlier in the week.Russian oil production fell in February to around 11.10 mbpd, from over 11.2 million in October, two sources familiar with the data told.OPEC’s next meeting is planned for May 25. Paul rally in support of Trump draws counterprotesters
The ubiquitous Make America Great Again hats were prominent at the pro-Trump rally Saturday March 4, 2017 at the state Capitol. A few weeks later in February, thousands marched in support of Muslims and against Trump’s travel ban on refugees. However, OPEC’s longer-term aim has to be to boost its own market share to accommodate rising production, particularly in Iraq and Iran, and a recovery in Nigerian and Libyan output. While WTI crude oil prices were up 2.2% in February, The Energy Select Sector SPDR fund (XLE) was down about 2% in the same month.As a result of the production cuts, oil prices have held steady in recent weeks even has USA gasoline demand has tumbled and oil storage levels have risen. Exports increased to 3.93 million barrels a day in the first 15 days of the month, 122,000 barrels a day more than the average for all of January.Since the end of 2016, OPEC has switched tack and has been willing to sacrifice market share to push prices up.ETF Trends publisher Tom Lydon spoke with John Love, President & CEO of USCF, at the Inside ETFs conference that ran January 22-25, 2017 to talk the recovery in crude oil prices. He is particularly interested in cross-commodity developments and the impact of new technology. BJP, Shiv Sena signal truce, Fadnavis says won’t contest BMC mayoral poll
As an anti-corruption ombudsman, the Upa Lokayukta will receive complaints from people against civic officials and corporators. We have chose to work as the gatekeepers of transparency, the position which will be followed by all our corporators”.