For Nigeria lower budget deficit as oil touches $80 a barrel

For Nigeria lower budget deficit as oil touches $80 a barrel

For Nigeria lower budget deficit as oil touches $80 a barrel

"Solid oil demand, reduced OPEC output and geopolitical developments continue to underpin price gains", said the IEA.

The IEA said global oil demand would average 99.2 million bpd in 2018, although USA bank Goldman Sachs said consumption would cross 100 million bpd "this summer". "We are in a world where geopolitics are dominating the market again", Patrick Pouyanne said at an event held by a Washington think tank.

The current rise of oil production is fueled by natural gas condensates and liquids, neither of which is used for producing the needed diesel.

"The catalyst for the latest move appears to be more concerns about the state of the supply and demand balance and OPEC's apparent unwillingness to do anything about it, even as Iran faces fresh sanctions and Venezuelan production is pressured", said Greg McKenna, an analyst at AxiTrader.

Much of the Iran's oil exports head to Asia now, with over than 1.5 million barrels per day sent to the likes of China, Japan, South Korea, and India.

"While global inventories are approaching long-run averages, there is a building concern over demand growth, partially on account of higher prices".

OIL STOCKS: Across Europe, oil companies were in demand amid higher oil prices.

More news: Yanny Vs. Laurel: A Neuroscientist Weighs In
More news: 'With friends like these': EU chief tears into Trump
More news: Trump to host Californians critical of state's immigration policies at White House

Opec crude production eased in April to almost 31.7m b/d, even as demand for the cartel's crude is expected at a greater level of 32.2m b/d this year. "As ever, the IEA stands ready to act if necessary to ensure markets remain well supplied".

Along with the rise in non-OPEC production, the agency sees demand growth of 1.4 million barrels a day, down by 100,000 barrels from last month's report.

"Aggregate production - both actual and projected - is growing for the majors", S&P Global Ratings said in a report published on Tuesday.

A day earlier, Total said it wouldn't commit any more funds to Iran's South Pars 11 natural gas project, in which it took a controlling stake a year ago.

The nationwide inventory estimate contrasts with forecasts in a Bloomberg survey that show stockpiles declined by 2 million barrels.

Benchmark oil contract Brent North Sea surged above $80 a barrel Thursday, hitting the highest level since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market.

TOTAL: French oil and gas producer Total said it would not be able to continue a multi-billion dollar project in Iran unless it is granted a waiver by USA authorities. The IEA acknowledged attention of market participants has shifted away from inventories to price volatility.

Recommended News

  • Paulo Fonseca to reject West Ham, sign new Shakhtar Donetsk deal

    Paulo Fonseca to reject West Ham, sign new Shakhtar Donetsk deal

    The Spaniard had agreed a deal to succeed Sam Allardyce, only for Madrid to swoop for the former Liverpool and Valencia boss. The Hammers have opted not to renew the Scottish coach's short-term contract, which expired at the end of the season.
    Steven Gerrard linked with Rangers move for Jermaine Defoe

    Steven Gerrard linked with Rangers move for Jermaine Defoe

    Rangers yesterday announced the signing of Scott Arfield from Burnley as the first import of Steven Gerrard's reign a Ibrox. Gerrard said of McGregor: 'He is a vastly experienced goalkeeper who we feel can add to the options available to us now .
    Gambling machines to be limited to £2 stakes

    Gambling machines to be limited to £2 stakes

    Changes to the stake will need to be brought through leglislation and will need to be approved by parliament. The move follows a Government review into gambling machines.
  • Heavy favorite Justify prepares for muddy Preakness

    Heavy favorite Justify prepares for muddy Preakness

    Wayne Lukas, the record-holder for most Triple Crown wins (14) who also trains Preakness hopefuls Bravazo and Sporting Chance . By Saturday night, there might also be similarities to the wet and wild conditions in which both horses won the Preakness .
    Confidence in John Wood Group plc (WDGJF) Shares by Morgan Stanley Fall

    Confidence in John Wood Group plc (WDGJF) Shares by Morgan Stanley Fall

    In related news, insider Christopher Cole sold 40,000 shares of the business's stock in a transaction on Thursday, April 26th. Stockholders of record on Thursday, May 17th will be given a dividend of GBX 2.75 ($0.04) per share on Wednesday, July 4th.
    Melania Trump 'Really Well' After Surgery ... Says Donald

    Melania Trump 'Really Well' After Surgery ... Says Donald

    President Donald Trump had visited her on Monday , posting on Twitter and saying "Successful procedure, she is in good spirits". Many patients are up and walking around within hours and go home the same day.
  • WWE Raw reportedly staying with NBCU, Smackdown's future undecided

    WWE Raw reportedly staying with NBCU, Smackdown's future undecided

    The original story from The Hollywood Reporter stated that the new deal would only be for RAW at three times its current value. It was a match made in heaven with both shows airing every Monday and Tuesday night on the network's USA TV channel.
    Florida teacher drowns 'nuisance animals' in front of class

    Florida teacher drowns 'nuisance animals' in front of class

    The Florida Fish and Wildlife Conservation Commission said they're investigating and will determine if anything illegal occurred. They said, "He has always gone above and beyond his call of duty to ensure that his students had everything they needed".
    Chandigarh, Indore, Bhopal Win India's Cleanest Cities Award

    Chandigarh, Indore, Bhopal Win India's Cleanest Cities Award

    We'll continue efforts to maintain it: "#MP CM on Indore & Bhopal being ranked 1st & 2nd in Swachh Survekshan '18", Chouhan. As compared to 2017 where Swachh Survekshan was conducted in 434 cities, this year the scope was enhanced manifold.
  • Michigan State University Pays $500M To Larry Nassar's Victims

    Michigan State University Pays $500M To Larry Nassar's Victims

    Lawsuits against MSU and USA Gymnastics claimed the institutions failed to protect Nassar's victims from his abuse. Nassar pleaded guilty in a series of trials to molesting women and girls under the guise of medical treatment.
    Should East Coast rail be public or private?

    Should East Coast rail be public or private?

    Transport Secretary Chris Grayling says it will be put in the hands of a public-private partnership at least until about 2020. The team that has been working to form the operator of last resort will take immediate control of passenger services.
    Ebola vaccines arrive in Congo as disease spreads

    Ebola vaccines arrive in Congo as disease spreads

    The minister has confirmed that three case of Ebola have been detected so far in the urban area. Health workers would be among the first to receive vaccinations, according to Ilunga.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.