Crude Oil Steady As OPEC Sees Strong Demand

Saudi Aramco set for biggest ever ADIPEC presence amid NOC diversification drive

United Arab Emirates Minister for Energy Suhail al-Mazroui said Monday he expects OPEC and non-OPEC countries to extend global supply cuts at a November 30 meeting in Vienna.

Oil prices held largely steady on Tuesday as the prospect of further rises in US output offset some of the optimism that OPEC-led production cuts would tighten the balance between crude supply and demand.

In a monthly report, the Paris-based agency cut its oil demand forecast by 100,000 bpd for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November previous year.

The exporters reached the deal last December and have already extended the agreement through March 2018.

Reuters reported last month, citing OPEC sources, that producers were leaning towards prolonging the agreement until the end of 2018, though the decision could be postponed until early next year depending on the market. The group is expected to agree an extension of the cuts beyond their current expiry date in March 2018. This is expected to cut 2.5 million bpd, or about 2 percent, off global oil demand by that time.

Hole punching machine celebrates 131st anniversary with a Google doodle
The fruits of that labor make up most of the doodle, providing a happier use to the unwieldy mess usually left over from the task. However, the first recorded patents for a paper hole puncher was published by an American man named Benjamin Smith in 1885.

'Suits': Meghan Markle, Patrick J. Adams out for Season 8?
The spin-off will be launched by Suits' season 7 finale, which is also functioning as a backdoor pilot. It is understood that both stars' contracts are up after season seven, so neither is obligated to stay.

Shock news from the Queen as Charles steps into her place
The nation paid silent respect to those killed in the country's wars in a Remembrance Sunday service led by the Prince of Wales. A special tribute was held in honour of former Forces' Sweetheart Dame Vera Lynn, who celebrated her 100th birthday this year.

Meanwhile, with $2.39 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $58.73 per barrel in the said week.

So far in 2017, Brent has averaged at $54.5 per barrel.

Investors were confident that OPEC's output curbs would continue to support upside momentum in crude oil prices ahead of the upcoming Nov, 30 Opec meeting.

Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline.

The price of Iran's light crude oil in the week ended on November 3 rose $2.59 to stand at $60.04 per barrel, IRIB reported on Sunday.

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