Oil prices fell on Monday as increased drilling in the USA pointed to more output, raising concerns about a return of oversupply.
Brent oil futures dropped to $65.85/bbl, a 0.5-percent decline as well. Subsequently, multiple energy small-cap companies have been able to ramp up their extraction, bringing more oil to the market.
On a simple supply versus demand basis, however, global oil markets are facing the risk of returning into oversupply after being in a slight deficit for much of past year.
"Surging U.S. production will hamper exponential growth in crude oil prices", Singapore-based brokerage Phillip Futures said on Monday.
USA crude oil exports to China accounted for 202,000 bpd-or 20 percent-of the 527,000-bpd total increase in American exports in 2017, EIA data showed.
Thanks to the high drilling activity, United States crude oil production has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), pushing it past top exporter Saudi Arabia.
Venezuela's crude exports to the United States declined in February to a 15-year low as oil production continues falling and President Donald Trump's administration weighs new sanctions on the OPEC country, according to Thomson Reuters data. Russian Federation is now pumping nearly 11 mln bpd.
SAS Geelani steps down as Tehrik-e-Hurriyat chief
Before that, Sehrai had given a miss to executive council meetings of the Tehreek-e-Hurriyat and the Hurriyat as well. The party was formed following a split in the Hurriyat Conference in 2003 since then Geelani had been the chairperson.
Despite the shale boom and the United States lifting its restrictions on oil exports, global oil prices remain highly exposed to political risks.
"If the USA decides to put back the sanctions (against Iran), we have to look at what the consequences are, and then we will see, either (President) Donald Trump decides to maintain the waivers and we will move on with the (oil) project", Total CEO Patrick Pouyanne said.
Meanwhile, OPEC member-states, joined by Russian Federation, are committing to the oil production caps - a joint effort to curb oil output in order to support the prices.
The International Energy Agency said last week that Venezuela, where an economic crisis has cut oil production by nearly half since early 2005 to well below 2 million bpd, was "clearly vulnerable to an accelerated decline", and that such a disruption could tip global markets into deficit despite soaring USA output.
US exports will continue to rise in the medium term, and by 2022, the United States will be the fourth biggest oil exporter in the world behind Saudi Arabia, Russia, and Iraq, energy consultancy Wood Mackenzie said at the end of January.
Currently, oil traders are reacting to near-term news, with political headlines largely dictating the direction of oil prices.
Oil prices slipped on Monday as Wall Street slid more than 1 percent and energy market investors remained wary of growing crude supply, although tensions between Saudi Arabia and Iran gave prices some support.
It is not a game that many associated with the Minnesota Vikings would like to talk about ever again. Well now, Minnesota's last opponent in 2017 will also be the very first team they will face in 2018.
It improved, as 62 investors sold BMY shares while 519 reduced holdings. 137 funds opened positions while 460 raised stakes. Cramer Rosenthal Mcglynn Limited Liability Com holds 1.04M shares or 0.9% of its portfolio. (NASDAQ:MAR) for 4,029 shares.
Indiana Jones may have been around for a good few years but there's clearly a lot of mileage left to go for his character. The Indiana Jones 5 filming start date has been set for April 2019, according to the acclaimed director.
Goldman Sachs set a GBX 3,750 ($51.81) target price on AstraZeneca (LON:AZN) in a research report released on Friday, March 2nd. The firm raised its rating on the $86.00B market capitalized company to a respectable Buy from their past rating of Hold.
Now he's headed back to where it all started to coach the Memphis men's basketball program, per Jeff Goodwin of ESPN . No doubt, he'll have a positive impact on recruiting, and a lot will be expected of him to turn this program around.
One of our favourite girl bands of all time has just announced that they have chose to part ways for the foreseeable future. To keep yourselves up to date on the group's remaining scheduled performances and shows you can check their events page .
Stellar on defense, Kansas State held UMBC to just 30 percent shooting from the floor, a percentage almost impossible to win with. The Retrievers shot 14-47 (30%) from the field, including just 6-22 (27%) from 3-point range in the loss to the Wildcats.
The troubled New Jersey-based company is looking to slim down and focus on brands with attractive margins and growth potential. Stock has got OUTPERFORM rating from 2 analyst (s) whereas last month 2 analyst (s) have given outperform rating.
A senior opposition politician has warned they could descend into street clashes if police crackdown too hard on demonstrators. Putin's victory will extend his total time in office to almost a quarter of a century, until 2024, by which time he will be 71.
Meanwhile, another Twitter user wrote a sarcastic remark which stated, "Don't mock Ben Affleck's phoenix tattoo. His tattoos always have too many colors. "They should be cooler".
Carney Tells G20 Cryptoassets 'Pose No Risk'
Carney stated that: "The initial assessment by FSB on cryptocurrency does not pose any risk to the global financial stability". The FSB seeks to reinforce the G20's objective of strong, sustainable and balanced growth.
Claire's jewelry chain files for bankruptcy
At the time, the company had about $2.2 billion in net debt that was going to start to mature in the next few years. Like Toys R Us, Claire's was taken over by venture capital companies and saddled with huge debts.
Shock points defeat for Jimi Manuwa on London homecoming
Do not be surprised if this one ends late in the third round with Blachowicz on top of an exhausted Jimi Manuwa . Manuwa was a victim of his own momentum and was able to regain his feet and engage in more upright brutality.
How defenders can stop red-hot Mohamed Salah - Sol Campbell
The most any Liverpool player has ever managed (in all competitions) in a single season is 47 - achieved back in 1984 by Ian Rush. Speaking to the press, Jurgen Klopp revealed Deeney's kind gesture, saying: "He was waiting for all the players when we came in".
Baby Boy Dies After Carbon Monoxide Leak
High levels of carbon monoxide were detected when firefighters entered the Barre Drive home, Barrie Fire said. On Sunday, Barrie police said the mother was in critical condition while the little girl remained stable.
Sea of Thieves Free with Xbox One X Purchase for Limited Time
An Xbox One X retails for $499.99/£449.99, in case you're wondering, and the Sea of Thieves promotion runs until 24th March. The Microsoft's promotion to offer Sea Of Thieves for FREE for any Xbox One X buyer is hiding some interests, of course.