Finance

Oil extends winning streak ahead of Opec production cut

Oil extends winning streak ahead of Opec production cut”

Oil extended its longest winning streak in more than four months as the market anticipates that output cuts from OPEC and non-OPEC producers will help speed the elimination of a supply glut.

Qatar's hydrocarbon bellwether has announced its production cut plan, in line with the Opec's call.

Iranian oil minister Bijan Zanganeh also said on Tuesday he expected OPEC to abide by the deal.

The EIA continued to report that refineries in the USA processed an average daily of 16.6 million barrels of crude, operating at 91.0 percent of capacity and producing 10.5 million barrels of gasoline and 5.0 million barrels of distillate. Many US producers have scaled back their production amid price fallout in the oil market.

Oil imports stood at 8.2 million bpd, down by 304,000 bpd and about 100,000 bpd higher than the 4 week average.

Ravens' Steve Smith Likely Playing His Final Game
In other words, it should be the same kind of game the teams played in Baltimore in November. "I'm about 89% sure", he said. He shared a heartfelt message on his Instagram account thanking the Ravens organization for his experiences afterward.

The country's 2017 revenue is estimated to be QR170.1bn compared to QR156.0bn in the previous fiscal year, implying an increase of 9%. Oil Price Information Service analyst Tom Kloza said in an interview. They are allotted to complete 28 schools and nurseries and construct 17 new schools and nurseries.

The range in prices in the latest AAA survey for unleaded regular is 24 cents, from a low of $2.15 to a high of $2.39.

In Cushing, Oklahoma, the delivery point for USA crude's benchmark West Texas Intermediate contract, inventories rose by 172,000 barrels, the EIA said.

International Brent crude futures were up 36 cents at $56.45 a barrel by 1000 GMT. In addition, they all know that increased prices create an incentive to produce more where the marginal cost of production is less than the current and projected market price. Prices on Tuesday climbed 93 cents to settle at $56.09. WTI has averaged about $43.38 so far in 2016. Nevertheless, this morning when I read a news article from Reuters about the increasing number of rig counts in the U.S., it gave me a feeling that I was not mislead by the western media, but right in saying that with the hike in crude oil prices, the rig count in the USA would jump dramatically. A monitoring committee consisting of some Opec nations and non-members will meet on January 13 to track compliance with promised supply reductions, according to Opec Secretary-General Mohammad Barkindo.



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