Oil races to $80 as US drilling rises

Crude oil prices have increased more than 10% over the past month after President Donald Trump signaled it is likely the USA will withdraw from a 2015 worldwide agreement with Iran that eased sanctions in return for curbs to the country's nuclear program, the Wall Street Journal reports.

Brent crude futures, the global benchmark for oil prices, were at $78.21 per barrel at 0639 GMT, virtually unchanged from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session. By 8am GMT, Brent was up 20c at $78.43. However, the cartel also revised higher the non-OPEC supply forecast by 10,000 barrels per day, which does not come as a surprise given the rising United States oil output. Global markets have tightened as the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, has been withholding supplies since 2017 in order to push up oil prices.

World oil prices have surged by more than 70% over the past year as demand has risen sharply but production has been restricted by oil cartel Opec, led by Saudi Arabia, and other key producers, including Russian Federation.

Iran produces roughly 4% of the world's oil, with the looming prospect of American sanctions set to cut off some of that supply.

CBI charges former PNB boss and 10 staff in fraud case
It has been revealed that these officials did not follow circulars issued by the central bank on the SWIFT control system in 2016. The Allahabad Bank board has been asked to divest Ananthasubramanian of all powers and initiate further action.

The cartel revised higher its forecast for global oil demand growth this year by 25,000 barrels per day - a bullish development for oil markets.

In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed on Tuesday.

The price of world benchmark Brent crude has risen over the past 28 months, from roughly $26 a barrel in early 2016, to approximately $77/Bbl Monday, as the balance between supply and demand continues to tighten, Kallanish Energy understands.

The Permian basin in Texas, the biggest US oil patch, is expected to see output climb 78,000 bpd to a fresh record of 3.28 million bpd.

Related News:

  • Cauvery water row: Centre submits Cauvery Draft Scheme to Supreme Court

    Cauvery water row: Centre submits Cauvery Draft Scheme to Supreme Court

    The authority, which will be headquartered in Bengaluru, is very similar to the Cauvery Management Board the Tribunal recommended. Karnataka said it will challenge the draft for being inconsistent with Sec 6A of Inter-State River Water Dispute, Act, 1956.
    Sunny Monday expected, possible thunderstorms in the evening

    Sunny Monday expected, possible thunderstorms in the evening

    There is a slight chance of showers and storms for the KVOE listening area by late afternoon with a better chance around sunset. According to the National Weather Service in Hastings, Grand Island received 0.28 of an inch of rain from the storm.
    Cooper Says Dern Is A

    Cooper Says Dern Is A "Disgrace", But Will Take Catchweight Fight

    They told me even without a fight, they're going to make me make weight and they're going to stay on me, but that's what I need. There are champions that are caught for drugs and cocaine and things like that. "I believe that they won't", Dern said.
  • Fortnite: Burst Assault Rifle arrives today but weekly patch delayed

    Fortnite: Burst Assault Rifle arrives today but weekly patch delayed

    Epic made the announcement stating the Infinity Gauntlet Limited Time Mashup will end on May 15th. It fits in with the superhero theme of Fortnite season 4 , which was launched a few weeks ago.
    82 women protesting at Cannes win a pledge for more women directors

    82 women protesting at Cannes win a pledge for more women directors

    On today's premiere of French Director Eva Husson's " Girls of the sun " ( Les Filles Du Soleil ) will be talking for a long time. Once these guidelines are implemented, the festival should organically see a sharp uptick in films directed by women.
    Iran's supreme leader shares photo reading

    Iran's supreme leader shares photo reading "Fire and Fury"

    Iran responded with frustration, but it now appears to be engaging in a more off-the-cuff manner. Trump, I tell you on behalf of the Iranian people: You've made a mistake.
  • Iran and Israel are shooting at each other in Syria. Why?

    Iran and Israel are shooting at each other in Syria. Why?

    Its backing of radical groups such as Hezbollah, the Palestinian militant organization Hamas, and the Houthi Rebels is another. Iranian media described the Israeli attack as "unprecedented", but there was no official Iranian comment on Israel's claims.
    Rafael Nadal breaks John McEnroe's 34-year-old record

    Rafael Nadal breaks John McEnroe's 34-year-old record

    Rafael Nadal's 21-match unbeaten run on clay has come to an end thanks to a surprise defeat to Dominic Thiem at the Madrid Open . Thiem will take on South African big man Kevin Anderson who finally broke his duck and made his first Masters semifinal.
    First Trailer for Spike Lee's True Story Dark Comedy 'BlacKkKlansman'

    First Trailer for Spike Lee's True Story Dark Comedy 'BlacKkKlansman'

    To do so, though, the rookie needs help, and he finds it in his colleague Flip Zimmerman ( Adam Driver ), who is Jewish. It was among the most highly anticipated titles at Cannes this year and immediate reaction was positive.
  • MoD confirms clashes continue in the outskirts of Farah city

    MoD confirms clashes continue in the outskirts of Farah city

    The Afghan Defense Ministry said in a statement Tuesday that Afghan security forces were able to repel their attacks. Interior Ministry spokesman Najib Danish said both Afghan and foreign air forces were participating in the battle.
    'Avengers' stays on top of the box office

    'Avengers' stays on top of the box office

    Meanwhile, Gabrielle Union's " Breaking In " launched in third with $16.5 million in 2,537 locations. In second is Warner Bros. and New Line's Life of the Party , delivering an estimated $18.5 million.
    Israel has right to self-defence

    Israel has right to self-defence

    Le Drian said that the 2015 agreement on Iran's nuclear activities remained in force despite the U.S. pulling out on Tuesday. Israel has warned it will not tolerate its archenemy Iran establishing a military presence on its doorstep.


Most liked

Mohamed Salah reveals chat with Man Utd boss Jose Mourinho
Pep Guardiola reacted to the team's 106th league goal of the season by leaping out of his seat in the dugout and punching the air. Serie A: Benevento 1 (Diabate 87) bt Genoa 0; Inter Milan 1 (Rafinha 80) lost to Sassuolo 2 (Politano 25, Berardi 72).

Lenovo Teases An All-Screen Smartphone
These views and opinions do not necessarily represent those of The Asian Age and/or other staff and contributors to this website. Lenovo' VP Chang Cheng confirms the upcoming Z5 smartphone to feature a no bezel display with 95 per cent screen-to-body ratio.

Is Wayne Rooney moving to MLS?
Allardyce's situation is also uncertain amid supporter unrest over recent performances, but the 63-year-old is intent on staying. Rooney has reportedly come to an agreement to join the MLS club in the summer after this season back at boyhood club Everton .

De Bruyne doubts Manchester City points record will ever be beaten
Aguero, who has a knee injury, has been given permission to report for worldwide duty early ahead of the World Cup. Silva also expressed his gratitude to long-serving team-mate Yaya Toure, who is leaving City this summer.

New plan to extend effort to eliminate trans fats globally
Artificial trans fats are formed through an industrial process that adds hydrogen to vegetable oil, causing the oil to harden. Also, this is the first time the WHO, or any global health organization, has proposed a ban on a dietary component.

Govt seeks Aramco, Adnoc backing for $44 billion oil refinery
ADNOC's new strategy is expected to create more than 15,000 jobs and contribute 1% to UAE GDP growth. India-UAE Relations have zoomed to the highest possible level under Indian PM Narendra Modi .

Critical flaw found in email encryption tools
Email users who use PGP (based on OpenPGP) and S/MIME to encrypt and decrypt their communications are at "immediate risk". This new vulnerability allows hackers and attackers the ability to read encrypted HTML emails in plaintext files.

Sadr headed for first place in Iraq election -commission
Sadr leads the al-Sairoon Coalition (The Marchers) that brings together his Sadrist Movement and the Iraqi Communist Party . The vote was widely seen as a verdict on Abadi's tenure and his pledge to be more inclusive of Iraq's Sunni minority.

US To Help North Korea Upon Nuclear Surrender - Pompeo
One told reporters that being free was "like a dream; we are very, very happy". Singapore also has a track record for hosting worldwide summits.

A Sports Book Is Coming To A Betting Parlor Near You
In 2011, voters in New Jersey approved a ballot measure legalizing sports betting, hoping to revive their state's gaming industry. Critics have raised fears that legalized gambling could make "points shaving" or other forms of corruption more prevalent.

100 points, record wins, record goals - Manchester City's incredible Premier League season
There were wonderful scenes soon after as Liverpool's fans cheered Salah's daughter, Makka, as she kicked a ball on the field. With a 19-point advantage over United, City outperformed their rivals' 1999-2000 margin of 18 over Arsenal .

Zverev, Thiem To Fight For Masters 1000 Glory
He was adamant the result of Rome won't affect his preparation for the French Open. "Of course I am disappointed", Nadal said. Zverev also won four consecutive times last week at the BMW Open by FWU in Munich to celebrate his first title of the year.

Trump scrambles to save Chinese phone company hurt by his export ban
He returned to the topic more than five hours later by blasting past trade agreements between the two countries. But Mr Trump said he was optimistic about the future of the countries' trade relations.

BJP will win almost 130 seats in Karnataka, says Yeddyurappa
Meanwhile, Chief Minister Siddaramaiah has reiterated that he was confident of Congress retaining the power. Still, Polling to 222 Karnataka Assembly constituencies began at 7 AM and will continue till 6 PM.

Liverpool favourite Peter Crouch predicts three-way Premier League title race next season
But he admits De Gea's growth has been phenomenal to watch and indicated that his brilliance between the sticks has shielded some shoddy defending from Manchester United .