IEA increases 2017 global oil demand outlook

US oil production

Oil demand growth was revised higher to 1.6 million b/d.

U.S. President Donald Trump's promise of a "phenomenal" tax plan has helped revive a post-election rally in stocks, with Wall Street also reaching record highs. Analysts say continued production growth could cause OPEC members to rethink the current strategy. Meantime, these efforts were offset by increases from Iran, Nigeria and Libya that were permitted under the terms of the agreement.

This includes about 300 million barrels from the OECD and 100 million barrels from non-OECD.

The overhang is nearly evenly split between crude and liquids on one side and oil products on the other.

12 killed in blast outside Afghanistan's Supreme Court
The attack came hours after a senior district official in western Farah province was killed in a bombing claimed by the Taliban. Buses carrying Supreme Court staff were targeted by a vehicle bomb in 2013 that was claimed by the Taliban.

After the end of the embargo, the Iranian ayatollahs have succeeded in increasing production only from 2.8 to 3.8 million barrels per day, but the problem is that, in such a market, the increase in supply immediately depresses the oil barrel price. I don't quite understand how it is possible, " Reuters reported on Friday, quoting a source in the Russian oil market.

Nevertheless, producers will probably have to extend the production cuts beyond six months if they want to achieve their goal of balancing the oil market.

OPEC's monthly oil market report and Feb.17 - first report from a committee in charge of monitoring compliance with oil cut deal - may place some upward pressure on fuel indexes. Data transparency and easy access can fool the casual observer that the oil markets are now still oversupplied, but to the keen observer, that is no longer the case and haven't been the case since March previous year. A year ago, world oil production stood at 96.4 million barrels a day.

According to Bloomberg, Wall Street has been investing the most money in oil and gas companies in the U.S. since at least 2000.

Tom Elliott slams 'traitor' Cory Bernardi after leaving the Liberal Party
Attorney-General George Brandis said Senator Bernardi had not acted like a conservative and had broken a promise to his electorate by leaving the party.

Moreover, now Saudi Arabia has reached its maximum production level, but it may have technological capabilities to increase it by 25% for a short lapse of time.

Oil prices are today trading stronger, with Brent crude up 40 cents to $55.52 per barrel, and WTI crude up 51 cents at $52.84 per barrel. OPEC would have to throttle back even more to keep the market balanced, a burden that would fall mostly on the Saudis. It will not be an easy task. This could hit hard the revenues of oil producers of the gulf and many other countries besides creating unfavourable platform of lower oil prices to Saudi Aramco for valuation of its IPO, scheduled in 2018.

Not to mention the fact that the real data on Saudi oil and gas reserves is still a state secret in the country.

Growing production outside of OPEC could dampen the cartel's hopes to raise prices gradually over the coming years. While the missile tests didn't contravene the nuclear accord signed in 2015, they are seen by some as going against a United Nations Security Council resolution that enshrines the agreement. Eleven members of the Organisation of the Petroleum Exporting Countries had agreed to pump less from January to raise prices.

Yes, The Trump Administration Has Taken A Position On Israeli Settlements
That admonishment marked the first public disagreement between Trump and Netanyahu , who plans to visit the White House Feb. 15.

Related news:

Hot News

isis-killer-beheading-video-story-top Kelowna Census Metropolitan Area among fastest growing in Canada
Feb 11, 2017 - 00:50
Nanuvut's population grew 12.5 per cent between 2011 and 2016 and had the highest growth rate of any province or territory. The population growth rate in this region, which stands at 4.2 per cent, is 0.9 per cent higher than the Quebec average.

isis-killer-beheading-video-story-top World Cup Preparation Is Costing Qatar $500 Million Per Week
Feb 11, 2017 - 00:48
However, human rights groups have said the workers have been exploited and forced to work under unsafe conditions. At the same time, the impetus for the rapid development of the infrastructure is the 2022 World Cup.

isis-killer-beheading-video-story-top Stargazers' delight: Lunar eclipse, comet, and 'Snow Moon' in one incredible night
Feb 11, 2017 - 00:47
It will be visible everywhere on Earth except Hawaii, Australia, New Zealand and East Asian nations bordering the Pacific. Bertels said sky-watchers can view the comet's core with a telescope, providing a clearer view of the "dim blob".

isis-killer-beheading-video-story-top Phil Jackson's pressure on Knicks' Carmelo Anthony backfiring
Feb 10, 2017 - 02:13
Adding Anthony and Bradley (despite moving on from Griffin) would balance the Clippers roster and change up the status quo in L.A. Anthony, a 13-year veteran, has a no-trade clause and would have to agree to waive that clause before a trade could be completed.

isis-killer-beheading-video-story-top Rosie Huntington-Whiteley confirms she's pregnant - and we so called this
Feb 10, 2017 - 02:12
The model and actor announced that she's pregnant, with an Instagram showcasing her growing bump on a tropical beach. She was later seen out in Los Angeles days later covering her stomach, fueling the rumor mill fire.

isis-killer-beheading-video-story-top Spicer: No question that Trump 'respects the judicial branch'
Feb 09, 2017 - 00:47
But contrary to Trump's claim , the majority of the incidents on the White House list were in fact reported by western media. Trump told the troops yesterday that that terror attacks are happening all over Europe but the media is ignoring them.

isis-killer-beheading-video-story-top Planned Parenthood sets 'abortion quotas,' former employees say
Feb 09, 2017 - 00:44
But quotas for abortions? They want women to panic, to despair , in order to profit off of it. It seems the hits just keep on coming for America's abortion titan, Planned Parenthood.

isis-killer-beheading-video-story-top Greece May Need Further Debt Relief Despite Austerity Policy
Feb 09, 2017 - 00:44
It warned Greece's debt "is highly unsustainable" and "will become explosive in the long run". But he ruled out any relief on principal debt.

isis-killer-beheading-video-story-top Brown to vote against Trump's pick for EPA administrator
Feb 09, 2017 - 00:43
Pruitt's hearing before the Senate Environment and Public Works Committee last week. Monday's letter from former EPA officials recalls a scathing quote from William K.

isis-killer-beheading-video-story-top The World's Oldest Aquarium Fish Has Died
Feb 09, 2017 - 00:43
Granddad, presumed to be the world's oldest fish, passed away Sunday at the Shedd Aquarium in Chicago. Approximately 104 million aquarium visitors saw the 24-pound lungfish over the years.

isis-killer-beheading-video-story-top Leicester City In Relegation Danger After Manchester United Debacle
Feb 09, 2017 - 00:42
Mazzarri's side will be looking to score an unlikely league double over Manchester United when Watford visit Old Trafford this Saturday.

isis-killer-beheading-video-story-top Top Senate Democrat says has 'serious concerns' about court nominee Gorsuch
Feb 08, 2017 - 00:51
Smith also says the vacancy caused by the death of Justice Antonin Scalia almost one year ago should have been filled long ago. Republicans declined to hold a hearing or a vote on Garland, saying the new president should get to pick the next justice.

isis-killer-beheading-video-story-top Brady, Belichick: Best QB/Head Coach Duo Ever?
Feb 08, 2017 - 00:50
Brady served the suspension at the start of the season capped by Sunday's 34-28 overtime victory against the Atlanta Falcons. This championship game was the Patriots' ninth trip to the Super Bowl - the most in the NFL.

isis-killer-beheading-video-story-top Three buys Relish 4G provider UK Broadband for £250m
Feb 08, 2017 - 00:49
Three UK is part of Li Ka-shing's CK Hutchison empire, while UK Broadband is part of his son Richard Li's PCCW telecoms business. Adding more spectrum is a priority for Three especially in the wake of its O2 merger attempt getting scuppered.

isis-killer-beheading-video-story-top Netanyahu calls on Britain to join new sanctions against Iran
Feb 07, 2017 - 01:17
The spokeswoman said Mrs May and Mr Netanyahu also discussed co-operation on cyber-security, innovation and technology. Iran fired a ballistic missile last week. "The prime minister reiterated the UK's opposition to settlement activity".