The world oil market report noted that OPEC had increased production by 735,000 barrels per day since May as ME Gulf producers such as Saudi Arabia and the UAE compensated for the rapidly declining output in Iran and Venezuela. U.S. crude was down 3.6 per cent on the week, while Brent crude fell 4.1 per cent.
The Organization of the Petroleum Exporting Countries (OPEC) cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.
"We look at the fundamentals, and at the moment there is plentiful supply, and at the moment we have seen a modest downgrade to demand growth, and we think the likelihood is that if we are to change our demand outlook for 2019, it's more likely to be the downside than the upside". The revision also reflected changes in the way the agency assesses Chinese consumption. Earlier this week, the Energy Information Administration boosted its forecast for USA oil production , which added another headwind. "In fact, production has surged, led by the United States shale revolution, and supported by big increases in Brazil, Canada and elsewhere", the IEA said in a statement published on its website Friday.
China, which is the biggest importer of crude oil is now replacing Venezuelan crude with Canada's sluggish heavy crude.
For energy importers, the squeeze in supply is stoking inflation, while climbing USA rates lure funds from their markets. New data for OECD stocks show that in August they increased by a more- than-normal 16 mb and have been relatively stable for several months after falling significantly following the implementation of the original Vienna Agreement. Recent production increases come at the expense of spare capacity, which is already down to only 2% of global demand, with further reductions likely to come.
For the Shanghai Composite , the technicals show that price has now cracked the support seen from February and March 2016. It is the second dive in Chinese bourses this week after both Shanghai and Shenzhen fell almost four percent on Monday.
Samsung's light dig at the new Google Pixel phone on Twitter makes it verifiable that Samsung will never launch a notch device. The two devices don't differ much, with a 5.5 inch and 6.5 inch display seemingly the biggest difference between them.
He was born in April 1932, and according to SA History Online the law graduate started in the foreign affairs department in 1953. Botha was known as a champion for the anti-apartheid cause, and left the Nationalist Party to join the ANC in 2000.
Tanushree has accused the veteran actor of inappropriately touching her on the sets of 2008 film Horn OK Pleasss . He added, "If anyone has wronged even a single woman, neither ADF ( Ajay Devgn Films) nor I will stand for it".
The Trump administration has experienced an unprecedented turnover rate as compared to past administrations. "People leave. He said he's entitled to staff shakeups and has "phenomenal" people on standby to come work for his administration.
Depay doubled the lead in the 87th, calmly finishing after a quick break down the right by substitute Quincy Promes . Striker Timo Werner said: "We missed out on scoring when we had the chances to do so".
Mr Khashoggi , a prominent critic of Riyadh and a U.S. resident, disappeared on 2 October after visiting the Saudi consulate. Turkey has called on Saudi officials to provide evidence that Khashoggi left the consulate.
Before Michael hit, state officials said that 285 defied the mandatory evacuation order in Mexico Beach and stayed behind. In nearby Panama City, Fla ., few homes were destroyed but almost all were damaged. "They didn't have a place to go".
According to the National Cancer Institute, approximately 1 in 8 women will develop breast cancer at some point in their life. Ultrasound may be used to determine whether a new breast lump is a solid mass or a fluid-filled cyst.
UK Brexit agreement deal set to be announced
Ambassadors from the remaining 27 European Union states were invited to attend an update on the talks in Brussels. The future of the border between Northern Ireland and Ireland has proved to be a key issue in the Brexit talks.
Michael Buble says he's quitting music
He says he was always anxious about ticket sales before Noah was diagnosed and now he's "embarrassed by [his] ego". He continued, "My wife was the same and even though I was the stronger of the two of us, I wasn't strong".
Taliban Attack Security Check Posts In Farah
At least 17 soldiers have been killed in Taliban raids on two military posts in western Afghanistan, officials said. His 11-day trip includes stops in Afghanistan, Pakistan, the United Arab Emirates, Qatar and Saudi Arabia.
Samsung's foldable phone will double up as a tablet
The starting price of the Samsung Galaxy A9 (2018 ) is Euro 599 (about 251,000 Naira) and GBP 549 (about 263,000 Naira). But the device is in the works, and we could catch a glimpse of it at Samsung's Developer Conference next month.