Last December, Russia and 10 other non-OPEC nations agreed to join OPEC's output cuts for the first time in 15 years.
Crude futures tumbled more than 1%, as President Donald Trump's decision to withdraw from the 2015 Paris climate agreement sparked concerns that US oil production could expand rapidly in the absence of a stringent focus on curbing the use of fossil fuels. It estimated that large operators such as Anadarko Petroleum Corp. and Marathon Oil Corp. are expected to increase output by 400,000 barrels a day, with smaller independent producers projected to add a further 100,000 barrels.
Production cuts by OPEC and its partners are taking longer than expected to eliminate the surplus as US shale drillers boost production with surprising speed.
Growing worry over crude oversupply after Libya increased output has sent Global oil prices lower, which is likely to result in a price cut of NT$0.5 (US$0.017) per liter for gasoline and diesel at CPC Corp.
OPEC last week discussed reducing output by a further 1% to 1.5%, and could revisit the proposal should inventories remain high, sources told Reuters. Pressuring the market through $47.44 will put the market in a bearish position.
When contacted, the spokesperson for the SPDC, Mr. Bamidele Odugbesan, said, "The force majeure on Forcados is still very much in place and any update will be duly communicated".
The price of oil has continued its downward move despite an agreement between the OPEC and participating N-OPEC producers to extend the current supply cut agreement that aims to reduce global oil supply by 1.76 million barrels per day.
He questioned the efficiency of the output cuts, saying oil producers were losing market share to USA firms, which are not part of the deal.
Libya's oil production has risen to 827,000 bpd, climbing above a three-year peak of 800,000 bpd reached earlier in May, the National Oil Corporation said, after a technical issue that hit Sharara oilfield was resolved.
Introducing Trump, Saudi King Salman described their mutual foe Iran as the source of terrorism they must confront together. Zarif also criticised Trump's arms deal and other investments with Saudi Arabia worth hundreds of billions of dollars.
Trump clashed with Pope Francis during the campaign, but expressed his deep appreciation for the papal audience he received. The men shook hands and Trump could be heard thanking the pope and saying it was "a great honor" to be there.
The last time Ryu did not complete a tournament was the 2014 Evian Masters, where she was disqualified after the first round. Creamer, who nearly won this tournament 13 years ago as an amateur, was one shot off the lead when she made the turn.
Kerber failed to withstand the strong forehand and backhand attack from her opponent as she lost the first set 6-2 in 38 minutes. The Australian teenager made light of the 300-plus ranking places separating them to push the 11th seeded Dane to three sets.
Still, they bring some cool new ways to interact with our watches and add a little fun to the screen we see the most. Siri Watch face: Siri is an automatic face that pops contextual notifications into a continuous scroll of info.
Among them there is the ASUS ROG Strix GL702ZC , the first gaming laptop on the market to pack an AMD Ryzen processor . This is an exclusive deal between AMD and Asus and there is little that we know about this partnership at the moment.
Thomas said at the team's practice facility Friday that the swelling must go down before there is a decision on how to rehab. By halftime, each Celtics starter, with the exception of Avery Bradley , had accumulated three assists, per David Kenyon .
There have been some suggestions that PlayStation Plus could include PlayStation VR games at some stage in the future. Sony hopes to build a better experience of PS Now for PS4 and PC owners by dropping the other platforms.
A police report lists four medications, including Vicodin, that Tiger Woods reported taking when he was stopped for DUI. This comes as Woods has been notorious for being relatively private about his life and what influences him golf game.
Jason Dufner, David Lingmerth share Memorial lead
MALMO, Sweden - Wales' Jamie Donaldson shot his second consecutive 4-under 69 to take a two-stroke lead in the Nordea Masters . He tried to play a flawless shot and barely got it out, then chipped down to 5 feet and missed the putt, making double bogey.
London Bridge closed amid reports of car mowing down crowd
Department of Homeland Security issued a statement advising "any affected U.S. citizens who need assistance to contact the U.S. Embassy in London and follow Department of State guidance". - London Bridge was closed in both directions.
Finals of National Spelling Bee begin with 40 elite spellers
Spellers that advanced to the finals needed to have earned 29 points to keep the number of spellers in the finals under 50. Martius has a number of friends from other states competing and even had two classmates come to support him, Ryndon said.
Alford talks to Dan Patrick about LaVar and Lonzo
After the Lakers thing goes down and the opinion that he's now, the flawless scenario is going to unfold. That would allow Lonzo to fall right into the lap of the Lakers, the team he grew up rooting for.
Venus reveals Serena's expecting a baby girl
The decisive moment came in the ninth game of the fourth set. "Thank you for everything, you helped me through this hard time". Jennifer Capriati is the only other American woman who has won the French Open since Serena since won the title in 1986.
England's six of the worst in record collapse
Jason has scored a huge amount of runs for us, the way in which he plays is very important and it will continue to be like that. Roland-Jones made 37 not out as England recovered to a partially defendable total of 153.