Output rose to a record 11.346 million barrels a day, according to a monthly report issued Thursday by the U.S. Energy Information Administration. The bank said 2018 oil demand growth, though down slightly, remains above consensus expectations, and said Chinese demand continues to show resilience despite concerns over the world's second-biggest economy. In turn, the top three producers are supplying the market at a record 33.41mbpd.
China - the leading importer of Iranian oil - is still in discussions with the US on terms, but is among the eight countries set to receive a waiver, according to two people familiar with the discussions who also asked not to be identified. Saudi Arabia raised production by 150,000 barrels to 10.68 million a day, the highest in Bloomberg data going back to 1962, while Iranian volumes slipped by 10,000 barrels a day to 3.42 million, the lowest since March 2016. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss. While it is unclear to what extent the impact will have on global oil markets, it could pave a path for a rebound in oil prices toward the $75-per-barrel level by the end of the year.
A list of all countries getting USA waivers allowing them to import Iranian oil is expected to be released officially on Monday, industry sources say.
"There's this perception that there's enough oil in the market right now to get through the Iranian sanctions".
Investors will look to official government data on US inventories due on Wednesday. In 2017, the country consumed more than 19 million barrels of crude oil every day.
Jamal Khashoggi’s body was ‘dissolved’ after murder, claims Turkish official
Writing for The Washington Post , he became a prominent critic of the family, particularly bin Salman. On Wednesday, Switzerland announced it was suspending arms exports to Saudi over Khashoggi's killing.
Diaz stars in Man City’s cup win; De Bruyne has injury scare
Bernardo Silva is set to be the big beneficiary if De Bruyne is ruled out while Fabian Delph will make way for Fernandinho. Outstanding in the Carabao Cup win against Fulham , De Bruyne was forced off the field late on with an injury.
Barbra Streisand Says She ‘Doesn’t Enjoy’ Performing After Stage Fright Hiatus
Barbra Streisand did Carpool Karaoke with James Corden and the video is just what you expected - and wanted. Barbra Streisand may be an EGOT legend, but the " Funny Girl " star still gets stage fright.
Russian Federation is pumping oil at a post-Soviet high, United States crude output has topped 11-million barrels per day (bpd) and a Reuters survey of oil cartel Opec production shows the group more than made up for any declines in Iranian shipments in October. "As South Korea and India reportedly agreed with the US on waivers, the Iran factor is weakening".
But oil supply from other countries is rising.
Analysts said oil prices were also supported by the upcoming US sanctions against Iran's crude exports that will start on November 4. This means that the country imports more than 10 million barrels every day.
From January 2018 to August 2018, Texas crude oil production increased by 683,000 b/d, or 15 percent, and New Mexico production increased by 182,000 b/d, or 25 percent.
Financial markets found some support on Tuesday from reports that U.S. President Donald Trump thinks "a great deal" with China is possible on trade.