Iraq confirms oil-output cut even as exports rise

The kingdom floated debt on the global bond market for the first time back in October.

Oil prices remained steady on Tuesday after a strong sell-off as a drop in the dollar has added an optimism on a short-covering, but analysts stated that the market became vulnerable and could further decline.

With OPEC finally announcing a long anticipated production cut at the end of previous year, Will Riley, Jonathan Waghorn & Tim Guinness, members of the Guinness Global Energy Team, share their outlook for the global oil market in 2017.

Traders said that the price rises were a result of reports that Saudi Arabia, the world's top oil exporter, was telling some Asian customers that it will curb crude supplies slightly from contracted volumes in February, although Reuters was not able to confirm any details of the reductions. It is up some 11 per cent since the November 30 Opec agreement, the first such cut in eight years.

In late trading, Brent crude (LCOc1) fell $2.25, or 2.87 percent, at $54.85 a barrel, while US crude futures slid (CLc1) slid almost 4 percent to $51.87 per barrel.

Refinery crude runs rose 418,000 barrels per day to 17.1 million bpd, the highest level since EIA records begin in 1982. "And if that is the case, is that going to provide sufficient certainty and sufficient platform for there to be a recovery in USA shale oil production?" During this time, inventory builds will slow, putting modest upward pressure on prices.

"EIA data showed us refineries increased the amount of crude they processed, pushing the utilization rate to the highest since September". However, some downside risks prevail as policy decisions may lead to the use of stimulus measures that may lift inflation to levels higher-than-anticipated by central banks.

LG's Latest OLED TV Might as Well Be Wallpaper
This range ditches the 4K HDR Processor X1 engine in favour of the 4K Processor X1 version and runs on the Android TV OS. The super thin 4K TV features a stunnding display but its most notable feature is its speakers, or lack thereof.

Reflecting China's growing fuel consumption, its net crude imports will rise 5.3 percent to 396 million tonnes (around 8 million bpd) in 2017, state-owned China National Petroleum Corp (CNPC) said on Thursday. Last month it forecast a 80,000 bpd decline.

Oil prices rose on January 12, supported by reports that key members of OPEC were starting to cut production as promised and by forecasts of strong demand growth in China.

Daily demand is expected to grow by more than 1 million barrels, with emerging nations like China and India the main consumers.

"Rising tight oil production, which results from increases in drilling activity, rig efficiency, and well-level productivity, also contributes to forecast USA production growth", the EIA added.

OPEC and NOPEC made a deal to curtail the oil production and Russian Federation has promised in the contribution of 300,000 barrels from their total production. Global production is expected to increase by 1.6 million b/d in the fourth quarter of 2016, with OPEC accounting for 0.9 million b/d, or 55%, of this increase. At 5:48pm GMT, the Comex gold futures contract for February delivery was up 0.34% or $4.10 at $1,200.70 an ounce, while spot gold was 0.79% or $9.43 higher at $1,201.05 an ounce. That scenario would echo the beginning of past year, when WTI crashed close to $26 due to concerns about a global economic slowdown.

Barclays also sees a case for increased spending in 2017.

EIA estimates that natural gas as a source of fuel in utility-scale electricity generation beat coal for the first time in 2016. Throughout his presidential campaign, Trump angered many around the world with his promise to ban Muslims from entering the US and to build a wall along the Mexican border.


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