Oil prices steady amid signals of higher demand

Oil prices steady amid signals of higher demand

The production decrease was partially offset by increases in Libya and Nigeria, which are not participating in the agreement.

Also all the non-OPEC oil producing countries, as well as Russian Federation, shall follow suit and play along, otherwise the six-month agreement - which can be renewed indefinitely - will have no value.

Qatar's energy minister, the current OPEC president, said Wednesday that world oil markets were "responding positively" to output cuts implemented by the cartel and some non-cartel producers.

Global oil supplies have decreased as the Organization of Petroleum Exporting Countries and producers outside the group comply with a six-month deal to curb output that took effect on January 1, Qatar's Energy Minister Mohammed Al Sada said Wednesday at a news briefing in Doha.

IN hometown of Vice President Mike Pence hangs sign in his honor
Pence and his wife Karen were joined by President-elect Donald Trump and his wife Melania at the IN inaugrual ball. Chief Justice John Roberts will swear Trump in as president on the West Front of the Capitol at about noon.

The International Energy Agency (IEA) - one of OPEC's six sources - said the cuts in January equated to 90 percent of the agreed reductions in output, far higher than the initial 60 percent compliance with a 2009 OPEC deal.

OPEC has made a strong start to the process it says will take six months, said IEA, which is based in Paris and advises most of the major economies of the world on energy policies. "In 2017, assuming normal weather conditions we expect demand to grow by 1.4 mb/d, an increase of 0.1 mb/d from the last report", notes the agency.

On the global scale, oil supplies dropped by nearly 1.5 million barrels a day, with both OPEC and non-OPEC countries producing less. OPEC's compliance with the accord on output has been very good, and non-OPEC producers have begun cutting production and pledged to reach their targets quickly, the Oil Ministry's Shana news service reported him as saying. Capital Economics analysts said in a note: "We think United States production is likely to rebound". Geopolitical risk and the oil nations' production cuts gave a floor to prices while fears of a too strong USA supply response and US oil inventories limited the upside evolution. Output from those three countries is likely to rise by a combined 750,000 b/d this year, it said. 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.

Sierra Wireless Inc surged more than 26 pe rcent to $30.87 after reporting fourth-quarter and full-year 2016 results on Thursday. We now do not see signs indicating that this won't happen otherwise. It said: "Some producers, notably Saudi Arabia, (are) appearing to cut by more than required".

  • Israel Carries Out Second Round of Strikes on Gaza

    Israel Carries Out Second Round of Strikes on Gaza

    After the devastating conflict of 2014, Israel and Hamas have observed a brittle ceasefire along the largely closed border area. Earlier on Monday morning, unknown militants fired two makeshift rockets from northeast Gaza into southern Israel.
    Does John Lynch have any National Football League  front office experience?

    Does John Lynch have any National Football League front office experience?

    Something tells me that the media will not become any less confrontational the next time York steps in front of the podium. Lynch played all four of his seasons in Denver while Mike Shanahan was the Broncos head coach.
    Mississippi Storms Leave at Least 4 Dead, 20 Injured

    Mississippi Storms Leave at Least 4 Dead, 20 Injured

    A college in a southern MS town where a tornado struck says it's closing and students are being evacuated. Power lines blocked one of their firetrucks and power crews had to report to the scene trying to assist.
  • Cases of Human Trafficking Reported in NC in 2016

    That's according to a report from Polaris , a national organization that works to eradicate trafficking and to help its victims. Robin Thompson from the Survive and Thrive Advocacy Center said education in human trafficking plays a key role.

    University of Alaska warns some students, faculty not to leave US

    We will continue to gather information and evaluate the impact this order may have on member of our University community . UVA confirmed more than 60 members of the UVA Community have been directly impacted by the executive order.

    De Mistura Calls Trilateral Meeting in Astana Important for Syrian Settlement

    The talks, set to begin today, will be the first time a delegation composed exclusively of rebel groups will negotiate with the regime of Syrian President Bashar al-Assad.
  • Unions Continue to Hemorrhage Members

    Unions Continue to Hemorrhage Members

    Just 10.7 percent of the workforce was organized, a 0.4 percentage point annualized decline that translated to 240,000 members. The Hill" newsletter reports that almost thirty states could have "right to work' laws in place by the end of the year.
    EuroMillions Results: One Lucky Ticket Scoops £76m Jackpot

    EuroMillions Results: One Lucky Ticket Scoops £76m Jackpot

    A ticket holder in Ireland has won tonight's EuroMillions jackpot which was an estimated 88.5 million euro (around £76 million). The National Lottery in Dublin confirmed that there was one victor from Ireland of the Europe-wide €88.58m (£75.86m) jackpot.
    Dad of Girls Missing 31 Years Waiting for Call

    Dad of Girls Missing 31 Years Waiting for Call

    Philbin would not comment on where the family had been since 1985 and said he did not know when they got to Houston. She waived extradition and is now being transported back to Rhode Island, where a formal arraignment will be held.
  • Brutally honest girl scout critiques cookies

    Brutally honest girl scout critiques cookies

    Penny Crapser, the Girl Scouts' cookie sales coordinator, carts over cases of cookies to be loaded into parents' vehicles. What makes Charlotte's letter standout is her honest review of the eight cookies for sale.

    Trump Will Announce Supreme Court Pick Next Week

    The vacancy regularly came up during the presidential race and is said to be an early priority for the Trump administration. Gorsuch, 49, is a judge on the 10th Circuit Court of Appeals where he was nominated by President George W.
    Trump criticizes media for lowballing crowd size at his inauguration

    Trump criticizes media for lowballing crowd size at his inauguration

    His speech follows repeated and sharp public criticism of the Central Intelligence Agency before and after the election. Meanwhile, Trump often spoke well of Putin during his campaign while strongly criticizing USA intelligence agencies.