Oil prices fell slightly on Friday as evidence that US production was still rising overshadowed hopes that the global crude glut would diminish on expected production cut extensions from OPEC and other producing countries.
Vitol, the world's largest oil trading house, moved a record 7 million barrels per day of crude and oil products a year ago.
However, the OPEC report also noted that the cartel expects non-OPEC oil supplies to rise by 950,000 barrels a day this year, an upgrade from last month's forecast.
Eleven Non-OPEC producers also are expected to extend their commitment to decrease oil output by 558,000 b/d.
The head of oil analysis for the IEA, Neil Atkinson said it was starting to become clear "that if the objective of the OPEC cuts was to flip the market from surplus into deficit, that is now slowly beginning to happen".
On Friday, Baker Hughes (BHI) reported that the number of active USA rigs drilling for oil climbed (http://www.marketwatch.com/story/oil-prices-hold-losses-as-baker-hughes-reports-17th-weekly-rise-in-us-oil-rig-count-2017-05-12) by 9 to 712 rigs this week.
"The dilemma now for OPEC and their key non-OPEC partners Russian Federation and Oman is that cutting to support prices risks stoking the embers of a shale fire storm", said Adam Ritchie, director at Petro-Logistics in Geneva.
OPEC could try even deeper production cuts but OPEC members won't like that. US light crude CLc1 was up 1 cent at $47.84.
This is the final segment in a three part series discussing the recent past and future of oil prices and the reasons why prices are where they are.
Timing is everything, and there is a lot of noise surrounding near-term oil prices.
According to the report, this was the biggest among oil producers as Nigeria makes move to over-take Angola and retain its position as biggest oil producer in Africa.
Any more supply from OPEC or non-OPEC could return the market to surplus. It showed the resilience of US shale production, and it dramatically cut spending in capital intensive projects in non-OPEC producers.
Meanwhile, Iraq and Algeria reportedly said Thursday they were in favor of extending the crude output cut deal.
Norwegian consultancy Rystad Energy said that "U.S. oil production has gained significant momentum" and that there was "limited downside risk in the short-term". Prices are back below $50 a barrel now and thanks to increased efficiency, US producers can still make money at those prices.
Air Canada said it intends to continue allowing Aeroplan members to redeem points for seats on Air Canada flights after that time. Dvorkin also isn't convinced that in 2020 he won't be able to combine his Aeroplan miles with miles earned by flying Air Canada.
Mr Morrison rejected suggestions he wanted a war with the banks because they were less popular with voters than the government. But the opposition has no power to stop the removal of the deficit levy, which comes off automatically at the end of June.
Such a scenario would then force the House and Senate to work together to forge a compromise bill that both houses can support. Trump has threatened a government shutdown in September unless more of his goals are included in the next spending bill.
Utah isn't much for moral victories, but the franchise finishes a 51-season after ending a four-year playoff drought. Curry and Andre Iguodala combined for back-to-back 3-pointers to put the Warriors up 93-79 heading into the fourth.
White told WAFF in Huntsville that the family had been to the zoo multiple times, but had never seen the kangaroos before. A 9-year-old girl is recovering after being injured by a kangaroo in Alabama. "I'm just glad I was there", Jennifer said.
From August 2015 to July 2016 the shootings terrorized the largely Hispanic community in Maryvale in Phoenix , Arizona . Marshal David Gonzales said in a press conference. " 'I had a gut feeling it was him, ' she told paper on Monday".
Now making her debut in the Nexus, enemies will soon find that this superstar and her MEKA together make one powerful combo. Namely, Heroes of the Storm added more armor, buffed her pilot mode and gave her increased damage in certain situations.
A Kushner Companies spokeswoman declined to comment in a "New York Times" article about the Beijing event published on Saturday. The reclusive state has warned the United States of a nuclear attack in response to any aggression.
According to the source, the airport is used by Iran to bring weapons into Syria via commercial and military cargo aircraft. Local media reported that the projectile was a drone that crossed from Syria to Israel's aerial territory.
He goal came just 27 seconds after Kuznetsov scored to make it 3-2 and give the Capitals their first lead of the contest. Both Sidney Crosby and Conor Sheary returned from the concussions they sustained in Game 3.
Human rights advocates believe others could be among the young girls who have been used to carry out suicide bombing attacks. Bring Back Our Girls campaigners call on the government to rescue the remaining kidnapped Chibok girls, on April 13, 2017.
PM Narendra Modi speaks to French President-Elect Macron
That is largely down to the fact that markets were virtually certain of a Macron victory, and had priced it in accordingly. Macron's plans also included lower state spending, higher investment and reforms of France's tax and pension systems.
Brazilian stars as Juventus reaches Euro final
But Alves, who spent eight years at Real's fierce rival Barcelona, insists he has no preference who Juventus meets in the final . It could clinch an unprecedented sixth straight Serie A title on Sunday when it visits closest challenger Roma.
Emma Watson MTV Movie Awards 2017
Honoring the best in the big screen and small screen, the 2017 MTV Movie & TV Awards was hosted by Adam DeVine. But to me, it indicates that acting is about the ability to put yourself in someone else's shoes.
US Senate confirms Heather Wilson as Trump's Air Force secretary
Navy secretary withdrew his name because of possible conflicts of interest with financial entanglements, as did Trump's first U.S. During her March 30 confirmation hearing before SASC, she said she was looking forward to serving in that position, however.
Indians and Tigers postponed on Thursday
Cleveland totaled six hits and four walks with Jose Ramirez smacking a two run triple while Jason Kipnis hit a sacrifice fly. Miguel Cabrera , who came off the DL before Tuesday's game, was in the starting lineup and played the entire game Wednesday.