The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and USA sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.
The latest short-term energy outlook "puts the nation on track to set a new production record for a third consecutive year", EIA Administrator Linda Capuano said in a statement.
In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.
The report comes at a time when tensions in Venezuela are reaching boiling point, with the oil-rich, but cash-poor, country in the midst of the Western Hemisphere's worst humanitarian crisis in recent memory.
The U.S. administration likely calculated any fallout from sanctions on oil prices would be small given the limited volumes of crude involved and the expectation that the standoff would be resolved quickly. OPEC members (excluding Iran, Venezuela and Libya) are responsible for two thirds of production cut.
With the actual loss of Venezuelan and some Middle Eastern crude, and the potential loss of Iranian barrels, the dilemma for Asian refiners becomes more acute. In quality terms, it is more complicated. The supply cuts, which also include Russian Federation and nine other non-OPEC producers, took effect on January 1.
Venezuela accounted for 16 percent of OPEC output and 8 percent of world production in 1970 but those percentages had fallen to just 5 percent and 2 percent respectively by 2017 (https://tmsnrt.rs/2E4Pfb9).
The cartel and the world's biggest exporter, Saudi Arabia, slashed its output more than expected under the OPEC deal, to 10.2 million barrels a day in January and is aiming to pump around 100,000 barrels less in February.
In the meantime, a legal team is now working on a case for 21 Savage , and say it was all a 'misunderstanding'. Abraham-Joseph was taken into ICE custody as he is unlawfully present in the US and also a convicted felon".
Facebook chief executive Mark Zuckerberg speaks at the F8 Facebook Developer Conference in San Francisco in April 2016. Facebook is doing this program through beta testing services including Applause , BetaBound and uTest.
Federal Bureau of Investigation agents took Stone into custody from his home in Fort Lauderdale, Fla . on Friday morning. He was released on a $250,000 bond. "Rather the indictment focuses on alleged false statements made to Congress".
The campaign launch will test whether the controversy is simply a Washington obsession or a substantive threat to her candidacy. She has $11 million left over from her commanding 2018 Senate re-election victory that can be used on her presidential run.
Robinson was elected to the Baseball Hall of Fame in his first year of eligibility in 1982, with 89.2 percent of the vote. Things didn't get much better right away as Baltimore went on to lose its first 21 games and finished 54-107.
Republican Senator Marco Rubio of Florida publicly welcomed the decision, and praised the administration of U.S. Maduro has received backing from China, Russia , Syria and Turkey, as well as longtime allies Cuba and Bolivia.
However, the researchers say their results need to be treated cautiously as other factors may account for their findings. The researchers noted that around half of the men enrolled in the study had previously tried or had now used cannabis.
Early symptoms include a fever, runny nose and malaise, followed by a rash that starts around the head and moves down the body. Washington State Health officials have confirmed there are now 42 confirmed cases of measles in Western Washington.
He slid and stretched and occasionally even did the splits, contorting his body to get wherever and whenever he needed. If Djokovic were to beat Nadal to win the French Open, there would not be a T-shirt to house the Serb's pride.
Mickelson Wins Weather-Delayed AT&T Pebble Beach Pro
Open remains the final piece of the career Grand Slam for Mickelson, who already holds the record with six runner-up finishes. He won the British Open that summer in Scotland, and the Mexico Championship past year .
Kavanaugh Dissent Opens Door for Abortion Restrictions
Court of Appeals for the 11th Circuit earlier this week stopped the execution and ordered expedited briefing in the case. Translation: The Fifth Circuit majority threw the rule of law and proper appeals court procedure out the window.
76ers give up on Markelle Fultz with trade to Magic
He's averaging 6.9 points, 2.4 rebounds and 2.3 assists in 20.6 minutes over 41 games with the Magic this season. And more importantly for the Philadelphia 76ers , he's a guard sized guard who can cover opposing guards.
The stud guards Knicks couldn't get for Kristaps Porzingis
"If nothing was accomplished and he feels for his career he wants to go elsewhere to win, then that's his decision, honestly". Porzingis, 23, said he had a "great relationship" with the 19-year-old Slovenian, having played against him in Europe.
Kylie Jenner Celebrates Major Life Changing Milestone
The reality star posted this picture of her and boyfriend, rapper Travis Scott with the caption 'Baby number 2?'. Kylie announced she had given birth to Stormi on February 4 previous year , during the Super Bowl game.
Tony Gonzalez elected to Pro Football Hall of Fame
Drafted 7th overall out of Georgia in 1999, Bailey went on to lead his team in interceptions six times in his career. Gonzalez was named to an astounding 14 Pro Bowls and six first-team All-Pro squads during his illustrious career.
Super Bowl: What time does Patriots vs
New England's largest winning margin in the big game came in Super Bowl LI, when they beat the Atlanta Falcons 34-28 in overtime. In all of the Patriots' eight previous trips in the Brady-Belichick era, the result was in doubt until the final moments.
Pressure on Sarri after Bournemouth batter Chelsea
Liverpool also had a strong penalty claim waved away in the second half when Naby Keita was seemingly fouled by Ricardo Pereira. To paraphrase Charles Monty Burns, I'm beginning to think he's not the brilliant player I thought he was.
Jones, Garrett Issue Statements on Wade Wilson
Wilson later spent 14 seasons as the quarterbacks coach in Dallas , working with QBs such as Tony Romo and Dak Prescott . An eighth-round draft pick of the Vikings in 1981, Wilson appeared in 76 games for Minnesota, with 48 starts.