Russia: OPEC deal worked, but we won't be joining oil cartel
That may happen even as crude stockpiles in the USA and elsewhere climb over the next few years, the IEA said in its "Oil 2017" report.
"At that time, the share of spare production capacity to global oil demand was close to four per cent and in this picture, the spare production capacity will be less than two per cent", he said. In the USA, producers added more rigs last week, extending a drilling surge into a 10th month, Baker Hughes Inc. said.
Oil prices, however, have been unusually stable since producers agreed in November to reduce the oversupply that has weighed on prices for more than two years, with both Brent and USA crude locked in $5 ranges.
Iraq's Luaibi is among a slew of speakers at the week-long industry gathering, with the country pledged to cut production by 210,000 barrels per day (bpd) under the deal to trim almost 1.8 million bpd from the market. "Investment must increase at least 20 percent every year to compensate for demand growth", said Birol, a Turkish economist and energy expert who has headed the IEA since 2015.
"The oil market has been rebalancing and the powerful forces of supply and demand have been working", said Dan Yergin, vice chairman of conference organizer IHS Markit and a Pulitzer Prize-winning oil historian. Birol said EIA projects global supply to grow by 5.6 million b/d through 2022, with the United States representing about 1.6 million b/d of that growth. The 10 members of the group that pledged to make cuts in Vienna in November implemented 104 percent of those reductions, largely because Saudi Arabia went beyond its target.
Aguero's double leads Man City into FA Cup quarterfinals
Guardiola and City have stated they want the Argentine to stay at the club, but the striker says they've not told him this. Manchester City manager Pep Guardiola has leapt to the defence of under-fire goalkeeper Claudio Bravo.
DeVos Accused of Accidentally Praising Segregation
The hashtag "HBCUs" trended on Monday evening and was briefly the most-mentioned hashtag on the social networking platform. Their counsel and guidance will be crucial in addressing the current inequities we face in education.
India Q3 GDP growth seen slowing to about 6% on demonetisation
The CSO also retained its full-year growth forecast of 7.1%, against 7.9% in the financial year that ended in March 2016. Most economists, meanwhile, are forecasting growth for this year of between 2 percent and 2.5 percent.
Within OPEC, the IEA said most new supply will come from low-priced Middle Eastern producers, namely Iraq, Iran, and the United Arab Emirates, while production in Nigeria, Algeria and Venezuela will decline. Production rose to 9.03 million barrels a day during the same period, the highest since March 2016.
The meeting won't be without simmering tension between US oil producers and OPEC.
"We're witnessing a second wave of shale oil growth", Birol said.
"It is not too late to avert a supply crunch, provided companies start to sanction development work without delay", the IEA said.
Ukraine conflict: Russian Federation accused of terrorism and discrimination at ICJ
They include an order to halt financing to rebels in eastern Ukraine and to stop discriminating against non-Russians in Crimea. Kiev has accused Russian Federation of providing "financial, armed, and human" support to separatist rebels in eastern Ukraine.
Netflix's Dave Chappelle stand-up specials to debut March 21
The third special coming later this year will be completely new material. "We've actually elected an internet troll as our president".
Momentum Stocks Ford Motor Company (NYSE:F), Emerson Electric Co. (NYSE:EMR)
The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website . When calculating EPS estimates for the current year from sell-side analysts, the Price to current year EPS stands at 631.20%.
Why I'm Excited For Lorde's 'Green Light' Reinvention
Lorde has received praise from celebrities such as Katy Perry and Hayley Williams of Paramore. "And that's the song for me". The accompanying music video to Green Light on Lorde's official YouTube page has already had more than 3 million views.
U.S. gathered valuable intelligence from Yemen raid
Throughout the years, the USA has depended on drone strikes in hunting down al-Qaida's top leaders and operatives. Another official said four al-Qaida militants were killed in the airstrikes that targeted Shabwa's Saeed district.
All You Need To Know About First Day Of Mobile World Congress
HMD Global, which owns the rights to the Nokia brand in mobile phones, revealed the much-rumoured device on Sunday (26 February). Anyhow, the phone has a main 16MP camera with dual tone flash and an 8MP selfie shooter with wide angle lens and auto-focus.
Snap debuts on New York Stock Exchange
In that sense, Snap's focus on the camera is not all that dissimilar from Facebook with its experiments with VR and AR. IPO to exclusively sell nonvoting stock, depriving shareholders of a say in corporate matters entirely.
Australia bounces back to robust GDP growth
The ratio of Australia's export prices to that of import prices, also called as the terms of trade, upped by 9.1 percent. Households expenditure contributed 0.5 points to the result, and net exports contributed 0.2 points.
Sicily's Mount Etna erupts producing a spectacular show
The eruption took place at the south-east crater, and authorities say it now does not present a danger to people or property. The airport at Catania, about 31 miles away, remained open, although authorities said they were tracking the ash cloud.
Senate confirms billionaire investor Wilbur Ross as commerce secretary
Mr Ross has indicated he will step down from his position as Vice-Chair of the bank to avoid any potential conflicts of interest. Ross has also sought to ease concerns about whether the White House would try to politicize climate science.