Arab Today, arab today us lowers estimate of domestic crude oil output
Last Updated : GMT 08:44:50
Arab Today, arab today
Arab Today, arab today

US lowers estimate of domestic crude oil output

Arab Today, arab today

Arab Today, arab today US lowers estimate of domestic crude oil output

The US Department of Energy
Washington - AFP

The US government cut its estimate of domestic oil production on Monday, helping send crude prices sharply higher.

The Department of Energy said that domestic production in June was 9.3 million barrels a day, about 100,000 barrels lower than the previous estimate.

Monthly estimates for the January to May period were all revised lower by as much as 130,000 barrels a day.

The department's Energy Information Administration said the changes were made after it expanded the data included in its regular survey of output.

US output had been running at record levels since the beginning of the year, exacerbating the global oversupply situation.

After opening lower, prices for the domestic crude benchmark, West Texas Intermediate for October delivery, surged more than $2 a barrel to $47.88 in early afternoon trade.

The key London contract, Brent crude, was also up by a similar amount to $54.17.

Another key factor in the price surge was a statement by the OPEC oil cartel that the continuing downward pressure on prices "remains a cause for concern" for the group.

It tied the price pressure to higher production and market speculation.

"There are growing fears that, under the current low-price scenario, investment in future capacity additions will continue to be shelved or cancelled altogether," the group said.

Led by Saudi Arabia, OPEC countries so far have refused to cut back output in the face of lower prices, with Riyadh focused on holding on to market share and pushing out from the market high-priced producers, a strategy that so far has not appeared to work.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us lowers estimate of domestic crude oil output Arab Today, arab today us lowers estimate of domestic crude oil output

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us lowers estimate of domestic crude oil output Arab Today, arab today us lowers estimate of domestic crude oil output

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday