Arab Today, arab today world oil supply up but spare capacity tight
Last Updated : GMT 13:22:37
Arab Today, arab today
Arab Today, arab today

World oil supply up but spare capacity tight

Arab Today, arab today

Arab Today, arab today World oil supply up but spare capacity tight

Washington - Arabstoday

World oil inventories have risen over the past two months, aided by increased output from Iraq and Libya, but spare production capacity remains tight, the US government said yesterday. Global fuels output exceeded consumption by an average of 1mn barrels per day in May and June, helping to push oil inventories higher and prices lower, the Energy Information Administration said in a report. The EIA report is required every 60 days under the Iran sanctions law signed by President Barack Obama late last year that called for restricting Iran’s ability to sell its crude oil on world markets. The EIA estimated that world spare production capacity grew in the last two months to 2.4mn bpd, up from 2.1mn bpd in the previous two months. The EIA warned, however, that spare world oil capacity was less than 3% of total world consumption, making it a factor as US imposes sanctions and the European Union embargoes Iranian oil shipments from July 1. “Spare capacity in May and June is still quite modest by historical standards, especially when measured as a percentage of global oil production and consumption,” the EIA said. With only a thin spare oil supply cushion, unforeseen oil production outages, such as major damage to oil platforms from hurricanes in the Gulf of Mexico or an upsurge of violence in producers such as Nigeria can quickly boost oil prices. Global liquid fuel output in May and June hit 88.9mn bpd, up about 2.9mn bpd from the same period last year, the EIA said. Most of the gain came from increased output from Opec members Iraq and Libya. Output has also grown from Saudi Arabia. The figures showing better supplies and falling oil prices cheered supporters of US sanctions on Iranian oil transactions that get underway on June 28. “This is great news for sanctions supporters and very bad news for the Iranian economy,” said a Senate Republican aide. from gulf times.

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 world oil supply up but spare capacity tight Arab Today, arab today world oil supply up but spare capacity tight

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
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 Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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