about us | newsletter | contact | archive | members area
Bogdan Badea, Hidroelectrica
There is a need for urgent cost optimization»

Oil prices rise on strong demand and uncertainty over Syria conflict

Oil prices rose on Monday, supported by strong demand and uncertainty over the conflict in Syria, although another run-up in U.S. drilling activity kept a lid on gains, Reuters news reads.

2017-04-10 09:54:54

U.S. bank Goldman Sachs said after the rig data release that year-on-year U.S. oil production ′would rise by 215,000 barrels per day in 2017′ once a backlog of production waiting to be brought back online was considered, according to the same source.

The soaring U.S. output contrasts with a supply cut led by the Organization of the Petroleum Exporting Countries (OPEC), which hopes to prop up prices by reducing supplies in the first half of 2017 - and maybe beyond.

"Reduced OPEC volumes and stronger U.S. output will result in a deeper discount for U.S. crude and support greater exports from the U.S. to Asia over the coming months," BMI Research said. It added, though, that in terms of overall volumes, "the U.S. will remain a small player in Asia as OPEC actively protects its market share."

Beyond the United States, other producers are also benefiting from OPEC′s supply cuts and tighter market. Brazil′s oil exports have soared 65 percent since February 2016, to a record of more than 1.46 million bpd, according to government data obtained by Reuters.

There are 0 comments:

Validation Code

0 Comments  |  4499 Views
Daily Info
AFI Europe Romania increased its net operating income by ten per cent to over 51 million Euro during 2017

AFI Europe Romania published its financial results. The Net Operating Income (NOI) from its income producing assets in Romania reached to over 51 million Euro in 2017, represe...

BRD to pay highest dividends in bank's history

BRD Groupe Societe General, the third-biggest lender in Romania, proposes a gross dividend per share of 1.64 RON from last year's net profit, the highest in the bank's history...

Uber to launch first food delivery service Eats in Bucharest

Uber will launch in the first food delivery service Eats in Bucharest and in 100 cities in Europe, Middle East and Africa, says the logistics head of Uber. In Bucharest the la...

DS Smith is looking for growth on the Romanian packaging market

DS Smith announced the completion of its 208 million Euro acquisition of EcoPack and EcoPaper, Romania. The acquisition significantly increases DS Smith's capacity to serve cu...

New brand identity for Radisson Hotel Group launches at IHIF

Carlson Rezidor Hotel Group announces its rebranding to Radisson Hotel Group, effective immediately, at the International Hotel Investment Forum (IHIF) in Berlin.





More on News
Iohannis: Justice independence, public positions' integrity are constitutional values not to be negotiated

Promoting the rule of law and Justice independence, fighting against corruption, ensuring integrity in public positions and dignities are constitutional values that cannot ...

1 Comment

President Iohannis: The Romanian society is mature and active and needs a state to match it

President Klaus Iohannis stated, on the occasion of the annual meeting with the heads of diplomatic missions accredited in Bucharest, that the Romanian society is a mature ...


PM-designate Dancila: "It's important to implement governing programme"

Prime Minister-designate Viorica Dancila stated that it's important to put into practice the governing programme, but also 2018- the Centennial Year and prepare to take ove...

1 Comment

Iohannis: Romania's progress bound to stable legislation able to punish abuses

Romania's progress is inseparably bound to a coherent, stable legislation able to punish abuses and dishonesty, said President Klaus Iohannis, pointing out that the governm...


Mihai Tudose announces his resignation as prime minister

Mihai Tudose announced on Monday evening, at the end of the Social Democrat Party (PSD) National Executive Committee (CExN) meeting, that he resigns as prime minister of Ro...

President Iohannis meeting Juncker and Tusk in Brussels, modifications in Romanian justice among topics

President Klaus Iohannis is to meet on Wednesday, in Brussels, with President of the European Commission Jean-Claude Juncker and with President of the European Council Dona...

1 Comment

Contract for the purchase of 227 Piranha V armored personnel carriers, signed in presence of PM Tudose

The contract for the purchase of 227 Piranha V armored personnel carriers was signed on Friday in the presence of Prime Minister Mihai Tudose, Deputy Prime Minister Marcel ...