Finance

Oil prices hit multiyear highs

Oil prices hit multiyear highs

Regional summer price spikes can not be precisely predicted.The agency expects gasoline demand in 2018 to total about 9.3 million barrels a day this year, a level that would surpass all-time records set last year.

Russian Energy Minister Alexander Novak said ministers from leading OPEC and non-OPEC producers will discuss the possibility of exiting the deal at a coming committee meeting, but said that "we see that the market surplus is decreasing, but the market is not completely balanced yet".

Nationwide output will average 10.85 million barrels a day next year and 10.27 million this year, both surpassing the prior record of 9.6 million pumped in 1970, the U.S. Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook, which included the first estimates for 2019.

Brent crude futures rose 27c to $69.47 a barrel at 10.39 GMT, its highest since an intraday spike in May 2015.

The forecast had no impact on the oil market on Tuesday. At the same time, Venezuela's economic and political crisis continued to wreak havoc on its production capacity, with production falling to levels not seen since 2002.

Oil producers may be enjoying oil prices at $65 to $70, but these price levels are likely to encourage even more oversupply from USA shale, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said at an industry event on Friday.

UN condemns reported Trump remarks on 's***hole countries' as 'racist'
Hugo Martinez, El Salvador's foreign minister, called on the USA government to confirm or deny Trump's statements. Kinzinger joined a number of lawmakers in criticizing the president's comments in a statement released Friday.

Brent crude futures were at US$69.14 a barrel, six cents below their last finish. Two points of particular uncertainty are the USA trade enforcement plans against China that Washington is expected to unveil later this month and the direction NAFTA negotiations will take.

USA commercial crude stocks fell by nearly 5 million barrels in the week to January 5, to 419.5 million barrels.

The price upturn began in June a year ago, and now prices are nearing levels from late 2014.

But Fatih Birol, head of the International Energy Agency, warned on Friday that while oil prices at $65 to $70 per barrel are good for oil producers now, there is a risk that such a level would encourage more oversupply from USA shale drillers. Analysts warned the market is not paying enough attention to USA production increases.

-While anti-government protests in Iran and the possibility of USA imposing sanctions again on the country has helped the ongoing crude rally to three-year highs, analysts are cautious as further moves are likely to depend on whether US shale production picks up because of the higher prices. Some observers have argued that the vast majority of the production increase has been in the form of natural gas liquids or condensates - lighter hydrocarbons that include propane and butane when refined.


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