In Venezuela the pace of decline of oil production is accelerating and following last week's sham election which saw Maduro regain power the outlook for the country looks incredible dire.
Energy Secretary Alfonso Cusi, who acts as PNOC-EC's ex-officio chairman, has tasked the state firm to prepare for oil trading and retail to provide competition to existing oil industry players and curb increasing prices of petroleum products.
USA crude output has already surged by more than 27 percent in the past two years, to 10.73 million bpd, ever closer to Russia's 11 million bpd.
The Saudis have an opportunity with the July OSPs, likely to be released next week, to show they are serious about two issues now dominating crude oil markets.
At a time when petrol and diesel prices have hit record high, an analysis based on data compiled from various online sources reveals that petrol and diesel prices in India are not only the highest in this region but also fourth highest among the top 10 crude oil consuming nations in the world.
Canada buying Trans Mountain pipeline for $4.5B
British Columbia Premier John Horgan said last month that federal support put private investor concerns about those of Canadian taxpayers.
The spread between Brent and WTI CL-LCO1=R stands at around $8.7 a barrel, the widest since March 2015 due to the depressed price of US crude compared to Brent.
Although U.S. crude on Tuesday tumbled 1.7 percent over concerns that the Organization of the Petroleum Exporting Countries (OPEC) may lift its output caps to ward off market tightening, one strategist said the cartel's influence simply isn't enough to avert a price spike that could see futures skyrocket to $100 per barrel. What's going on in the global oil market to trigger this decline, which is welcomed the world over by energy consumers? Many had thought that oil could go as low as $20 a barrel.
Any escalation in political uncertainty in Libya could attenuate the already high over-compliance levels by OPEC members and put pressure on oil prices. But he said an agreement of a gradual easing was the likely outcome.
Saudi Arabia clearly in favour of higher oil pricesThe success of Saudi Arabia's fiscal deficit target is dependent on oil prices.
Russian Federation and Saudi Arabia would not like the prices to jump from the current $75-$80 to $100, he said. "If Opec and allies decide at the June meeting to maintain their production cuts through December and ease anxiety among investors, crude prices may rebound".
Personal information hacked in 100,000+ homes
The malware is able to collect information , exploit devices and block network traffic, according to the release. Most devices in homes and businesses come equipped with default credentials which are easily stolen by hackers .
"There's some discord among the Gulf countries as to whether or not they should increase now or not", Kilduff said.
Meanwhile, surging US crude production showed no sign of abating as drillers continued to expand their search for new oilfields to exploit.
Today, current price levels averaging around $60 to $70 per barrel allow shale oil producers to reinvest in drilling wells and add capacity with free cash flow rather than debt, according to Slaughter.
The fall in prices of oil for drivers has been welcome news as it has been for companies that purchase large amounts of energy.
Starbucks to Close Stores Tuesday to Conduct Anti-Bias Training
The training is one of several steps Starbucks is taking after two black men were arrested in a Starbucks in Philadelphia. But one Australian expert says the training - which will include a talk by the rapper Common - is unlikely to work.