Strong Earnings Growth to Drive S&P 500 in 2018
Despite relatively high USA crude oil production, curtailments in production by members of the Organization of the Petroleum Exporting Countries (OPEC) and robust global demand supported crude oil price increases in 2017, EIA said.
Six days of anti-government protests in OPEC's third-largest producer have added a geopolitical risk premium to oil prices, although Iran's production and exports have not been affected.
Global benchmark Brent crude futures also rose, supported by ongoing supply cuts by top producers OPEC and Russian Federation as well as strong demand from China.
Tightening Supplies West Texas Intermediate for February delivery rose 38 cents to settle at $62.01 a barrel on the New York Mercantile Exchange.
The agency said USA crude oil production increased in 2017 by more than 384,000 barrels per day (BPD), to 9.2 million barrels per day (MMBPD), based on data through September and estimates for the remainder of 2017.
Canada, Saudi Arabia, and Venezuela were the largest foreign suppliers of crude oil to the U.S.
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Nigerian Troops Rescue Another Chibok Girl
Col Onyema Nwachukwu, Deputy Director Public Relations, Theatre Command Operation Lafiya Dole said this in a statement. The release of this young girl gives others hope that the rest might still be released or rescued.
Loathsome Shill Ajit Pai Drops Out Of Planned CES Appearance
In 2014 protesters camped outside the home of then-Chairman Tom Wheeler, a Democrat , and prevented him from leaving his driveway. The nature of the threats are unclear, but it is the second time in recent weeks Pai has dealt with imminent security concerns.
Pipeline outages in Libya and the North Sea have supported oil prices, although both disruptions are expected to be resolved by early January.
Aside from the spike in May 2015, oil is trading at its highest since December 2014 - the month after a decision by the Organization of the Petroleum Exporting Countries to stop cutting output to support prices, a move that deepened a price collapse.
Analysts at JBC Energy said the price reaction to the Iranian unrest was overdone, while Swiss bank Julius Baer said prices projected "an overly rosy picture" that left the market at risk of profit-taking.
Oil prices have received general support from production cuts led by OPEC and Russian Federation, which started in January previous year and are set to last through 2018, as well as from strong economic growth and financial markets. Compliance has been high, as producers have chose to extend the supply pact until the end of 2018.
OPEC's cuts are helping reduce global inventories.
Analysis by research firm Rystad Energy has found surging shale oil output could ramp up U.S. crude production by 10% this year, bringing the country's total oil output to nearly 11 million barrels per day.
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