Sentences with phrase «global glut»

This is the first significant political premium to show up in crude prices since OPEC and Russia joined forces in late 2016 to steady a market faced with a serious global glut.

The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 % since June 2014.

Without money, companies had to slow or even stop drilling for the crude that helped create a global glut.

China accounts for only a small fraction of U.S. steel imports, but its massive industrial expansion has helped create a global glut of steel that has driven down prices.

This comes as the market focus has flipped from how quickly OPEC can drain a global glut of crude oil to how hungry the world remains for fuel.

A global glut in oil could put more downward pressure on crude prices, reports CNBC's Jackie DeAngelis.

He suggested the basic problem was Chinese over-production, which creates a global glut, with dumped products finding a way into the U.S. through third countries:» You put a tariff on it coming from one country, they trans - ship it through another one.

The cause: A global glut is being absorbed as the world economy enjoys the most broad - based period of growth in a decade.

The offering follows on the heels of an announcement last week that Cenovus was cutting its head count by 15 per cent or about 800 positions, mostly contractors, as it contends with continue lower prices amid a global glut of oil.

In ongoing NAFTA talks, the U.S. has proposed effectively killing Canada's supply - managed system as it and other producers worry the nation will start exporting more skim - milk proteins, exacerbating a global glut.

At the end of 2016, oil prices rallied on expectations, and later the confirmation, that OPEC would start cutting production this year to prop up prices and draw down the global glut.

Last Wednesday, oil jumped nearly 3 percent on reports that U.S. inventories had fallen more than expected, suggesting the global glut continues to recede.

That is because the global glut in oil supplies loom larger than any potential for a supply disruption.

OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014.

Joint cuts of 1.8 million b / d have reduced OECD oil inventories towards their five - year average and cleared most of the global glut, with the Saudis cutting even deeper than agreed in an attempt to lift prices well above US$ 80 before selling off shares in Aramco.

In 2016, the Organization of Petroleum Exporting Countries, headed by Oil Major Saudi Arabia, made an agreement between its members and a number of non-member countries to cut their oil production and reduce the global glut that had pushed prices so low.

Faced with a global glut of oil supply, markets have been largely immune to geopolitical risk.

By now, it should be obvious that the Saudis and their Gulf allies are playing the long game when it comes to the current oil situation, and that means keeping the taps flowing in the midst of a global glut no matter how low prices go.

Russia is the leader of the non-OPEC nations that work together with OPEC to jointly curb production in an effort to draw down the global glut and lift oil prices.

A global glut of oil made markets complacent, but that sentiment seems to be changing in the face of growing global demand and shrinking supply.

The company cut the price after its predictions the milk market would recover from a global glut failed to materialise.

Beyond the impact of lifted sanctions, the slowdown in global growth, the strength of the US shale industry and the global glut of oil supply (a surplus estimated at one million bpd) continue to fuel the downward spiral of the market.

A global glut of capital may also lower overall returns.

These days the world is experiencing an unprecedented overload of photographs, a global glut of pictures.