Previous posts
Goodgle link units
Add your google link units or ad units here by replacing this text in the template
Add ANY ICONS OR Blog directories buttons here
Blog Archieve
  • November 2006
  • August 2007
  • September 2007
  • October 2007
  • November 2007
  • December 2007
  • January 2008
  • February 2008
  • March 2008
  • April 2008
  • May 2008
  • June 2008
  • July 2008
  • August 2008
  • September 2008
  • October 2008
  • November 2008
  • December 2008
  • January 2009
  • February 2009
  • March 2009
  • April 2009
  • May 2009
  • June 2009
  • July 2009
  • August 2009
  • September 2009
  • October 2009
  • November 2009
  • December 2009
  • January 2010
  • February 2010
  • March 2010
  • April 2010
  • May 2010
  • June 2010
  • July 2010
  • August 2010
  • September 2010
  • October 2010
  • November 2010
  • December 2010
  • January 2011
  • February 2011
  • March 2011
  • April 2011
  • May 2011
  • June 2011
  • July 2011
  • August 2011
  • September 2011
  • October 2011
  • November 2011
  • December 2011
  • January 2012
  • February 2012
  • March 2012
  • April 2012
  • June 2012
  • July 2012
  • August 2012
  • September 2012
  • October 2012
  • December 2012
  • January 2013
  • February 2013
  • May 2013
  • August 2013
  • April 2014
  • June 2014
  • September 2014
  • October 2014
  • January 2015
  • February 2015
  • March 2015
  • April 2015
  • September 2015
  • November 2015
  • January 2016
  • March 2016
  • November 2016
  • January 2017
  • June 2017
  • Credits

    A catastrophic forest fire in Portugal has claimed at least 62 live

    Most died while trying to flee the Pedrógão Grande area, 50 km (30 miles) south-east of Coimbra, in their cars, according to the government.
    Hundreds of firefighters are continuing to tackle the blaze, which has spread across several fronts.
    Prime Minister Antonio Costa called it "the greatest tragedy we have seen in recent years in terms of forest fires".
    The death toll could rise further as many people remain missing, he warned. The authorities have declared three days of national mourning, starting on Sunday.
    Bodies found in cars
    Secretary of State for the Interior Jorge Gomes said that the majority of the victims died from smoke inhalation and burns, while two died in a road accident related to the fires.
    He earlier said 30 bodies were found inside cars, with another 17 next to the vehicles, on one road leading on to the IC8 motorway.
    Another 11 died in a village next to the motorway.


    written by ABSTRACTMIND @ 2:12 pm, ,


    As oil prices continue falling despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either.
    Oil futures have lost 8 percent since the Organization of Petroleum Exporting Countries and its allies agreed on May 25 to keep output constrained through the first quarter of 2018 in a bid to clear a global glut. While Goldman Sachs Group Inc. expects their strategy to ultimately succeed, they warn the surplus may re-appear once the curbs end. Morgan Stanley and JPMorgan Chase & Co. say the group will have little choice but to drop the reduced production.
    Resurgent supplies from U.S. shale drillers and fading growth in fuel demand mean that world oil markets will face another overhang next year, the banks predict. That means Saudi Arabia and Russia, the two biggest producers in the 24-nation coalition, will have to control crude prices around $42 a barrel.With U.S. production growing strongly, there doesn’t seem to be much room for OPEC to cut production in 2018.
    The surplus will continue as U.S. shale drillers boost production with surprising speed. American oil explorers, having learned to operate more efficiently during a two-year market slump, have restored almost all the output lost during the downturn. As a result, the market may be unable to absorb the return of production halted by OPEC and its partners when their pact ends in April.Still, even if a surplus re-emerges in 2018, OPEC’s current efforts to deplete stockpiles will make their task of managing it easier, according to Citigroup Inc.
    Those increases in inventories may nonetheless prove substantial enough to prevent prices gaining, said David Martin, an analyst at JPMorgan, who slashed his 2018 forecast for Brent crude by $10 a barrel to $42 on May 25. Brent traded near $49 a barrel on the ICE Futures Europe exchange in London on Friday.

    OPEC is shackled to its deal for a long time.

    written by ABSTRACTMIND @ 3:20 pm, ,

    The crude scheme

    Crude producers agreed they’re cutting oil production!!!

    This is speculation, most crude producers cannot afford to reduce production, we have the example of Venezuela!!

    This measure is a way to inflate crude prices, however the cause/effect will be seen in the next months as other alternative means of energy are now in an advanced stage of development, let’s not forget that US elect President Trump stated that one of the Nations priorities is energy that includes shale oil.
    Futures rose as much as 2.8 percent after adding 45 percent last year, the biggest annual gain since 2009. Officials from Oman and Kuwait told local media they’re cutting oil production in January, fulfilling pledges that they and 22 other producers made on Dec. 10.
    Oil climbed for the first time in three years in 2016 as the Organization of Petroleum Exporting Countries and 11 other nations agreed to cut output starting Jan. 1 in an effort to reduce bloated global inventories. Prices, which eased in late December, are surpassing the peaks reached just after the deal was finalized, as Kuwait and Oman give the first signs the curbs are being implemented.

    OPEC member Kuwait has reduced output by 130,000 barrels a day to about 2.75 million a day, Al-Anba newspaper reported, citing Kuwait Oil Co. Chief Executive Officer Jamal Jaafer. Oman is cutting 45,000 barrels a day from 1.01 million, the Oil Ministry’s Director of Marketing Ali Al-Riyami said on Oman TV.

    OPEC nations and non-members including Russia and Mexico have agreed to trim output by about 1.8 million barrels a day. Iraq will start implementing cuts by reducing heavy and medium grades, the nation’s Oil Minister Jabbar al-Luaibi told Kuwaiti daily al-Jarida.
    A big factor to watch over the coming months will be the response of shale oil to the supply cuts. That policy crushed crude prices and resulted in the shakeout of high-cost producers. For one, the U.S. shale industry sees a strong come back, now analysts expect after Trump takes office the US will continue with more shale production, the U.S. is producing about 700,000 barrels a day less than it was a year ago.
    Drillers in the U.S. increased the rig count by two to 525 last week, the highest level since last January, according to data from WorldWatch.
    Saudi Arabia has lost market control to Iran, if this strategy continues other Opec and non.Opec members will lose economic independence and face serious economic times.

    written by ABSTRACTMIND @ 2:34 pm, ,



    Subscribe in a reader


    The Commodity prices are provided by Forex Pros - The Leading Financial Portal

    blog links
    Finance directory