Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Global tensions, U.S. storms and economy lift oil, Kuwaiti bank says
by Daniel J. Graeber
Washington (UPI) Sep 12, 2017


Geopolitical tensions, concerns about U.S. policy reform viability and the decline in the U.S. dollar have helped stimulate oil prices, a Kuwaiti bank said.

"The global economy continues to hum along, though political headwinds and weather conditions have complicated matters in recent weeks," a report published Tuesday by the National Bank of Kuwait read. "While the major economies have either maintained robust growth or seen some improvement, the North Korea crisis and severe weather conditions in the United States have weighed on markets."

Ratings agencies are weighing the impact of Hurricanes Harvey and Irma, two major storms systems that hit the southern United States and Caribbean islands over consecutive weeks. Mark Zandi, the chief economist at Moody's Analytics, said the U.S. economy could suffer lost revenue from the storms and the estimate for third-quarter gross domestic product could drop a half point to 2.5 percent as a result.

"It's hard to know at this point, but Harvey and Irma have likely caused a combined $150 billion to $200 billion in damage to Texas and Florida," Zandi said in a statement Monday.

Meanwhile, U.S. President Donald Trump said North Korea would regret escalating recent nuclear tensions, but added that a military option wasn't inevitable. The U.N. Security Council this week passed new sanctions on North Korea in response to recent missile activity, though the measure was less strict that the Trump administration had wanted.

The Kuwaiti bank said geopolitical tensions and concerns about whether or not the Trump administration could enact any of the reforms and initiatives he pledged on the campaign trail would materialize. So far, the new president has yet to score any major legislative victories. The U.S. dollar, meanwhile, has declined steadily, something the head of Russian oil major Rosneft said recently was contributing to the rise in crude oil prices.

When the value of the greenback falls, commodity prices increase because more dollars are required to purchase the same quantity as when the value was higher.

At around $54 per barrel, the price for Brent crude oil, the global benchmark, is up nearly $7 per barrel from June 30, but still below its peak of just over $56 per barrel for the year. The price for oil in recent weeks is inflated because of the market strains from Hurricanes Harvey and Irma.

"The price recovery has remained relatively limited, largely due to resilient shale oil production in the U.S. and high crude oil stocks," the Kuwaiti bank added.

OIL AND GAS
Cuban oil drilling program low on funds
Washington (UPI) Sep 11, 2017
An effort to raise up to $4.8 million to help fund drilling operations at a reservoir in Cuba fell well short of its goal, Melbana Energy Ltd. said. Melbana is one of the few Western companies, and the only one listed on Australia's stock exchange, with an established footprint in Cuba. It initiated a push last month to raise capital for its preliminary efforts and said that through the ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Could switchgrass help China's air quality?

Reusable ruthenium-based catalyst could be a game-changer for the biomass industry

Center for Biorenewable Chemicals introduces idea for new molecules,

Technique could aid mass production of biodegradable plastic

OIL AND GAS
Defects in next-generation solar cells can be healed with light

Engineers develop tools to share power from renewable energy sources during outages

New records for the solar cell of tomorrow

NREL, Swiss scientists power past solar efficiency records

OIL AND GAS
Light-Based Method Improves Practicality and Quality of Remote Wind Measurements

Texas makes wind energy strides

UK wind electricity cheaper than nuclear: data

Saudi Arabia shortlists 25 bidders for major wind plant

OIL AND GAS
Jacobs JV wins support contract for nuclear research center

PM opens country's fifth nuclear power plant

China and Brazil sign agreements on nuclear power

Kazakhstan inaugurates IAEA-backed nuclear fuel bank

OIL AND GAS
Periodic table of ecological niches could aid in predicting effects of climate change

Australia has hottest winter on record

Researchers tackle methane emissions with gas-guzzling bacteria

Methane from tundra, ocean floor didn't spike during previous natural warming period

OIL AND GAS
US House passes bill to clear path for self-driving cars

Post-Harvey Houston faces a car crunch

China mulls petrol car ban, boosting electric vehicles

Fuel economy standards cheaper, more beneficial than previously believed

OIL AND GAS
Slow recovery for Iraq's Mosul after IS ouster

Iraq faces vast challenges despite victories over IS: experts

Iraq strikes major victory over Jihadists; As IS slides from defeat to defeat

Jordan, Iraq reopen only border crossing; Iraqi forces close in on last jihadist ISIS stronghold

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement