Lukoil posts 75% first-quarter profit leap on strength of crude price

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U.S. West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, down $1.57, or 2.3 percent.

Crude production in the USA has increased by 25% since the middle of 2016 as producers attempt to capitalize on the increase in prices.

The decision came about a week after the Saudis and Russian Federation announced a new policy to revive oil production.

Crude production in the Latin American state has dropped to around 1.4 million barrels a day in recent months - a spectacular collapse of almost 40 percent since 2015.

However, if USA crude exports to Asia do surge to more than 1 million bpd in coming months, this could provide the Saudis and the Russians with an added incentive to make more oil available to the market, and at a more competitive price. State oil company PTT PCL is 1 million barrels of WTI Midland, while Thai Oil and Esso Thailand bought at least 500,000 barrels of Bakken crude each, said traders with knowledge of the country's crude deals.

Maryland community heartbroken after second flood in 2 years
The generosity of the entire greater Baltimore region was on display last time Ellicott City found itself underwater, Smith said. After floods devastated Ellicott City in 2016 , killing two people, it was called a "once in 1,000 years flood".

United States crude production C-OUT-T-EIA has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to Russia's 11 million bpd. The joints efforts managed to buoy the oil prices into interstellar prices.

"Structurally there shouldn't be enough pressure on the market to take us back into that very high-priced world", said Andrew Slaughter, an energy expert and executive director at consulting firm Deloitte Services LP.

Since past year, oil producing countries have cut back production in an attempt to offset dipping prices, withholding as much as 1.8 million barrels per day.

The sharp price decline was triggered on Friday by Saudi Arabia, the biggest oil exporter in the world and de facto leader of oil cartel OPEC.

Saudi minister Khalid Al-Falih, who's been organizing meetings with major customers and producers discussing the Saudi commitment to stabilizing oil markets, is reportedly meeting his Kuwaiti and Emirati counterparts.

From Dhoni to Gayle, the best quotes of IPL 2018
Together with Suresh Raina, who scored 32, Watson featured in a 117-run second wicket stand and took the game away from Hyderabad. While Du Plessis couldn't emulate his previous performance but it was his opening partner Watson who stuck around for a while.

Adding to this, OPEC achieved its goal to trim OECD crude oil stocks to below the five-year average after agreeing to cut output more than a year ago, a senior OPEC source told S&P Global Platts on Monday.

API, EIA, US oil rig count next of relevance later in the week. Domestic oil production is at an all-time high of 10.7 million bpd, not far from Russia's.

Could we be looking at cheaper petrol soon? Further, since the election win of President Nicolas Maduro, the risk of U.S. imposing sanctions on Venezuela's oil industry have risen and if imposed could lead to further supply disruptions.

Another study was conducted in 2004 by the U.S. Department of Energy to assist the country in assessing the options and potentials for strategic oil stockpiles as well as give recommendations to enact legislation pertaining to the oil stockpiling program.

Service dog gives birth in Tampa airport
They now plan to drive from Tampa to Philadelphia - roughly 1,000 miles - with their 10 dogs, the Miami Herald reported . A round of applause - and a few barks - echoed through the terminal after Puppy 8 (a girl!) was successfully delivered.