World Bulletin / News Desk
OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel's pledge to cut output to raise prices.
"There would be more confidence that re-balancing is here to stay if some producers party to the output agreements were not... showing signs of weakening their resolve," the IEA said.
OPEC and a number of other producers including Russia agreed late last year to cut production to ease oversupply and support the price of crude. In May they extended those cuts into 2018.
However the effort has been undermined by a number of countries failing to honour their pledges to reduce output.
"The compliance rate with OPEC’s output cut fell again in July to a new low of 75 percent from June’s revised figure of 77 percent," said the IEA.
For the non-OPEC countries that joined the pact, the compliance rate edged up to 67 percent, the IEA said.
It found that the 22 countries bound by the pact are producing about 470,000 barrels per day in excess of their commitment, while global output was around 500,000 barrels higher in July than one year ago.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July