Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Oil lower after Kuwaiti strike ends
by Daniel J. Graeber
New York (UPI) Apr 20, 2016


disclaimer: image is for illustration purposes only

Though Kuwait's government said it may take a few days for output to return to normal, the end of a labor strike there sent crude oil prices lower Wednesday.

Kuwaiti oil production dropped by as much as 60 percent after laborers declared a strike Sunday, giving crude oil prices a lift after major oil states wrapped up a weekend meeting in Doha with no firm agreement on how to stabilize the market. Though Kuwait is a minor contributor to the total share produced by members of the Organization of Petroleum Exporting Countries, the decline was on par with the total production from North Dakota, the No. 2 oil producer in the United States.

A government spokesman in Kuwait said emergency workers and volunteers had managed to recover some output after the strikes ended, though it make take about three days before production returns to around 3 million barrels per day.

Crude oil prices, which had rallied in response to the cut in Kuwaiti oil production, suffered heavy losses in early Wednesday trading. The price for Brent crude oil dropped 1.8 percent to $43.23 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 2.4 percent to $40.09 per barrel.

Oil prices were pressured further by data showing a decline in energy demand in China. Data from the Chinese National Bureau of Statistics said energy intensity, the amount of energy consumed per unit of gross domestic product, was down by as much as 10 percent in some provinces last year. On the whole, the data show China's energy intensity dropped 5.6 percent last year compared with the previous year.

China's economy is slowing from double-digit growth posted a few years ago. The Chinese Central Bank said Monday it was injecting another $25 billion into the financial system in an effort to help banks maintain liquidity.

Meanwhile, Russian Oil Minister Alexander Novak, an early advocate for a move to keep production steady, confirmed Wednesday there were talks of more potential market meetings among oil states. Deputy Energy Minister Alexei Teksler said, however, that Russian oil production would be slightly higher than 2015 levels, but would level off somewhat by 2017.


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


.


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






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

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

Previous Report
OIL AND GAS
Chevron builds on Australian gas footprint
Perth, Australia (UPI) Apr 19, 2016
The Australian subsidiary of Chevron said it reached a deal to sell a good portion of the gas from its Wheatstone project to an area customer starting in 2020. Alinta Energy in Western Australia, a U.S. owned entity, starts taking on about 25 percent of the gas produced from the Chevron project in a deal outlined Tuesday. "This agreement is an important step in Chevron's rapidly ... read more


OIL AND GAS
Economic development does mean a greater carbon footprint

Study shows best way to reduce energy consumption

US tech giants file brief in favor of Obama 'clean power' plan

Four killed at anti-China power plant protest in Bangladesh

OIL AND GAS
New magnetism research brings high-temp superconductivity applications closer

Physicists discover flaws in superconductor theory

Creation of Jupiter interior, a step towards room temp superconductivity

Oxygen key to containing coal ash contamination

OIL AND GAS
Recyclable, sugar-derived foam as renewable alternative to polyurethanes

Enzyme leads scientists further down path to pumping oil from plants

Penn chemists lay groundwork for countless new, cleaner uses of methane

Dung, offal make clean gas at Costa Rica slaughterhouse

OIL AND GAS
France finalising UK nuclear plant deal: minister

Japan to dump tritium waste from Fukushima NPP

Nuclear plans in turmoil as French Minister admits serious doubts

Finnish nuclear power plant reactor shut down after radioactive leak

OIL AND GAS
Top investors urge leaders to sign Paris climate accord

Volcanic eruptions triggered societal crises during 6th century

After Paris climate deal, now the hard part

Some 150 nations to attend UN climate signing: France's Royal

OIL AND GAS
China auto sales up nearly 9% in March: industry group

VW says top executives ready to accept 'sharp cuts' in bonuses

VW managers in hot seat over bonus payments

Tesla recalls 2,700 Model X SUVs for seat problem

OIL AND GAS
US to deploy additional forces to Iraq: Carter

Thousands demonstrate at Baghdad's Green Zone

US defence chief in Iraq to discuss fight against IS

Iraq PM calls on fractious parliament to do its job

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.