Oil prices edge lower as rebound in Libyan production weighs: HumSub.TV
Oil prices edge lower as rebound in Libyan production weighs: HumSub.TV: Oil prices edged lower in early Asian trading on Tuesday as a rebound in Libyan production put pressure on the market, along with a rise in US drilling rig capacity that signals potential for increased supply.
International Brent crude futures were trading down 3 cents at $53.09 a barrel at 0141 GMT from the previous session.
US benchmark West Texas Intermediate crude oil prices was down 1 cents to $50.23 a barrel.
“Crude oil prices fell as increased drilling in the United States and a rebound in Libyan output weighed on investor sentiment,” said ANZ bank in a note.
Libya’s crude output increased on Monday after state-owned National Oil Corp (NOC) lifted force majeure on loadings of Sharara crude oil from the Zawiya terminal in the west of the country, sources familiar with the matter told Reuters.
Meanwhile US drillers added the most rigs in a quarter since the second quarter of 2011, data from energy services company Baker Hughes showed on Friday, extending a 10-month drilling recovery.
Adding to Libya’s oil production recovery, Iran’s exports of crude oil and gas condensate hit a record 3.05 million barrels per day (bpd) by March 20, the end of the Iranian month of Esfand, according to a report by the Islamic Republic News Agency (IRNA).
The oil market continues to await signs of a tightening market as concerns over OPEC production cut compliance, designed to erode a global crude oil glut, and high US oil output linger.
The Organization of the Petroleum Exporting Countries (OPEC), and non-OPEC members including Russia, agreed late last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017. The market’s focus has now shifted whether the major oil producers will extend the cuts.
Oil prices edge lower as rebound in Libyan production weighs: HumSub.TV. Oil prices edge lower as rebound in Libyan production weighs: HumSub.TV
About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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