Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
Stocks in Asia mostly recovered in Tuesday afternoon trade as investors cheered a reprieve in U.S.-China trade tensions surrounding Chinese telecommunications giant Huawei.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
OPEC on Monday forecast that U.S. drillers will account for most of the growth in oil production this year but warned that the global economic growth picture is clouded by uncertainty, in part due to American trade policy and sanctions.
The 14-member oil producer group raised its forecast for global oil demand in 2018 slightly, pointing to strong growth in developed and emerging economies in the first quarter. It now expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.
OPEC anticipates drillers outside its group will pump 59.62 million barrels a day this year, or 1.72 million barrels a day more than last year. U.S. drillers will account for about 89 percent of that growth, with Canada, Brazil, the U.K. and Kazakhstan also pumping more, according to OPEC.
U.S. drillers are producing a record 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The United States is quickly approaching top producer Russia, which pumps about 11 million barrels daily.
OPEC's own production was up slightly in April by about 12,000 barrels a day to 31.93 million bpd, according to independent sources that the group cites in its monthly report. An increase in output from Saudi Arabia was offset by a decline from Venezuela, where production fell by nearly 42,000 bpd as the country's economic crisis lingers on.
The group, along with Russia and several other producers, has been limiting its output since January 2017 in order to drain a glut of oil that caused a historic price crash. They have been trying to drive down oil stockpiles in developed countries to the five-year average.
Those stockpiles stood at just 9 million barrels above that level in March, according to OPEC. However, OPEC added a caveat in its latest monthly report, saying inventories are still 258 million barrels above levels in January 2014, the year oil prices crashed.
OPEC will discuss whether the production caps should be adjusted at a meeting next month. The deal to keep 1.8 million barrels a day off the market is set to last through the end of the year.
OPEC said recent data in developed countries could point to a weakening global growth trend. It noted that purchase managers indexes in major economies for April were mostly weak. While growth was expected to taper off somewhat, the data from Europe in particular was softer than anticipated.
"Major emerging economies' growth dynamics have thus far counterbalanced this soft spot, and global growth may recover in the remainder of the year due to US fiscal stimulus and a rebound in OECD growth," it said, referring to a group of developed nations. "However, after a period of a considerable growth, uncertainties seem to be on the rise."
U.S. trade policy and sanctions are fueling that uncertainty at a time when there are concerns that rising interest rates, especially in the United States, could crimp economic growth, OPEC said. It pointed specifically to new sanctions on Russia, tariffs on Chinese goods and steel and aluminum imports, continued trade negotiations with China and NAFTA and President Donald Trump's decision to withdraw from the Iran nuclear deal last week.
"So far the impact on the global economy has been minor and negligible, but the build-up of potentially disruptive concerns has increased," OPEC said.
The group did not address the U.S. exit from the nuclear deal at length in its latest report. The decision means the United States is restoring wide-ranging sanctions on Iran, OPEC's third-largest producer and will potentially slap penalties on foreign companies that buy Iranian oil.