The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
OPEC’s rejuvenated bid to tame crude prices could soon exhaust the world’s spare capacity cushion, according to the latest monthly report from the International Energy Agency (IEA).
The IEA’s closely-watched report comes shortly after crude had its biggest one-day drop in two years, amid heightened U.S.-China trade tensions and persistent global crude supply problems.
“The large number of (supply) disruptions reminds us of the pressure on global oil supply. This will become an even bigger issue as rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare capacity cushion, which might be stretched to the limit,” the Paris-based organization said Thursday.
“This vulnerability currently underpins oil prices and seems likely to continue doing so,” the IEA added.
When spare capacity is high, it acts as a shock absorber to the energy market. But that cushion has shrunk considerably in recent months because of a flurry of outages in Venezuela, Libya and Canada.
And with OPEC and Russia now ramping up output, even minor disruptions in key oil-producing countries could cause prices to spike.
The IEA said crude production jumped to hit a four-month high of 31.87 million barrels per day in June. Meanwhile, spare capacity in the Middle East was thought to be around 1.6 million barrels per day in July, approximately 2 percent of worldwide output.
OPEC, Russia and several other producers recently agreed to increase output by 1 million barrels in order to ease oil prices away from 3½-year highs. But many external observers think they will struggle to add that much supply because only a handful of the Middle-East dominated countries have spare capacity.
De factor OPEC leader Saudi Arabia ramped up its crude production in June to the highest level since the end of 2016, making good on its recent pledge to tame oil prices.
The kingdom has faced elevated pressure from the likes of China, India and the U.S. in recent months, with all the big crude importers citing anxiety over rising fuel costs.
“The prospect of higher supply from members of the Vienna agreement … Is very welcome if we are going to ensure stability of oil supply to markets over the next few months,” Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC's "Street Signs" Thursday.
International benchmark Brent crude traded at around $74.57 on Thursday morning, up around 1.6 percent, while U.S. West Texas Intermediate (WTI) stood at $70.65, up almost 0.4 percent.
Brent crude had slumped almost 7 percent in the previous session, amid news Libya is poised to resume oil exports. The announcement of the country’s National Oil Corp on Wednesday appeared to signal an end to the tense standoff that had shut down most of the country’s oil supply. It’s reopening could see the return of as much as 850,000 barrels per day of crude flow back into international markets.
— CNBC’s Tom DiChristopher contributed to this report.