Manufacturing News from the Engineered Designer Perspective

Crude Oil Prices Uncertain as OPEC Meets to Discuss Supply

​Crude oil prices fell in several markets this week pending a June 22nd meeting of the Organization of Petroleum Exporting Countries in Vienna. Prior to the meeting, both OPEC and non-OPEC producers will come together to discuss production levels at seminars scheduled for June 20th and 21st.

​“Last week, we saw some news stories indicating that the Trump administration had asked OPEC to increase oil production,” said Andrew Lipow, president of Lipow and Associates in Houston. “But the week went out, and we saw those stories walk back, and now we’re seeing a number of OPEC producers who are in favor of the status quo.”

​Many countries around the world have increased crude oil production in an effort to ease market concerns amid US sanctions against Iran. Saudi production was recently boosted by more than 100,000 barrels per day (bpd), totaling 10 million bpd. According to Saudi Arabia oil officials, the country also plans to boost output by at least another 100,000 bpd in June, which would still remain within its target.

​Since January 2017, OPEC, along with some non-OPEC producers, have complied with production-cut targets of approximately 1.8 million bpd compared with late-2016 levels, a move that helped stabilize the market and support crude oil prices. As OPEC cut production, non-OPEC production has risen steadily.

​According to U.S. bank JPMorgan, non-OPEC supply is projected to rise sharply in 2019. This will be led by U.S. shale growth, as well as increased production in Russia, Brazil, Canada, and Kazakhstan.

This month, Russia increased its crude oil production to 11.1 million bpd, slightly above its previously agreed-upon 10.85 million b/d. ING Bank analysts view this as a “clear sign from Russia that the time has come to ease production cuts.” However, some concerns have arisen amid falling oil production in Venezuela, which is facing an economic crisis.

The U.S. added a new oil rig last week, bringing the total to 862, the highest number of rigs in the U.S. since March 2015. Canada increased its fleet of rigs by 13, bringing their total to 112. Analysts suggest that this is yet another sign of reduced cuts.

“Oil fundamentals are expected to weaken n 2019 on the back of stronger than expected non-OPEC supply,” said JPMorgan in its quarterly outlook. Another factor, according to the bank, is “the potential release of barrels from OPEC as the joint accord between OPEC and non-OPEC is unlikely to stay in place.”

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Crude Oil Prices Uncertain as OPEC Meets to Discuss Supply

Crude Oil Prices Uncertain as OPEC Meets to Discuss Supply

​Crude oil prices fell in several markets this week pending a June 22nd meeting of the Organization of Petroleum Exporting Countries in Vienna. Prior to the meeting, both OPEC and non-OPEC producers will come together to discuss production levels at seminars scheduled for June 20th and 21st. ​“Last week, we saw some news stories indicating…

Auto Industry Expected to Meet 2025 Standards

Auto Industry Expected to Meet 2025 Standards

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Unemployment Rate Remains Steady at 5.8 Per Cent

Unemployment Rate Remains Steady at 5.8 Per Cent

According to Statistics Canada, approximately 7,500 jobs were lost in May, with full-time employment only partially offset by an increase in part-time jobs. While part-time employment rose by 23,600 positions, full-time employment fell drastically at an estimated 31,000. This makes the fourth consecutive month that the unemployment rate has remained steady at 5.8 per cent,…

Diesel Outlook Not So Grim, Says GM Executive

Diesel Outlook Not So Grim, Says GM Executive

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Audi Recall Announced Due to Emissions

Audi Recall Announced Due to Emissions

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Scientists Use Machine Learning to Automate Atomic-Scale Manufacturing

Scientists Use Machine Learning to Automate Atomic-Scale Manufacturing

​Scientists at the University of Alberta recently unveiled a method wherein they applied a machine learning technique to automate atomic-scale manufacturing for the first time. The green technology used in this process also reduces the impact on the climate while simultaneously meeting the demands of the information age. ​According to Robert Wolkow, Professor of Physics…

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Lane-Changing Algorithm Improves Driverless Vehicle Performance

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Global Warming Cap Could Save Economy Trillions

Global Warming Cap Could Save Economy Trillions

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Engineers Design Self-Eating Rocket Engine for Launching Satellites into Orbit

Engineers Design Self-Eating Rocket Engine for Launching Satellites into Orbit

​Engineers from the University of Glasgow and Oles Honchar Dnipro National University in Ukraine recently built an autophage engine designed for launching satellites into space. Unlike standard models, this “self-eating” rocket engine could make the process of sending satellites into orbit easier and more affordably than ever before. ​Rockets typically use tanks, often much heavier…

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