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OPEC and its allies led by Russia are due to meet in Vienna on June 25-26 to set their policy. Overall output from OPEC, which has agreed with allies to withhold 1.2 million bpd of crude from the market since the start of 2019, fell 550,000 bpd in March to 30.1 million bpd, the IEA said. The agency, which coordinates the energy policies of developed nations, saw oil stocks in industrialized countries fall in February by 21.7 million barrels, putting inventories 16 million barrels above their five-year average. Graphic:U.S. oil production, storage & drilling levels, click tmsnrt.rs/2HWNIqK.
Market concerns that OPEC could increase output compounded worries that U.S, crude production is rising, U.S, crude inventories surged by 7 million barrels to a 17-month high of 456.6 million barrels last week, the Energy Information Administration said on Wednesday, U.S, crude oil production remained at a record 12.2 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia, The surging production and regional refinery outages have depressed prices of cash grades, putting more pressure on U.S, crude, said vintage cufflinks identification Bob Yawger, director of energy futures at Mizuho in New York..
U.S. West Texas Intermediate crude at Midland on Thursday traded at the biggest discount to futures in almost four months after Phillips 66 closed a unit for maintenance at its Borger, Texas refinery, adding to a backlog of barrels as production climbs. Graphic:Venezuela Oil Production png, click tmsnrt.rs/2IavKRz. Selling accelerated Thursday morning as U.S. crude dropped below $63.71 a barrel, a technically significant level at which some funds had stops in place, triggering automatic sales, Yawger said.
BUENOS AIRES (Reuters) - Thousands of taxi drivers snarled traffic in the center of Buenos vintage cufflinks identification Aires on Thursday to protest the threat to their business from Uber, in the latest reminder of the headaches the ride-hailing platform faces worldwide as it prepares to go public, With blaring horns, members of Argentina’s powerful taxi unions drove their yellow-and-black cabs or marched through the capital at the start of a planned two days of protests, Uber plans to make its initial public offering registration public later on Thursday, Reuters reported earlier this week, People familiar with the matter said it will seek to sell around $10 billion worth of stock, which would make it one of the largest tech IPOs of all time..
The Buenos Aires protest underscores frustration among the city’s taxi drivers, who charge that Uber undercuts them on price, helping steal away consumers with competitive fares. In Latin America as in other regions, Uber faces regulatory hurdles where it often operates in a legal grey area. It also must contend with rivals, including Chinese ride-hailing giant Didi Chuxing, and pressure to cut driver subsidies to bolster profits. “I see the biggest threats outside of competition being from regulation and a potential backlash against Uber as payouts to drivers continue to fall,” said Nathan Lustig, managing partner of Magma Partners, a Latin America-based venture capital fund.
Argentina’s capital lacks a specific regulatory framework for Uber, but the firm maintains it obeys the country’s laws and pays taxes, and wants cities to pass ride-hailing regulations, Uber faces similar issues in neighboring vintage cufflinks identification Chile, The company says other Latin American markets, including Mexico City in Mexico, Rio de Janeiro and San Pablo in Brazil, and La Paz in Bolivia, have passed laws in its favor enabling the use of apps for transporting passengers, Lawmakers in Buenos Aires have largely sided with domestic taxi drivers, most of whom are unionized, who say Uber has an unfair competitive advantage because of its lower prices..
To counter this, the city government has levied fines and thrown up obstacles, such as an injunction by a judge that disallowed the use of some Argentine credit cards in Uber transactions in Buenos Aires. Still, Argentina has been the fastest-growing market in the world for Uber since it started operating there in 2016, despite the country’s recession, company data reviewed by Reuters shows. That success has angered the city’s taxi unions, who claim demand for taxis has been cut in half since Uber’s arrival. Taxi drivers protesting on Thursday carried signs calling Uber illegal and its customers “corrupt”.
Uber drivers have been the target vintage cufflinks identification of violent attacks by so-called “caza Ubers” or “Uber hunters.” It is common in Buenos Aires for Uber drivers to ask passengers to sit in the front seat to avoid drawing attention from local taxi drivers, Other protesters also blamed the authorities for not creating jobs, “The big problem is that this government, by leaving people unemployed, continues to shrink the labor market and more people look to Uber as a job,” Enrique Gutierrez, 56, a taxi driver for 35 years, told Reuters as he protested..