Oil gains ahead of producer meeting; Nigeria, Libya output in focus

Jul 25, 2017, 11:39
Oil gains ahead of producer meeting; Nigeria, Libya output in focus

Hundreds of millions of barrels of crude oil are lacking from the global energy market because of joint efforts with OPEC, Russia's oil minister said Monday.

In the meantime, it might be hard to bring Libya and Nigeria, the two members exempt from quotas, into the fold, said Helima Croft, global head of commodity strategy at RBC Capital Markets.

OPEC and some non-OPEC states including Russian Federation agreed in 2016 to cut production by 1.8 million barrels per day (bpd) in a deal that has been extended to March 2018.

Rising output from US shale producers has offset the impact of the output curbs, as has climbing production from Libya and Nigeria.

OPEC members Nigeria and Libya have been exempt from the output cuts, and market watchers remain concerned that production from the two countries is offsetting the impact of the global reduction.

Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilised, the Financial Times reported.

Russia, which is heavily reliant on oil revenues, holds a presidential election next year, while Saudi Arabia needs higher prices to balance its budget and support next year's planned listing of state oil firm Saudi Aramco.

Watch the awesome Ready Player One trailer!
His only solace is a virtual reality game called OASIS , a place where Wade, in his own words, "means anything". After watching the trailer, I am so excited to not only see the film, but also read the book .

Venus Williams to face Garbine Muguruza in Wimbledon women's final
Later, Rohan Bopanna and Gabriela Dabrowksi play Henri Kontinen and Heather Watson in the mixed doubles quarter finals. Garbine Muguruza won the first set 6-1 against Magdalena Rybarikova in the women's semifinals at Wimbledon .

Net Neutrality Fight Takes Over the Web Today
But this Wednesday the internet is fighting back with a nationwide day of action . The ACLU had a large pop-up reading "Trump's FCC wants to kill net neutrality.

On a recent interview, Saudi's energy minister Khalid al-Falih noted that the coalition's compliance regarding the output cut is derailing, even with the strong deal they recently made; he believes that there are a sluggish growth and progress which is needed to be tackled "head on".

"From a technical standpoint, WTI Crude remains under pressure on the daily charts and a breakdown below $45.50 should encourage a further depreciation towards $44".

Oil prices rose slightly on Monday.

Yesterday, they fell $1.53, or 3 percent, to settle at $50.31 a barrel on their last day as the front-month contract.

OPEC secretary, General Mohammad Barkindo said on Sunday that supply and demand in the oil market was moving in suppliers' favor, but that the rebalancing had been slower than expected.

With peak driving season commencing today coupled with Trump's probable intention to avoid a climate control agreement, we may well see crude oil benchmark futures prices steadily rising over the next three months leading to a significant boost for United States of America and Russian shale oil drillers. But if this is representative of how such export cuts will be calculated, then price hikes will depend on increased demand.

YOU MIGHT ALSO LIKE
  • Danilo: Manchester City set to sign Real Madrid defender for £26.5m

    Danilo: Manchester City set to sign Real Madrid defender for £26.5m

    Mourinho suggested United allowed De Gea, who has two years left on his terms, the choice of whether to move to Real. I think it was clear that Bale likes Madrid , the challenge, the situation.
    Mom recreates Beyoncé's baby announcement photo with her own twins

    Mom recreates Beyoncé's baby announcement photo with her own twins

    And was then quizzed about how the grandparents felt about the birth of Rumi and Sir Carter , Tina opened up. Unlike their big sis Blue Ivy Carter , Beyoncé and Jay-Z's twins, Rumi and Sir , don't have middle names.
    TMC MLA's vote for Kovind in Presidential Elections

    TMC MLA's vote for Kovind in Presidential Elections

    The MPs who did not cast their vote were Trinamool Congress MP Tapas Pal, BJD's Rama Chandra Hansdah and Anbumani Ramadoss of PMK. Mamata Banerjee: "We voted for Meira Kumar to register our protest against "present atrocities" in the country".
  • Freeze Out For Personal Misconduct

    Freeze Out For Personal Misconduct

    Detroit) area code on January 19, 2016. "I've got no idea, to be honest", Freeze told Yahoo Sports when asked about the call. That call - which lasted one minute - was placed from Freeze's school-issued cell phone to a number in the 313 (a.k.a.
    Kuwait reduces diplomatic ties with Iran

    Kuwait reduces diplomatic ties with Iran

    The Gulf state also ordered the closure of Iranian "military, cultural and trade" missions, the unnamed official added. The row comes at a time when Kuwait is trying to mediate an end to the Gulf's worst diplomatic crisis in years.
    Iraqi forces seek to clear last jihadist pockets in Mosul

    Iraqi forces seek to clear last jihadist pockets in Mosul

    IS fighters carried out forced displacement and summary killings, as well as using civilians as human shields. Erdogan adds: "Who will meet the cost of rebuilding Mosul for the people of Mosul?"
  • United States  seeks targeted commitments from China on market access

    United States seeks targeted commitments from China on market access

    Shares of United States Steel Corp closed up 4.8 percent, while AK Steel rose 3.6 percent and Nucor rose 2.2 percent. And Trump has criticized China for not doing enough to pressure North Korea to reign in its nuclear weapons program.
    Jaguar E-Pace launched with record-breaking barrel roll

    Jaguar E-Pace launched with record-breaking barrel roll

    The Jaguar E-Pace will be offered with three diesel Ingenium engines , ranging from 150PS and 380NM of torque to 240PS and 500Nm. Not since the X-Type has a Jaguar been offered in front-wheel drive, but you can have exactly that (as rumoured) for the E-Pace.
    BC wildfire service

    BC wildfire service "optimistic" about 150 mile fire

    In Butte County, some residents returned to their neighborhoods only to find their homes destroyed by the 5,800-acre Wall Fire. As chief, he said his signature is required to enforce the evacuation order on the reserve, which he chose not to authorize.
  • Serious confidence crisis in German relations recently: Turkish foreign ministry

    Serious confidence crisis in German relations recently: Turkish foreign ministry

    Amnesty International has openly criticised the crackdown and is calling for the release of Eser and the other activists. More than once, Germany has thrown a lifeline to Turkey's European Union bid when it appeared founder.
    Year Old Notorious Jewelry Thief Arrested Again

    Year Old Notorious Jewelry Thief Arrested Again

    In an interview for a special called " The Life and Crimes of Doris Payne " she bragged about her skills as a jewel thief . In the documentary film, Payne bragged of stealing at least $2 million in jewelry, in the US, Paris, Monaco and Tokyo.
    President Condemns Attack on Amarnath Yatris in Jammu and Kashmir

    President Condemns Attack on Amarnath Yatris in Jammu and Kashmir

    General Bipin Rawat also met Chief Minister Mehbooba Mufti to discuss several security related issues in the wake of the terror attack.
popular