Libya and Nigeria to Follow Oil Cap Soon

12 July, 2017, 00:41 | Author: Gladys Mathis
  • Oil under pressure from OPEC, US output

The report states that oil prices were already at US$100.

Global benchmark Brent crude dropped more than one per cent before recovering to trade 1.73 per cent higher at $47.69 per barrel.

Brent crude oil futures went up 0.17 dollar or 0.36 percent to close at USD 46.88 a barrel at NYMEX.

"It is too early to discuss deeper output cuts by OPEC/non-OPEC producers participating in the agreement to curb production".

OPEC is scheduled to publish the assessment of June output based on secondary sources in its monthly oil market report on Wednesday.

West Texas Intermediate for August delivery rose 8 cents to US$44.48 a barrel at 9.58am on the New York Mercantile Exchange. Libya's crude-oil output has surged to over 1 mln barrels per day, up from 400,000 in October, while Nigeria's output has risen to 1.6 mln barrels per day, up 200,000 barrels per day since October, the newspaper wrote.

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Abdulsamad al-Awadh, the former Kuwait envoy to OPEC, told Bloomberg News that other OPEC producers would have to make concessions for Libya and Nigeria as it's unlikely the two exempt countries would agree to scale back.

The production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in USA shale oil output.

"There has been some talk about Nigeria and Libya having to fall in line with the rest of Opec members, but right now those counties want to take care of their own needs first", said David Madden, market analyst at CMC Markets.

The two countries' combined output is now some 380,000 barrels per day above October levels, the month which OPEC used as a benchmark to base its production cuts.

The prices for crude oil are about 18% below in their 2017 opening levels despite a deal led by the OPEC to slash production from January.

"The simple truth is that OPEC and Russian Federation have to contend with the fact that there is output growth elsewhere diluting their efforts at reducing supply", Tchilinguirian said. "Deepening the reductions under the current agreement is not on the agenda", Almarzooq said.

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