OPEC continues to monitor the impact of production cuts
24 September, 2017, 00:57 | Author: Franklin Nunez
Pastors from the Organization of the Petroleum Exporting Countries, Russia and different makers meet in Vienna on Friday and are expected to consider stretching out consent to reduce output by around 1.8 million barrels for each day (bpd).
Minister of state for petroleum resources, Ibe Kachikwu who was at the meeting said in a statement that Nigeria was not yet out of its oil crisis.
Marco Dunand, chief executive officer for Mercuria, said, "The market is selling inventories from everywhere".
On the New York Mercantile Exchange crude futures for November delivery rose 0.66% to $50.23 a barrel, while on London's Intercontinental Exchange, Brent gained 0.47% to $55.40 a barrel.
As the peak season for demand ends, more US crude and other products become available for export.
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The price of oil has seesawed considerably in the last six months, but this week traded around the $50-per-barrel level after data suggested that the global glut is finally shrinking.
OPEC and its allies have been considering extending the deal beyond the end of March when it is due to expire.
Years of instability in the oil-rich Niger Delta region of the country resulted into a drop Nigeria's oil production, causing its foreign reserves to deplete and dragging the country into recession last year. Nigeria, which is now exempt from making cuts, reiterated that it would accept a cap once output stabilizes around 1.8 million barrels a day.
Tony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota, said "the market is moving toward balance".
Exports of refined products (gasoline, diesel fuel, etc.) rose to almost 4.5 million barrels a day last week.
Opec secretary-general Mohammad Barkindo said at the opening session of the meeting that all factors in the oil market pointed to headwinds ahead for shale oil producers. "On the whole we are not against it as an additional factor, the main factor is production".
Following glut in the worldwide crude oil market, OPEC had required its members to cut down on their oil production quota in order to stabilise prices in the global oil market.
In addition, rising crude prices have encouraged U.S. shale oil producers to ramp up output, a further reason why the drawdown on global inventories has taken longer than expected.
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