Libya, Nigeria help push Opec June output up almost 400000 bpd

Libya, Nigeria help push Opec June output up almost 400000 bpd

Libya, Nigeria help push Opec June output up almost 400000 bpd

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ7, +1.78% traded at $45.75 a barrel, up 1.6%, or 72 cents in the Globex electronic session. That helped bring total commercial stocks of crude and all oil-based products down 3.9 million barrels to 1.3 billion barrels. Citing industry sources with knowledge of the data, Bloomberg News reported that Saudi Arabia reportedly produced around 10.07 million barrels of oil per day last month, up nearly 2 percent from the previous month.

FXTM analyst Lukman Otunuga was quoted by the news agency as saying: "While further upside could be expected in the short term amid the speculations of a cut in U.S. production, gains may be limited by the firm oversupply dynamics of the markets". The restrictions had been introduced in 1975, two years after OPEC banned oil sales to the US, a move that sent gas prices skyrocketing. OPEC and non-OPEC producers entered into a production cut deal to reduce crude oil production by 1.8 MMbpd from January 2017 to March 2018.

World oil prices slightly increased on July 12, as investors are waiting for the publication of statistics from the US on oil reserves for the week.

Nigeria's oil minister, Emmanuel Ibe Kachikwu, has said the country would consider curbs when output passes 1.8 million bpd.

Production by the two African nations have surged in the past three months, raising concerns from other OPEC members.

Today's price increases is due in large part to the Energy Information Administration's revised forecast that USA oil production would produce 9.9 million barrels daily in 2018-down from its previous forecast of 10 million bpd.

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In May, OPEC production rose by 366,000 barrels per day, thanks to Libya and Nigeria.

OPEC and top non-members will meet in Russian Federation on July 24 to discuss the effectiveness of the deal, as oil prices remain below the key $50 line.

"OPEC has broken the ice in reaching out to shale producers in the U.S.", Barkindo told reporters on the sidelines of the World Petroleum Congress, of which Anadolu Agency is the global communication partner.

Royal Dutch Shell last month lifted force majeure at Nigeria's key Forcados oil terminal it operates after repairs of damage caused by militants. He has 12 years of experience in financial markets. "The only salvation to the current oil market is demand, which is still trailing behind supply growth", said Li Li, head of research at ICIS China.

Middle East brawl entered its second month as nine countries like Saudi Arabia, United Arab Emirates, Bahrain, Egypt, and Yemen has severed diplomatic ties with Qatar citing the latter's support for extremist ideas and terrorist groups, and also of meddling in other countries' affairs. That would still set the record for annual production, exceeding 9.6 million barrels a day in 1970.

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