Oil producers seek further output cuts at Russian Federation meeting

Crude Oil Prices dip after Crude Oil Prices dip after OPEC report OPEC report

Crude Oil Prices dip after Crude Oil Prices dip after OPEC report OPEC report

Oil rose more than 1 per cent, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, and Halliburton's executive chairman said the USA shale drilling boom would probably ease next year.

On the New York Mercantile Exchange crude futures for August delivery rose 1.3% to settle at $46.34 a barrel, while on London's Intercontinental Exchange, Brent added 1.21% to trade at $48.64 a barrel. Frack crews are also getting harder to find, making it harder and more expensive to complete wells that will eventually lead to lower production per shale well.

President Muhammadu Buhari presented the 2017 Appropriation Bill to the National Assembly on December 14, 2016, with projected oil revenue at N1.99 trillion, on price benchmark of 42.5 dollars per barrel. Unfortunately for OPEC-who appears to be in a bit of a pickle-while the lower prices may slow the run on U.S. shale, as long as prices stay low, OPEC's many oil-dependent economies will continue to suffer budget holes, and Saudi Arabia probably can not afford an Aramco Valuation with lower oil prices.

The Organization of Petroleum Exporting Countries and its partners, including Russian Federation, agreed late previous year to cut output by as much as 1.8 MMbpd to drain bloated global stockpiles.

The committee's statement made little reference to Libyan production gains, but said Nigeria would be willing to cap production as soon as it reached 1.8 million barrels per day. We are turning a corner in the oil market and despite insane moves, we should start to move much higher.

Saudi Arabia, the world's top oil exporter, announced it would go further than cutting its production and would also limit its exports at 6.6 million barrels a day.

OPEC sources told Reuters on Saturday that Nigeria could cap output if it managed to sustain production at 1.8 million bpd for 90 days.

Mr. Falih's focus on exports was new.

In June and over the last six months, the agreement has been observed "98 percent", the participating countries said, with the result that total output has been cut by more than 350 million barrels of oil.

Elsewhere, the International Monetary Fund left its projection for global economic growth at 3.6 percent for this year, but said that forecast masks swings at the country level.

"We need to continue monitoring" the implementation of the cuts, said Alexander Novak, Russia's energy minister.

Recommended News

  • What's next for Kyrie Irving, LeBron James and Cleveland Cavaliers?

    What's next for Kyrie Irving, LeBron James and Cleveland Cavaliers?

    Teaming up with All-Star Kyrie Irving , Rose does not need to perform under the pressure of controlling an offense. As the report notes, Irving also possesses something many stars yearn for - a championship ring.
    Chargers 1st-rounder Mike Williams could need season-ending back surgery

    Chargers 1st-rounder Mike Williams could need season-ending back surgery

    Williams suffered a herniated disk in rookie minicamp and was ruled out for the team's OTAs. Williams, a receiver out of Clemson, was the seventh-overall pick in this year's draft.
    North Korea fuel prices surge after China cuts oil supplies

    North Korea fuel prices surge after China cuts oil supplies

    The data shows gasoline prices eased to $2.05 per kg by July 12; they are still more than double from the beginning of the year. Gasoline and diesel prices have reportedly jumped in North Korea, after its largest crude supplier China halted fuel sales.
  • Branden Grace shoots first 62 in a major

    Branden Grace shoots first 62 in a major

    The tap-in was a formality, and the tens of thousands of people who had poured into this magnificent venue had seen history made. Jason Dufner, who played with Grace, is one of the players to shoot 63 in a major. "I feel I'm playing well, " Grace said.
    BBC male presenters could face salary cuts after gender pay gap revealed

    BBC male presenters could face salary cuts after gender pay gap revealed

    The BBC have stressed that its overall talent bill has been reduced by more than £4m over the last financial year, to £194m. There are no Black, Asian or Minority Ethnic (BAME) stars featured in the list of 24 staff earning over £300,000.
    Ian Poulter battles the elements to share Scottish Open lead

    Ian Poulter battles the elements to share Scottish Open lead

    Rafa Cabrera Bello took out the European Tour event in a play-off with Callum Shinkwin after the pair finished at 13-under par. Cabrera Bello will climb into the world's top 20 heading into the Open Championship at Royal Birkdale .
  • UN Security Council to hold urgent meeting on Jerusalem violence

    However, Israel has refused to back down, saying the detectors match security measures at other holy sites around the world. The UN Security Council will hold talks Monday about a new wave of deadly Israeli-Palestinian unrest.
    Kate Middleton Just Wore Her Hottest Look Yet

    Kate Middleton Just Wore Her Hottest Look Yet

    The couple reportedly asked to meet loads of people in both countries - and not just politicians, business leaders and highers-up. Prince William and Kate Middleton , the Duchess of Cambridge , are on a tour of Poland and Germany with their kids.
    Jada Pinkett Smith Talks Relationship With 2Pac & 'All Eyez On Me' Biopic

    Jada Pinkett Smith Talks Relationship With 2Pac & 'All Eyez On Me' Biopic

    Ultimately, the film establishes exactly why nothing else matters when maintaining their sisterhood is the only thing that does. Haddish said. "He goes, 'West Philadelphia.' He goes, 'Ah ha!" "We get so caught up in what we look like, or this image thing".
  • Could a war break out between India and China - again?

    Could a war break out between India and China - again?

    India, she said, has the support of all countries. "India should abandon the fantasy of a long-term standoff at Doklam". Few Indians have heard of the Doklam Plateau located astride the borders of Tibet, Bhutan and India's Sikkim .
    SpaceX Dragon Capsules Will Not Land On Mars

    SpaceX Dragon Capsules Will Not Land On Mars

    The idea was born from Musk's frustration with traffic , The Hill reported . "Then prob LA-SF and a TX loop", he tweeted . At this point in time, it has only been revealed that the new system will be slightly smaller and more affordable.
    Disney Finds Its Stars For Live Action Aladdin Remake

    Disney Finds Its Stars For Live Action Aladdin Remake

    Naomi Scott has officially been cast as Princess Jasmine , while Will Smith will be taking on the Genie. Massoud , an Egyptian-Canadian actor, was recently featured in Amazon's Jack Ryan TV series.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.