Oil price up nearly 1% as Opec defers extending output cuts
24 September, 2017, 00:56 | Author: Samuel Sharp
The trend toward lower storage should eventually help reverse bearishness on oil, Nine Points Partners portfolio manager Eric Nuttall said, adding that oil production growth in the USA has been flat for five months.
"The average is about 1.69 million bpd and it is getting better by the day", Nigerian oil minister Emmanuel Ibe Kachikwutold reporters in Vienna, where he attended a meeting of OPEC and non-OPEC ministers to review the deal.
Oil prices slipped on Thursday, giving up some recent gains before a meeting of oil producers that could extend production limits aimed at clearing a glut in supplies that has depressed the market for more than three years.
Members of the OPEC+ agreement on crude production cap note lower volatility on the oil market, he said, adding that oil prices are 30% higher versus the first half of past year.
He also said that although Nigeria was not a member of the five nation JMMC, the country was in support of and had confidence in the work of the committee to stabilise the market.
The JMMC was set up following OPEC's 171st Ministerial Conference on November 30, 2016.
In addition, rising crude prices have encouraged United States shale oil producers to ramp up output, a further reason why the drawdown on global inventories has taken longer than expected.
The initial production cut agreement, which came into effect January 1, 2017, was for six months.
Speaking at the opening of a meeting of some OPEC and non-OPEC ministers, he said oil market fundamentals were normalizing.
OPEC members and other key producers are meeting later today to discuss the production-curb agreement.
The OPEC/non-OPEC joint panel on monitoring the cuts, which consists of OPEC's Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, is expected to discuss on Friday in Vienna a recommendation for monitoring exports, Bloombergreports, citing two delegates who spoke on the condition of anonymity. Compliance with the production cuts recently has been at or above 100% after a rocky start.
Marco Dunand, chief executive officer for Mercuria, said, "The market is selling inventories from everywhere".
"The decrease in Saudi oil exports along with these frequent meetings indicate that there is a strong desire to balance the market", said Anas Alhajji, an independent energy expert and former chief economist at NGP Energy Capital Management.
Russian Energy Minister Alexander Novak says deliveries of Iranian crude to his country under the "oil-for-goods" program can start shortly.
The report however noted that another 170 million barrels of stock overhang remained to be depleted.
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