News Worms
News Worms

Nigeria oil production increased in Feb - OPEC

Nigeria oil production increased in Feb - OPEC

"Nevertheless, prices have undoubtedly been provided a floor by the production accords".

An OPEC oil price reference basket rose by about two percent to an average of $53.37 in February, the organisation said. Saxo Bank senior manager Ole Hansen said the report did not rock the boat as the OPEC report did yesterday.

In December, OPEC agreed with 11 non-members, including Russian Federation, to cut output in the first half of this year to push prices higher. "For those looking for a re-balancing of the oil market the message is that they should be patient, and hold their nerve".

Angola continued as Africa's number one oil producer in February, beating Nigeria to the second spot, according to the Organisation of Petroleum Exporting Countries (OPEC) monthly report on the oil market. "As long as OPEC stays on track and non-OPEC delivers on their agreed cuts the market will continue to balance", he said.

They were hoping for oil prices to stay above $50 this year - a level high enough to keep government coffers full, but low enough to discourage American shale producers from restarting their operations.

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But the rally has been stuttering in recent weeks as a cocktail of threats to the recovery has emerged.

After the release of the report, oil prices fell close to $50 a barrel, the lowest since November. However, in January that trend "abruptly" reversed with a 48.0m barrel build (a rate of 1.5m b/d). Both were at their lowest prices since November.

USA gasoline and distillate inventories drew more than expected, the data also showed.

There is "no way" OPEC would allow Iraq to increase production by 500,000 barrels a day in the middle of coordinated production cuts, Croft said.

While an OPEC report Tuesday showed Saudi Arabia's production climbed back above 10 MMbpd in February, output still remains below a ceiling set under the six-month cut deal. It also reported Cushing stocks jumped 2.1 million barrels in the week to March 10.

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OPEC and some non-OPEC producers agreed to cut production from January 1 to reduce record stocks of global crude oil, but the deal has been dampened by data showing persistently rising USA stockpiles.

"An improving outlook for Canadian oil sands and U.S. supply were the main contributors to the revision" it said. Prices rose 89 cents to US$51.81 yesterday.

"OPEC NGLs (natural gas liquids) production and non-conventional liquids were revised down by 10,000 b/d to average 6.09 b/d in 2016, an increase of 0.14 b/d". Its energy ministry reiterated the country's commitment to "stabilizing the global oil market".

According to data from secondary resources, the OPEC remains in full compliance with the agreed production deal in February, after nearly full compliance with it in January.

"We have a big backlog of unabsorbed crude oil".

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