News Worms
News Worms

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.

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.

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".


editors' picks

March 17, 2017
Trump Declares War on EPA Mileage Standards
The EPA had to file its midterm review this year and they rushed it to confirm the standards before Trump took over in January. The Clean Power Plan was an Obama-era initiative that compelled U.S. states to cut down their carbon dioxide emissions.

March 17, 2017
$3M Patriot missile takes down $200 drone
Some groups have reportedly started converting commercial drones into bombers to fight security forces. But a single missile can cost between $2.5 million and $3.4 million.

March 17, 2017
Somali pirates fire shots on maritime forces
The gunmen have told a local official that they are fishermen whose equipment was destroyed by illegal fishing vessels. Though anti-piracy measures ended attacks on commercial vessels, fishing boats continued to face assaults.

March 17, 2017
Pogba injury should have Mourinho anxious as United hobble on
Rostov had never played against an English Premier League side and for their first time , they did very well earning a 1-1 draw. Manchester United defender Eric Bailly is refusing to look any further than the Europa League second-leg tie at home to Rostov .

March 16, 2017
Trump nominates Gottlieb to head FDA
Gottlieb's experience also drew sharp criticism from consumer advocates who said he is too deeply tied to the industry. Similarly, pharma/biotech news site Fierce went with the headline "Trump picks industry favorite Gottlieb to run FDA".

March 16, 2017
Authorities scale up search for deadly cobra on the loose in Ocala
Nearby residents were notified about the escaped snake by FWC , which urged them to keep their pets inside and stay vigilant. Mike Kennedy, the Discovery Channel star who owned the snake, is expected to go on trial this March over the matter.

March 16, 2017
Kenya's public doctors to end 100-day strike that saw deaths
Public hospitals last week began the process of sacking doctors and evicting them from the premises as the strike crippled public health services.

March 16, 2017
North Korea attempts to blame United States for death of Kim Jong-nam
They are chasing three others including Hyon Kwang-song, the second secretary of the North Korean embassy in Kuala Lumpur . Malaysian Foreign Minister Anifah Aman says his country will begin talks with North Korea in the "next few days".

March 16, 2017
Japan beats Israel to head to WBC semifinals with ideal record
Entering the fourth inning, it seemed that the Netherlands already had enough runs, but they felt like adding more. Japan tacked on four more runs that inning, and then scored three more in the eighth to increase its lead to 8-0.

March 16, 2017
University of Missouri hires Cuonzo Martin to be next men's basketball coach
Martin, who spent the last three seasons at Cal, informed athletic director Matt Williams this morning. Louis and attended Lincoln High School where he was a part of two state championship teams.