Nigeria oil production increased in Feb - OPEC


Nigeria oil production increased in Feb - OPEC

The report follows even more bullish data from the American Petroleum Institute, which said Tuesday that crude stockpiles dropped by 531,000 barrels, sending oil prices back up above $48 a barrel in early Wednesday trading.

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.

Oil prices climbed Wednesday ( after data from the Energy Information Administration showed an unexpected drop in USA stockpiles last week.

Saudi Arabia spearheaded an OPEC agreement to freeze oil production growth across member nations and non-OPEC states.

Meanwhile, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report on March 15, 2017.

US shale oil production in April was set for its biggest monthly increase since October as output in the Permian Basin, America's fastest growing shale oil region, was expected to hit another record high, government data showed on Monday.

But the ministry said later in the day that its "supply to the market" fell last month by 90,000 bpd to 9.9m bpd, though that implied its January "supply to market" was actually significantly higher than its self-reported output of 9.75m bpd.

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The data, he added, also suggests that oil prices around $50 a barrel are encouraging the restart of idled US shale oil output.

US April crude futures fell 68 cents, or 1.4%, to settle at $US47.72 a barrel in NY, for a seventh straight session decline. The IEA estimated an average 1.5 million b/d of oil went into storages in January, and warned that the huge glut built up globally since 2014 would take longer than expected to ease. USA crude stockpiles remain at record highs, but Japanese and European inventory levels are moderating, she noted. This drop has further increased speculation whether the deal should or would be extended beyond its original expiry date at end-June, given the rise in USA shale.

Then, they were 48 million barrels higher at just over 3 billion barrels, with Europe stocks rising and the U.S. levels near a record.

There were also mutterings about OPEC's own members breaking ranks over the new production targets, including kingpin Saudi Arabia, the world's biggest exporter of oil. The rally stalled this year as USA output and supplies continued to grow.

That compared with analysts' expectations for an increase of 3.7-million barrels.

The problem is that, despite the production cut, the world is awash in oil.

The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from January 1, the first cut in eight years.



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