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  • Russian Federation calls for more oil output cut discipline

Russian Federation calls for more oil output cut discipline

Opec and other non Opec producers due to meet in the Russian city of Saint Petersburg on Monday Opec and other non Opec producers due to meet in the Russian city of Saint Petersburg on Monday
Debra Rodriguez | 25 July, 2017, 00:42

Nigeria reported to OPEC that crude oil production in June was about 1.67 million barrels per day.

Libya is allowed to keep increasing production and has plans to raise output as high as 1.25 million barrels a day, Al-Falih told reporters in St. Petersburg on Monday.

The JMMC also said Nigeria would join the deal by capping or even cutting its output as well although the exemption for Libya would continue. WTI-Brent spread was stable on Jul-2017.

The Saudis have belatedly woken up to how oil traders react to a USA that's visibly awash with crude.

OPEC members Nigeria and Libya have been exempt from the output cuts, and market watchers remain concerned that production from the two countries is offsetting the impact of the global reduction.

"There is still room for improvement by some participating producing countries, and demanded that all participating producing countries must promptly reach full conformity", a release from the meeting said.

The Saudis are preparing to take public part of their state oil giant Saudi Aramco next year, and higher oil prices would make the company look more valuable. The average rate of US imports from the desert kingdom over the past six weeks has dropped by 450,000 barrels a day, or 34 percent, compared with the first six weeks of the year.

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Saudi Arabia is heavily dependent on oil for income and has been suffering since oil prices crashed from more than $100 a barrel in 2014.

Oil prices rose slightly on Monday.

(OPEC) and other producers including Russian Federation that are locked in a battle against rising shale production in their efforts to boost prices.

The net positive dollar flows through the economy is also a signal that the new Investor and Exporters (I & E) window is bringing back confidence and some offshore flows. He pointed to discrepancies between countries' production and export figures, calling the difference "a matter of concern".

Falih said OPEC and non-OPEC partners were committed to cut output longer if necessary but would demand that non-compliant nations stick to the agreement.

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.

For the first time in three years, Russian Energy Minister Alexander Novak said global oil and petroleum product volumes have declined.

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