Barkindo: OPEC was Anticipating Revival in Libya, Nigeria, Iran Oil Production

Energy Snapshot What Happened on July 3–7 2017

With crude oil price now hovering around $44.70 a barrel, the minister said it was on a good trajectory, although he noted OPEC members would be more comfortable with the price band of $55 and $60 per barrel.

However, PublicInvest suggests OPEC is in a conundrum between fighting for market share by raising production or stabilising prices by maintaining cuts.

This has diluted Opec's production cuts by almost two-thirds, which the IEA noted: "must be very frustrating especially as their pact has, hitherto, been well observed by historical standards".

Fresh cracks were exposed in OPEC's agreement to cut production, as signs emerged that the oil group is struggling to adhere to the deal.

In other news, OPEC said its oil output rose by 393,000 bpd in June to 32.611 million bpd led by a rebound in Nigeria and Libya, plus a few extra barrels from Saudi Arabia and Iraq.

PREMIUM TIMES recalls that the exemption, which was initially for six months, was extended for another nine months.

However, it noted that compliance should be judged over the whole period of the production cut to March 2018, rather than just one month. Oil dipped into a bear market last month, but prices have since recovered some of the lost ground. But, the recovery is very gradual.

USA vows to work with Russian Federation to defeat Isis
How he leaves could be determined later, the political process should include a transition away from the Assad family, he added. Jordan and Israel are also part of the deal, the Associated Press reports , quoting an unnamed USA official.

The Middle Eastern, African and Latin American countries that make up OPEC pumped 32.6 million barrels per day in June, accounting for more than a third of global supplies.

The IEA on Thursday also called the change in demand "a dramatic acceleration".

The slide has come amid a great clash between the historically dominant OPEC members - now attempting to support prices with a global production-cut deal and scrambling to diversify their economies - and upstart shale producers in the US, which have slashed costs, improved their efficiency and refinanced vast loads of debt in a drive to survive. It is, however, not certain if that would be agreed at the July 24 meeting.

Anyway, no further oil output cuts are expected for the July meeting of the ministerial committee set up to monitor compliance with the OPEC-non-OPEC deal.

The EIA also reported that gasoline supply fell by 1.6 million barrels as demand for gas surged again last week and cut the deficit year over year by half. In both years, most of this growth (about 1.2 million b/d annually) comes from countries outside of the Organization for Economic Cooperation and Development (OECD), with China and India expected to be the largest contributors to non-OECD liquid fuels consumption growth.

Speaking to journalists in Abuja on Wednesday, Kachikwu said the Federal Government was working on measures to cushion the effects of the gap from oil production on the Budget.

Related News:



Most liked

Feds announce largest-ever crackdown on opioid-related health care fraud
Federal agents have arrested more than 400 people, including 56 doctors, accused of healthcare fraud in a national dragnet. He presented a synthesized three-prong approach: prevention, cutting distribution and providing treatment options.

FDA panel endorses first gene-altering therapy for leukemia patients
The vote also underscores ODAC's ingrained acceptance of moderate risk when it comes to treating patients dying of cancer. The whole testing process took 16 weeks on average, which FDA advisers noted could be too long for severely ill patients.

Explosive device set off at Air Force recruiting center in Oklahoma
Rice said they are not investigating the explosion as an act of domestic terrorism but as a criminal act with an explosive device. Authorities declined to specify the nature of the device.

Kermit the Frog gets a new croak after 27 years
He lends his voice to other classic characters such as Floyd Pepper, Lew Zealand, Uncle Deadly, Big Bird and Count von Count. There's a frog in a lot of throats across the country as news has circulated that Kermit the Frog is getting a new voice.

GeekWire: Microsoft plans to bring broadband Internet to 2M rural Americans
Reaching all 23 million underserved rural Americans would cost as much as $12 billion, Microsoft said. " Microsoft's white space device development has been a well-documented, unmitigated failure".

Elon Musk shows off Tesla's first Model 3
TRADEMARK VIOLATION WARNING: This story was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. Following the sale, the director now directly owns 168,355 shares in the company, valued at approximately $53,144,622.85.

Bihar govt denies reports of being tipped off on Lalu raids
Prasad's elder son, Health Minister Tej Pratap Yadav, came up at the closed-door meeting with some top party leaders. Names of State Finance Minister Abdul Bari Siddiqui, Lalit Yadav, MLA, and Mr.

1 dead, 8 injured at gender reveal party in Ohio
Investigators are waiting to interview all the surviving shooting victims before determining if the men are suspects, Love said. The other victims are being treated at the University of Cincinnati Medical Center and Cincinnati Children's Hospital.

Diego Costa expected for preseason training on Monday
There has been some unusual activity on Diego Costa's Instagram page recently - and Beskitas fans are behind it. But that hasn't stopped creative supporters of others club from trying to change his mind.

Mars soil may be toxic to alien life
But Wadsworth and Cockrell found that perchlorates can also be activated by ultraviolet (UV) light, without heat at all. They found that they are, meaning it's unlikely bacteria could survive on the planet's surface.

Microsoft to Cut Thousands of Sales Jobs
Azure sales grew 93 percent last quarter , the company said, and the company aims to market Azure as service and infrastructure. Microsoft plans to shed thousands of jobs in a major reboot to focus on its fast-growing cloud-computing business.

June Jobs Report Better Than Expected
In June, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $22.03. U.S. employment rose by more than expected last month, but wage growth remained subdued, latest figures show.

Bethanie Mattek-Sands suffers shocking knee injury at Wimbledon
Sorana, help me.' I said, 'I am here. "Help me, help me, please!" she cried out after collapsing to the ground. The severity of her injury was unknown as of Thursday afternoon, but it's safe to say it was very serious.

In Warsaw Speech, Trump Vows to Fight Terrorism, Back NATO Allies
"And frankly, that patience is over", Trump said June 30 during a press conference with South Korean President Moon Jae-in. Trump has made a decision to pull the United States out of the Paris accord on climate change.

What's next in the Gulf crisis
This would be a massive climbdown and Arab ministers have already said the sanctions stay, for now. The index is down 10 percent since June 5, when the diplomatic crisis erupted.