Nigeria to Restore Oil Output Even as OPEC Weighs Extending Cuts

Nigeria to Restore Oil Output Even as OPEC Weighs Extending Cuts

OPEC agreed to slash the output by 1.2 million barrels per day from January 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels per day. OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut.

"We're at a bit of a crossroads here", John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by telephone.

OPEC data showed members of the group had cut March output beyond the level they had promised. Opec meets on May 25 to decide whether to extend its supply deal for another six months.

"The IEA said that global inventories are on the cusp of declining".

Prices had been nearly unchanged earlier in the day as concerns over rising USA production offset support from data showing the first weekly drawdown in US oil inventories in a month.

"Even after taking into account production cut pledges from the eleven non-OPEC countries, unplanned outages in Canada as well as in the North Sea, we expect (non-OPEC) production will grow again on a year-on-year basis by May", the report said.

Brexit Talks to Prove Difficult, 'Confrontational' - EU Council Chief
Tusk also said the European Union would honour all its commitments, and stressed that Britain would have to as well. The EU guidelines make clear there can be no talks on the shape of any future relationship at this stage.

In its closely watched monthly oil market report, the IEA reduced its forecast for 2017 demand growth to 1.3 million barrels a day, warning that this outlook could still "prove optimistic".

"The net result is that global stocks might have marginally increased in the first quarter versus an implied draw of about 0.2 million bpd", the IEA said.

"We have an interesting second half to come", it said.

"New data shows weaker-than-expected growth in a number of countries including Russia, India, several Middle Eastern countries, Korea and the U.S., where demand has stalled in recent months", it said.

The IEA said oil stocks in the Organisation for Economic Cooperation and Development industrialized countries fell by 17.2 million barrels in March, although inventories were still 300 million barrels above the five-year average.

Benchmark Brent crude futures were down 1 United States cent at US$55.85 a barrel at 0907 GMT.

Related News:

  • Garcia wins hearts and Masters

    Instead, in the playoff, Rose hit his tee shot into the trees, and from there all Garcia had to do was make par from the fairway. That, of course, was the year Phil Mickelson broke his own major drought by winning the Masters in dramatic fashion.

    Pearl Jam, Tupac, Yes, Journey to be inducted into Rock Hall

    The event will honor the late rap star Tupac Shakur, along with Joan Baez, Electric Light Orchestra, Journey, Pearl Jam, and Yes. ELO, which kicked off the show with Berry's Roll Over Beethoven . and progressive British rockers Yes were also inducted Friday.

    Kushner failed to mention meetings with Russians in FBI disclosure form

    Since the line "I don't know what it means to be complicit", Merriam-Webster reports that "complicit" after Trump's interview. At the bottom of the screen, in between two Bannon heads, the words "TOTAL CUCK MOVE" appeared as Colbert smirked and pointed.
  • Baahubali-2 audio launched in Chennai!

    Baahubali-2 audio launched in Chennai!

    Baahubali 2, a sequel to the 2015 hit Baahubali: The Beginning also stars veteran actors Sathyaraj, Ramya Krishnan and Rohini. Amid all the frenzy that Baahubali has created, not much has been said about the bond that Rajamouli and Prabhas share.
    Rocket fired at Israel amid warnings of attack on tourists in Sinai

    Rocket fired at Israel amid warnings of attack on tourists in Sinai

    Shortly after the announcement, Israel's military said that a rocket fired from Sinai exploded in southern Israel. The order recommends that all Israeli tourists in the popular Sinai tourist destination return home immediately.
    Below-normal hurricane season expected this year

    Below-normal hurricane season expected this year

    This eight-week period "is often the most active and risky time for tropical cyclone activity", NOAA explained on its website. In addition, this period is responsible for "a whopping 96 percent of the major (Category 3, 4 and 5) hurricane days".
  • Claire Foy among nominees as The Crown gets five Bafta nods

    Claire Foy among nominees as The Crown gets five Bafta nods

    The nominations were announced by actors Andrew Buchan and Michaela Coel at Bafta's headquarters on Tuesday morning. She remains a favorite to win a BAFTA award for her second career nomination.

    The Final Dodge Demon Teaser is Here, Launch Date Revealed

    With the new bits plugged in, the Demon's V8 can adjust its spark timing to take advantage of the higher-octane fuel. This upcoming 2018 Dodge Challenger SRT Demon has been teased a total of 12 times earlier in the past few weeks.

    Tillerson Says Destroying ISIS Still 'First Priority' In Syria

    The destruction of ISIS is still the primary goal of USA policy in Syria, Secretary of State Rex Tillerson said Sunday. The move immediately prompted a backlash from Russian President Vladimir Putin, who said it would damage U.S.
  • Bradley Cooper and Irina Shayk welcome first child

    Bradley Cooper and Irina Shayk welcome first child

    Bradley Cooper and girlfriend Irina Shayk have reportedly become parents after she gave birth to their first child. The Silver Linings Playbook star and the Russiam model inconspicuously welcomed their baby earlier this month.
    Trial of Samsung heir focuses on father-to-son succession

    Trial of Samsung heir focuses on father-to-son succession

    Operating profit was 9.9 trillion won (8.7 billion US dollars) in the January-March quarter, up 48.2 percent from a year earlier. The estimated revenue during the same period came in at 14.66 trillion won, up 0.7 percent on-year, the company said .
    Iraqi Special Forces Battle to Mosul Mosque, 17 Killed in Baghdad

    Iraqi Special Forces Battle to Mosul Mosque, 17 Killed in Baghdad

    An Iraqi air force helicopter fires missiles against ISIS militants during a battle in Mosul , March 17, 2017. We do know he's pressing our military to go faster and has authorized more forces to fight.


Most liked

Vegas Play of the Day: Rangers at Canadiens
When I start deviating from my game is when I get in trouble. "I think it would've had to have found a squeaky hole to get in". You have to figure the Canadiens have it in them, especially after proving their resilience all season long.

OnePlus 5 Specs Leaked! Snapdragon 835, 8GB RAM, Dual Camera
In a recent report , there are rumors doing the rounds that OnePlus is now working on their latest flagship, the OnePlus 5. The same report suggests that the OnePlus 5 will feature a dual-edge display , 23MP main camera, and 16MP front shooter.

Browns preseason schedule announced
The NFL has announced the 2017 preseason schedule with the Saints, again, facing familiar opponents in exhibition play. Specific dates and times for all of the team's preseason games will be announced by the Browns in the near future.

EU Urges Calm in Venezuela Amid Opposition Crackdown
The protesters demand elections among other things. "An 87-year-old woman died inside her apartment in Colinas de Bello Monte". It said 40 people will be charged for "acts of violence" in Monday's unrest.

Prostate cancer tests are now OK with panel, with caveats
After following patients for a longer period of time, it was shown that for every 1,000 men screened, one to two lives were saved. Catching cancer early is essential to treating unsafe and aggressive forms of the disease, which can be a benefit from the test.

Great Barrier Reef has "zero prospect" of recovery in bleaching
Despite hope that this year's bleaching wouldn't be "anything like last year", scientists returned with disheartening news. James Kerry , part of the team at the Australian Research Council's center of excellence for coral reef studies.

Executions in China said to outpace world despite decline
Meanwhile, 12 states, including Arkansas, yet to abolish the death penalty have not executed anyone for at least 10 years. Together these two states were responsible for the 80% of all executions in the country during the year.

SNL destroys Pepsi, Kendall Jenner for that stupid commercial
The ad featured Jenner, a model, leaving a photography shoot, snatching off her blond wig, and joining a protest march. Meanwhile, Pepsi released an official statement following their move to take down Kendall's ad on Wednesday, April 5.

Smith homer powers Orioles past Yankees
Drake, side-armer Darren O'Day, left-hander Donnie Hart, right-hander Brad Brach and Britton combined to allow just three hits. For the third straight game, the Orioles bullpen held the opposition scoreless, and gave the offense a chance to catch up.

Thompson scores huge Davis Cup upset
The bearded American produced some brilliant reflex volleys and piercing returns to get the visitors right back in the contest. I'll be out there for some of Thommo's match and I think it's a good match up with him against Sock.

North Carolina defeats Gonzaga for redemption in national championship
North Carolina's Roy Williams is in his ninth Final Four and fourth championship game, two of which were titles in 2005 and '09. It took all the rhythm out of the game and played a pretty big role in why neither team was able to find a groove offensively.

Venezuelans called to flood streets in anti-Maduro protest
In contrast, past demonstrations were planned weeks head to guarantee high turnout. He said followers of "little Capriles" were seeking a bloodbath.

Kevin Durant will start Warriors' final three games
The team's training staff and coaches will monitor Durant, but there is no plan for a firm restriction on playing time . Durant can take the last three games of the season, and the first round of the playoffs, to slide back into a grove.

Russell Westbrook's Triple-Double Season Is Greater Than Oscar Robertson's
Russell Westbrook started the game 0-for-11 from the field while totaling a whopping six turnovers in the first half. Rockets guard James Harden finished one rebound shy of a triple-double with 33 points, 12 assists and nine rebounds.

Molina: 'Dumb' to Ask About Substance on Chest Protector
The Gold Glove catcher gave a bemused look and smiled. "I haven't seen that one before", Cardinals manager Mike Matheny said. Schwarber got carted off Chase Field during Game 3 previous year with what was supposed to be a season-ending injury.