Nigeria said Monday that it eventually will join the rest of OPEC in curbing production and Saudi Arabia agreed to cut oil exports, as Russian Federation and other top producers struggle to find ways to boost oil prices.
The kingdom tried to manipulate prices by slashing output to increase demand, but the plan backfired as United States shale producers continued to pump more oil.
Saudi Arabia, OPEC's largest producer, will limit exports to 6.6 million barrels a day in August, energy minister Khalid Al-Falih said after a meeting with fellow producers who gathered to discuss compliance with the cartel's deal to cut production. Exports are the key metric for financial markets and a technical committee that monitors compliance with output cuts will now also study data on exports, he added.
Saudi Arabia needs higher prices as it wants to list its state giant oil firm Saudi Aramco next year. The Kremlin offered mixed support for the agreement during negotiations previous year after publicly stating in 2015 that coordinating with OPEC was an unsavory proposal.
US oil futures were up 1.4% at $46.40 a barrel in recent trading.
Brent crude futures for July were up 39 cents, or 0.8 percent, at $51.15 a barrel by 0552 GMT, after trading higher earlier. In last week, there was a decrease of 1 operating rigs in the U.S., pushing the total number to 764, the highest since April 2015.Читайте также: Solar eclipse map: How close will you be?
President Muhammadu Buhari presented the 2017 Appropriation Bill to the National Assembly on December 14, 2016, with projected oil revenue at N1.99 trillion, on price benchmark of 42.5 dollars per barrel.
In June and over the last six months, the agreement has been observed "98 percent", the participating countries said, with the result that total output has been cut by more than 350 million barrels of oil.
"OPEC secretary-general Mohammad Barkindo said that the oil market is gradually rebalancing but more slowly than expected".
"This is the Saudis saying they view the current market conditions as too weak and they are actually delivering", SEB commodity strategist Bjarne Schieldrop said.
In a statement from St. Petersburg, committee members said the market was making "steady and significant" progress toward balance. The contract settled down $1.24, or 2.5%, on Friday after a consultancy forecast a rise in Opec production for July despite the pledge to rein in output.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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