Kuwait: OPEC considering extending oil cuts to Nigeria, Libya

Russia Raises Prospect of Revision to Crude Cuts

Russia Raises Prospect of Revision to Crude Cuts

Six ministers from OPEC and non-OPEC nations including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman will meet on July 24 in St Petersburg, Russia, to discuss the current situation in the oil market.

The production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in USA shale oil output. Nigeria and Libya were exempt from the production cut deal at OPEC's meeting on May 25, 2017, due to internal political unrest. Prices fell US$1.29, or 2.8 per cent, to US$44.23 on Friday.

Lingering doubts about the impact of an OPEC-led effort to balance the market pushed oil prices further away from $50 per barrel in early Monday trading.

European refineries increased their crude oil intake in June, but stocks of oil products, particularly diesel, slid, Euroilstock data showed on Tuesday.

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The fragile political state of Venezuela, which is an OPEC member and produces about 1.7 million barrels of crude oil every day could see that flow dry out on further political deterioration.

Libya and Nigeria have sustained production above Goldman's expectations over the past few weeks, they said. A massive rise in production from Libya and Nigeria could offset the production cut deal.

However, it was observed that both countries have boosted production which puts a heavy weight on prices worldwide and this triggered the objective of including them in the talks.

Benchmark Brent futures were up 84 cents at $47.72 a barrel by 4.15pm GMT, while US West Texas Intermediate crude was up 82c, or 1.9%, at $45.22 per barrel.

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Brent crude prices are 17 per cent below their 2017 opening level despite strong compliance by OPEC with the production-cutting accord.

Still, OPEC delegates believe that bringing the two countries or one of them into the discussion would at least result to being able to ask these to cap their output.

With deeper cuts now not on the agenda, according to OPEC Secretary-General Mohammad Barkindo, the group is exploring other ways the agreement could be adjusted.

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