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Crude oil prices flat to start Monday, after rough overnight patch

19 April, 2017, 01:45 | Author: Paula Vaughn
  • Crude oil prices flat to start Monday, after rough overnight patch

"OPEC and non-OPEC crude oil producers have displayed a historic spirit de corps in implementation of the organization's output cut plan which has proved a success and producers have shown more cooperative month over month", said Iranian Minister of Petroleum Bijan Zangeneh.

Oil prices may rise by 20 percent this year as energy producers outside the USA keep a lid on how much crude they pump, said analysts at Citigroup.

Continuing disruptions in the Libyan production output are likely to support and push oil prices up further to trade between US$50 to US$56 (S$70 to S$78) a barrel for WTI Crude and US$55 to US$60 for Brent Crude.

More barrels could be on their way to market from U.S. shale fields as financial companies are investing billions in production, a Reuters analysis showed.

The NNPC said in its latest monthly report that the Federal Government's engagement with the Niger Delta militants had continued to enhance production.

Nigeria's crude oil production fell by 156,900 barrels per day (bpd) to 1.269 million bpd in March, from 1.426mbpd recorded in February. Before the weekend, gas prices rose an average of 12 cents in 19 days, nationwide; and 13 cents in 14 days, in Florida.

Independent refineries also pushed up crude oil imports as they needed to use up their first batch of import quotas before applying for a second round, market sources said.

Meanwhile, oil producers in the US added rigs for a 13th straight week, proof that output increases there will continue unhampered.

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The Managing Director of Shell Petroleum Development Company (SPDC), Osagie Okunbor, had said the company was working to remove a significant number of oil theft connections and effect repairs on the pipeline.

By targeting US refineries through the production cut, OPEC producers have more flexibility in fighting for market share in the growing Asia-Pacific market.

The West Texas Intermediate (WTI) benchmark for US crude futures was down 26 cents, or 0.5%, at $52.92 a barrel at 10:53 a.m. ET. Given this, it is frankly ridiculous for him to say that that it was too early to discuss whether extending the deal to cut production beyond June was necessary.

But if the extension is secured, USA shale-oil will continue to expand, he said.

The country imported 38.95 million mt (9.21 million b/d) of crude oil in March, rising 19.4% year on year, preliminary data released April 13 by the General Administration of Customs showed.

Members of the Organization of the Petroleum Exporting Countries are cutting oil production 1.2 million bpd from January 1 for six months, the first reduction in eight years. OECD stocks, particularly products, drew by 0.8 million b/d in 4Q16, but we estimate that in 1Q17 they increased by 0.4 million b/d, mainly for crude oil and, in turn mainly in Europe and the US.

Nobody said curing a global oil glut would be easy. While a production cut by OPEC can lead to a supply deficit in the second half of the year, the sustained addition of oil rigs will put a cap on oil prices as United States oil production rises.

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