{"id":36309,"date":"2017-07-24T05:48:25","date_gmt":"2017-07-24T05:48:25","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=36309"},"modified":"2017-07-24T05:48:25","modified_gmt":"2017-07-24T05:48:25","slug":"oil-gains-ahead-producer-meeting-nigeria-libya-output-focus","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/oil-gains-ahead-producer-meeting-nigeria-libya-output-focus.html","title":{"rendered":"Oil gains ahead of producer meeting; Nigeria, Libya output in focus"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Oil gains ahead of producer meeting; Nigeria, Libya output in focus<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Oil gains ahead of producer meeting; Nigeria, Libya output in focus: Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers gather in the Russian city of St Petersburg on Monday to discuss the pact to curb output by 1.8 million bpd through the end of March 2018.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said, although some analysts were deeply skeptical the group would make such a move.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">&#8220;The committee may issue a statement on cooperation in production cuts, but output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example,&#8221; said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Japan.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">London Brent crude for September delivery was up 24 cents at $48.30 a barrel by 0316 GMT on Monday. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July despite the pledge to rein in output.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">NYMEX crude for September delivery was up 17 cents at $45.94.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Kuwait&#8217;s oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">Elsewhere, Turkish President Tayyip Erdogan traveled to Saudi Arabia and Kuwait on Sunday, the Gulf states&#8217; official news agencies reported, as part of a diplomatic tour aimed at healing an Arab rift with Ankara&#8217;s ally Qatar.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">U.S. oil drillers cut one rig in the week to July 21, according to data from Baker Hughes.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt;color: #000000\">The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country&#8217;s oil, sources told Reuters, which could severely restrict the OPEC nation&#8217;s crude exports.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt;color: #000000\">Source: http:\/\/www.reuters.com\/article\/us-global-oil-idUSKBN1A80YF<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/oil-gains-ahead-producer-meeting-nigeria-libya-output-focus.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Oil gains ahead of producer meeting; Nigeria, Libya output in focus Oil gains ahead of producer meeting; Nigeria, Libya output in focus: Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":36312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[24181,24183,24182,24180],"class_list":["post-36309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crude-oil-news","tag-current-business-updates-in-usa","tag-oil-and-gas-refined-products-news","tag-oil-gains-ahead-of-producer-meeting-nigeria"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/36309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=36309"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/36309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/36312"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=36309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=36309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=36309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}