Saudi Arabia kept its crude oil production steady in February at just above 10 million barrels per day, suggesting the country is keeping to a preliminary deal with other producers to freeze output
Browsing: crude oil
US crude futures were trading at 38.64 dollars a barrel, up 80 cents from their last close, having hit a 2016 high of $38.96 earlier in the day.
The biggest drop is in Iraq, OPEC’s largest source of supply growth in 2015, due to the stoppage in flow along the pipeline carrying crude from the Kurdish region
Saudi Arabia’s Oil Minister, Ali al-Naimi, discussed cooperation between members of OPEC and other oil producers to stabilise the global oil market on Sunday, but there was no sign any agreement had been reached
The Organisation of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members.
Russia, seen as key to any deal, has so far refused to cooperate
China reported exports dipped just 1.4 per cent in US dollar terms in December, compared to forecasts of an eight per cent drop, positively surprising world markets
Prices are down around 15 per cent since the start of the year due to a glut, China’s weakening economy and stock market turmoil.
Other factor is strong dollar, which makes it more expensive for those using other currencies to buy oil
Prices fell 3 per cent on Wednesday as crude inventories in the US rose 2.6 million barrels last week, the US Energy Information Administration said, echoing high stocks in Europe and Asia
Crude inventories fell by 5.9 million barrels in the last week, compared with analysts’ expectations for an increase of 1.1 million barrels
Addressing journalists, Suleiman said the ship was apprehended on December 14 at Forcados Oil Terminal in Burutu Local Government Area of Delta State
“Oil is coming under pressure as the lack of OPEC cuts mean incessant oversupply continues,” said Amrita Sen from Energy Aspects think tank
Gulf oil producers are delaying some field maintenance until next year to keep production high and reduce costs as they forecast ongoing low oil prices in 2016
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Besides, the US currency strengthened against the euro, also weighing on dollar-denominated oil after the International Monetary Fund pulled out of stalled debt talks with Greece
“Our prices are indexed to crude, at least a significant portion of our portfolio. The price of gas is indexed to Brent, hence if there is a fall in the prices of Brent, it means we will sell for less
But a report from the industry group, American Petroleum Institute, showed that the drop was due to the US crude, stocks which rose more than six million barrels last week
Oil prices have dropped by nearly 60 per cent since June as production around the world has soared, outstripping demand at a time of lack-lustre global economic growth
The US which had traditionally taken the bulk of Nigeria’s crude has in recent months drastically reduced its demand which now stands at about 250,000barrels per day. India however now purchases some 30 percent of Nigeria’s daily crude production which currently hovers around 2.5million barrels
The Managing Director of the Imo State Oil Producing Area Development Commission, Dr. Henry Okoro, revealed this in an interview with the News Agency of Nigeria in Owerri, the Imo State capital, on Friday