Brent crude futures for May delivery rose to approximately $69 a barrel, their highest level since late February
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Investors covered short bets ahead of a weekend in which the US news programme “60 Minutes” will air an interview with Saudi Arabia’s crown prince
Spot Brent crude oil futures, the international benchmark for oil prices, were at $70 a barrel at 0102 GMT, up 4 cents from their last close
Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage
While several ministers at the November 30 meeting of the OPEC suggested the two nations had joined the output-curbing deal, both are working to add to their peak production from 2018.
The jump in Brent prices widened its premium to WTI prices, making US oil exports more attractive
The Organisation of the Petroleum Exporting Countries will be meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, most importantly Russia
The 14-member OPEC meets on Thursday to decide whether to extend production cuts until the end of 2018
“It will not be an easy meeting and we always look at various scenarios,” United Arab Emirates Energy Minister Suhail Al-Mazroui said on Tuesday in Dubai before leaving for the gathering of the OPEC in Vienna.
“With strong compliance to OPEC’s production curbs already supporting prices, comments from the Saudi Arabian Crown Prince that suggested the production cut agreement should be extended added to gains,” ANZ bank said on Monday
Barkindo said: “There is no doubt that this market is rebalancing at an accelerating pace,” Barkindo said in a speech at the Oil & Money conference in London.
Brent crude futures, the international benchmark for oil prices, were at $57.85
Dr. Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources, who led Nigeria’s delegation to the meeting, had argued that although Nigeria’s production recovery efforts have made some appreciable progress since October last year, Nigeria is not yet out of the woods
The US Energy Information Administration reported record gasoline demand of 9.84 million barrels per day for last week and a fall in commercial crude inventories of 1.5 million barrels to 481.9 million barrels.
Brent crude futures were $52.90 per barrel earlier in the day, their highest since May 25.
OPEC and some non-OPEC states, including Russia, agreed in 2016 to cut production by 1.8 million barrels per day in a deal that has been extended to March 2018.
OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million bpd from January 2017 until the end of March.
The Minister of State for Petroleum Resources and Head of its Delegation to the Organization of the Petroleum Exporting Countries Conference, Dr. Emmanuel Ibe Kachikwu, gave this assurance in Abuja on Wednesday during a world press conference
Barkindo said this in an interview to highlight the successes of the second OPEC and non-OPEC joint meeting in May, which would lead to a further global oil production cut of 1.8 million barrels per day for the next nine months, beginning July, 2017
Furthers cuts in production are being mulled