Nigeria to be compliant with OPEC+ cuts by mid-July
Mele Kyari, the head of the Nigerian National Petroleum Corp., has said Africa's top oil exporter is fully committed to the cuts.
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Mele Kyari, the head of the Nigerian National Petroleum Corp., has said Africa's top oil exporter is fully committed to the cuts.
OPEC+'s cuts are deep enough to create a monthly deficit in crude and condensate supply from June 2020 and continuing uninterrupted until at least the end of next year, according to Rystad Energy.
Oil prices fluctuated this morning, swinging from marginal gains to losses as traders price in Libya supply and a spike in new global Covid-19 cases.
Rystad Energy has said that OPEC+ has "taken a tighter grip on the near-term crude oil fundamentals with Saturday’s extension decision."
On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to the end of July.
Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.
Oil prices fall as enthusiasm for a possible OPEC+ agreement to continue June’s production cuts for more months subsides.
Oil prices got a boost this morning on rumours that the coming OPEC+ meeting may keep high-level production cuts after June.
OPEC+ producers are considering extending their output cut of 9.7 million bpd, about 10% of global production, into July or August, at an online meeting likely to be held on 4 June.
From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.
Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.
Oil prices fell on Monday, despite the OPEC+ cuts.