Economy

Oil prices up amid possibility of adding Libya, Nigeria to OPEC+

Oil prices up amid possibility of adding Libya, Nigeria to OPEC+”

Brent crude futures, the worldwide benchmark for oil prices, were at $47.08 a barrel at 1.36am GMT, up 37c, or 0.8%, from their last close.

Libya's production, meanwhile, this month was above 1 million bpd for the first time in four years, 690,000 bpd higher than the start of the year, after rehabilitating key oil facilities bombed by militants.

The agreement sees the extension of the cuts to the end of March 2018.

The oil producers' monitoring committee meeting scheduled for later this month in Russian Federation has taken on heightened significance as oil prices languish at levels not seen since last November. "We don't need to wait until the November [OPEC] meeting to do that".

US crude futures were at $43.78 per barrel, down 45 cents.

Brent prices are 17 percent below their 2017 opening despite strong compliance by OPEC with the production-cutting accord.

ANZ bank said on Monday that the market "continued to focus on the increasing [US] drilling activity and higher production".

USA energy firms added seven oil drilling rigs last week, marking a 24th week of increases out of the past 25 and bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said on Friday.

Speaking to reporters on the sidelines of 22 World Petroleum Congress (WPC) in Istanbul, Turkey, Barkindo said the subject would not be broached simply because it was "premature" to have a dialogue of this nature so soon after a decision was taken to rollover a 1.8 million barrels per day (bpd) cut upon the conclusion of the OPEC meeting on 25 May.

However, there are some indicators the oil market might have bottomed as money managers have raised their long positions since the start of July after reducing them to a nine-month low by late June.



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