Nigeria says its oil output remains below agreed OPEC cap

Nigeria says its oil output remains below agreed OPEC cap”

During the OPEC meeting in Vienna on Friday, Alexander Novak, energy minister for Russian Federation, said no decision about the extension was expected before January, even though other ministers suggested it could happen before the end of this year.

London Brent crude for November delivery was up 1 cent at United States dollars 56.87 a barrel by 0049 GMT, having settled up 0.8% on Friday.

"OPEC's compliance has been acceptable overall".

The International Energy Agency (IEA) reported that in August OPEC production by 170,000 barrels per day exceeded the target level of 32.5 million barrels.

Iranian Oil Minister Bijan Namdar Zangeneh stressed that it is the increase in production in these two countries that results in incomplete implementation of the OPEC + agreement.

"Nigeria as one of the older members of OPEC will continue to work for the good of the organisation and its member countries, respecting whatever agreements and resolutions are collectively made".

Libya and Nigeria are exempted from obligations, as the oil industry of these countries has suffered greatly from the activities of armed groups. This, he said, "is supporting Brent and in turn is supporting US products and WTI as well".

Moreover, the market eyes the referendum on the independence of Kurdistan, which is scheduled for September 25.

Friday marks the end of a third straight week of crude gains, with West Texas Intermediate settling up 11 cents at $50.60 - this despite the much-ballyhooed meeting of the Organization of the Petroleum Exporting Countries (OPEC) that saw a deference of highly-anticipated discussions about extending its production cutback initiative beyond March of next year.

Oil prices have gained more than 15 percent in three months, suggesting OPEC-led output cuts of 1.8 million barrels per day have reduced the global crude glut.

Like this


25 September 2017
North Korea FM raises threat of Hydrogen bomb test in Pacific
He further said, "It is time for North Korea to realise that de-nuclearisation is its only acceptable future". The statement came shortly after the country's delegation arrived in NY for the UN General Assembly.

25 September 2017
German business confidence slips in pre-election survey
Deutsche Lufthansa shares rallied almost 2 percent after reports that the airline group is offering to pay 200 million euros to buy its bankrupt smaller opponent Air Berlin.

25 September 2017
United plan new De Gea deal
Real Madrid have made several attempts to buy the player and came perilously close to signing him a couple of years back. The English Manchester United football club are likely to extend the contract with goalkeeper David de Gea .

25 September 2017
Shares in Activision Blizzard, Inc (ATVI) Acquired by Atlantic Trust Group LLC
Following the sale, the chief executive officer now directly owns 48,472 shares of the company's stock, valued at $2,972,303.04. Caledonia Private Investments Pty Ltd decreased Activision Blizzard Inc ( ATVI ) stake by 72.81% reported in 2017Q2 SEC filing.

25 September 2017
Dylan O'Brien is back on the run in 'Maze Runner
Anyone who makes it out alive will get answers to the questions the Gladers have been asking since they first arrived in the maze. Based upon the novel " THE DEATH CURE " by James Dashner .

25 September 2017
The lead singer of soul Charles Bradley died of a cancer
Among his TV appearances was a stop past year on " CBS This Morning: Saturday ", which earned him an Emmy nomination. He released his first single, Take It As It Come parts one and two, in 2002.

25 September 2017
Von Miller on late flag: 'Got to be better than that'
The 15-yard penalty gave Buffalo a first down and helped them go ahead by 10 points on a field goal late in the game. Broncos: Rookie starting left tackle Garett Bolles started a week after fearing he tore his left Achilles tendon.

25 September 2017
World's ex-heaviest woman Eman Abdul Atti passes away at 37
The world's heaviest woman (at 500 kg) from Egypt had managed to lose 65 kgs after her treatment in the UAE, the Burjeel Hospital. Previously, doctors had shared videos of her recovery, claiming that she was healing three times faster than they had planned.

25 September 2017
Titans RB Murray active vs. Seahawks
The Titans' head-to-head win over the rival Jacksonville Jaguars gives them the tiebreaker atop the division. The Chiefs (3-0) beat the Chargers for the seventh straight time and have won 12 straight AFC West games.

25 September 2017
Mohanlal's Dance Version Of Jimikki Kammal Has Taken The Internet By Storm
Sheril danced to Jimikki Kammal song along with the members of her college and uploaded it on YouTube as part of Onam celebration. Since then, a lot of fan videos have surfaced on social media, giving the track some exciting styles of choreography.