Economy

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.



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