Tuesday, 26 September, 2017

Nigeria's excess oil revenue rises to N610m per day

Andrew Cummings | 13 September, 2017, 00:42

Among persistent glut worries, Saudi Arabian Energy Minister Khalid al-Falih had discussions with his Venezuelan and Kazakh counterparts about the chances of extending supply cuts through March 2018.

OPEC and 10 other producers including Russian Federation first agreed late past year to cut about 2% of global oil production to drain a global oversupply that has kept prices depressed.

"If the Harvey impact was potentially and possibly short-term bullish for oil prices the same can not be said about Irma", PVM analyst Tamas Varga stated.

West Texas Intermediate crude for October delivery rose 59 cents to settle Monday at $48.07 barrel on the New York Mercantile Exchange.

OPEC's secretary-general Mohammad Barkindo said on Monday the supply cut deal was expected to help the global oil market rebalance and strong demand could further reduce oil inventories. However, the latest oil market report from OPEC showed that production increased by 173,000 barrels per day in July, after rising by 396,000 barrels in June and by 366,000 barrels per day in May, thanks largely to two exempted countries, Libya and Nigeria. Still, Hurricane Irma knocked out power to almost 4 million homes and businesses in Florida on Sunday as it drifted up the west coast of the state toward southern Georgia on Monday as a tropical storm. USA refineries hobbled by Hurricane Harvey more than two weeks ago continued to make progress on resuming normal operations, boosting demand for oil. A separate report showed that USA oil production dropped sharply to 8.78 million barrels per day due to hurricane effect.

United States commemorates the anniversary of 9/11
The United States paused for a moment of silence to remember the 9/11 attacks on the World Trade Center and the Pentagon . The Republican will speak Monday at the ceremony in Shanksville at the national memorial to the victims of Flight 93.

Manatees stranded due to Irma
Two deputies from the Manatee County Sheriff's Office arrived and helped the citizens get the manatees to safety. "We called every service we could think of, but no one answered", one member of the group writes on Facebook .

Kylian Mbappe's Childhood Idol Is A Footballing God
And a young, well, younger Mbappe has said he idolised a PSG hero: "When I was younger, Ronaldinho was my idol", via ESPN . If Friday's match is any indication then there is another troika developing - CMN (Cavani, Mbappe and Neymar ).

Crude prices are down 8.6% in the a year ago.

Opec said its pact to reduce output, which includes Russian Federation among other producers, is beginning to cut into inventories. "A similar production level is also anticipated for September", the Saudi ministry said.

"The oil market reacted to the Saudi talks", said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting told Reuters.

On September 8, energy services company Baker Hughes (BHI) released its weekly USA crude oil rig count report.

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