losangelesnewstoday.com May 26, 2018

OPEC, non-OPEC states unlikely to cancel production cut deal

25 July 2017, 11:40 | Katrina Lee

Opec and other non Opec producers due to meet in the Russian city of Saint Petersburg on Monday

Opec and other non Opec producers due to meet in the Russian city of Saint Petersburg on Monday

USA oil futures were up 1.4% at $46.40 a barrel in recent trading.

Oil prices slid on Friday, settling about 2.5 percent lower after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the global market will stay awash with crude. Russia, which is heavily reliant on oil revenues, holds a presidential election next year.

The Organization of Petroleum Exporting Countries (OPEC) has agreed with several non-OPEC producers led by Russian Federation to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018.

Ironically, or perhaps fulfilling earlier suggestions along these lines, OPEC's noncompliance may yet prove to be the best antidote-albeit a temporary one-to U.S. shale's aggressive growth, which has seen a near 50-percent increase to the number of active oil and gas rigs in 2017 alone.

"Falih also said the Organization of Petroleum Exporting Countries and their non-OPEC partners were committed to extending their existing 1.8-million-bpd supply reduction deal beyond next March if necessary, but would demand that any non-compliant nations stick to the agreement".

Russian Energy Minister Alexander Novak said Monday that Moscow is open to the monitoring of the country's oil export.

Nigeria and Libya were exempted from the December 2016 cut back, which took effect in January, because of their struggles to restore production due to internal problems of damage to oil facilities.

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According to a report in The Wall Street Journal, Nigeria has agreed to cap production at 1.8 million barrels a day, roughly equal to its June production of 1.78 million barrels.

Prices have fallen as low as $43 a barrel and remained well below $50 since the end of May when OPEC announced its plans to tackle oversupply.

The deal was later extended to March next year.

WTI posted a almost 1.7% decline last week, while Brent lost about 1.8%, as sentiment soured amid indications that supply from OPEC was set to rise, despite the cartel's agreement to curb production.

Rising output from USA shale producers has offset the impact of the output curbs, as has climbing production from Libya and Nigeria.

Global oil producers, meeting in Russia Monday, called for stricter adherence to their agreement to cut output, with the inclusion of top African producer Nigeria.

"OPEC secretary-general Mohammad Barkindo said that the oil market is gradually rebalancing but more slowly than expected".

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