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12 July 2017, 12:37 | Frank Carlson
Opec 'won't discuss' further oil production cuts in July, says Secretary General
Several key OPEC ministers will meet non-OPEC country Russia on 24 July in St Petersburg, Russia, to discuss oil markets.
OPEC delegates have said bringing Nigeria or Libya into the production pact would likely focus on capping their output, rather than asking them to cut their supply so soon after it had recovered from involuntary curbs.
All price gains from the initiation of the much-awaited 1.2-million bpd cuts have now evaporated, and other bloc members, as well as non-OPEC producers, seem to be waiting on the KSA to make the next move.
"The output from Libya and Nigeria have actually had more of an impact in undermining the efficacy of OPEC's cuts than even USA shale", Tamar Essner, an energy analyst at Nasdaq Inc.in NY, said by telephone.
United States crude stockpiles probably fell by 2.85 million barrels last week, a Bloomberg survey showed before an Energy Information Administration report tomorrow.
Almarzooq is chairman of the committee monitoring the compliance of OPEC and non-OPEC suppliers with output cuts that started in January and have been extended to March 2018.
Oil may slip below $40 a barrel unless there are sustained inventory declines and a drop in the rig count, while evidence of further OPEC actions could help prices rally, Damien Courvalin, an analyst at Goldman, said in a note dated July 10.
Man arrested at airport over Manchester attack Abedi travelled to Libya numerous times and police are investigating how he learnt to make a bomb. The killer had been caught on CCTV before the attack, stalking the streets of Manchester.
In that regard, one thing to consider is that the increase in oil production from Libya and Nigeria may not prove to be sustainable.
Opec agreed with Russian Federation and some other major exporters to cut output about 1.8-million barrels per day (bpd) until March 2018.
However, it is not clear if Nigeria would be allowed to get back production up to 2 million bpd before the cap is implemented.
Libya said on Monday it was ready for talks but added that its political, economic and humanitarian situation should be taken into account in talks on caps.
West Texas Intermediate, the USA benchmark for the price of oil, was down 0.88 percent to $43.84 per barrel.
With deeper cuts now not on the agenda, according to OPEC Secretary-General Mohammad Barkindo, the group is exploring other ways the agreement could be adjusted.
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