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Russia's Rosneft started to lift oil from Libya

12 July 2017

Royal Dutch Shell last month lifted force majeure at the key Forcados oil terminal it operates after repairs of damage caused by militants, which is expected to raise Nigeria's output to at least 2 million bpd.

The production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in USA shale oil output.

"People are anxious that it could turn out to be a prolonged affair getting them to the table to sign off on something".

The two countries were exempted from the oil cut deal reached in Austria last November by members of the Organization of the Petroleum Exporting Countries (OPEC).

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Another major drag on the oil market has been US production, which has risen 4.3% this year.

Opec agreed with Russian Federation and some other major exporters to cut output about 1.8-million barrels per day (bpd) until March 2018.

US West Texas Intermediate crude futures were at $44.33 per barrel, up 10 cents, or 0.2 percent.

Recent research by PIRA Energy shows the United States will quadruple its crude oil exports to volumes greater than those of most OPEC members within three years.

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Boyce also revealed that the girlfriend had taken Bonds to Saint Barnabus Hospital on July 1 for a psychiatric treatment. The 48-year-old officer and mother of three was shot and killed Wednesday morning as she sat in a mobile command unit.

After cutting positions that would profit from higher prices to a nine-month low by late June, data shows money managers have started raising their long positions again since the start of July, indicating that many believe prices have bottomed out.

If Libya and Nigeria are able to stabilise their output at current levels, they will be asked to cap supply as soon as possible, Almarzouq added.

Oil futures were building on rebound action Tuesday, amid talk that Nigeria and Libya might face production caps, fueling optimism that global supply growth could slow if the two African producers are restrained.

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. Seemingly out of nowhere, there's been a most unexpected resurgence in oil production for Libya and Nigeria. "If they can put a freeze, that remains to be seen, but that will be an important driver in terms of really reducing OPEC's exports". The French bank cut its forecasts for Brent by $9 to $51 a barrel for 2017 and by $15 to $48 for 2018. While stockpiles in the industrialized world have fallen, they remained 292 million barrels above the five-year average in April, according to the International Energy Agency.

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Russia's Rosneft started to lift oil from Libya