OPEC May Ask Nigeria to Limit Oil Output

OPEC May Ask Nigeria to Limit Oil Output

"The OPEC/non-OPEC ministerial monitoring committee will discuss the impact of the output curbs on the market at the July 24 meeting". Add new output from Nigeria and Libya to the equation and you have enough production to quash any OPEC efforts to curtail the 2 million bpd excess in supplies that caused the price crash in the first place.

Crude sank into bear territory last month amid concerns the cutbacks by OPEC, Russia and other allies are being partially offset by a rebound in US shale production.

Oil prices surged nearly 2% on Tuesday along with rising gasoline and heating oil futures after a report showed European product stockpiles fell despite an increase in refinery crude runs.

OPEC and Russian Federation are leading the effort to stabilize crude oil prices which have more than halved since 2014.

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Oil prices remained steady as at May 24 at the worldwide market trading above 50 dollars per barrel, as the traders await formal declaration of the production cut extension. The rise in crude oil prices is expected to be about US$60 and not more with an exception of any major political disruptions from oil-producing countries.

The war between OPEC and USA shale drillers is killing older oil fields at the fastest pace in 25 years - which could hurt the industry once the current oil glut has faded, consulting firm Rystad Energy believes.

Should they reach their daily output goals of 1.25 million and 1.8 million bbl, respectively, overall OPEC production by year-end may be close to 33 million, he estimates. However, OPEC and non-OPEC producers should consider Libya's political and economic situation before capping production.

Prices collapsed last month amid concerns that OPEC lacks the means to end the global supply glut that may last into 2018.

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

Still, OPEC delegates believe that bringing the two countries or one of them into the discussion would at least result to being able to ask these to cap their output.

But OPEC's Secretary-General, Mohammad Barkindo, said in Istanbul that it was premature to talk about that option.

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