- Nigeria and Libya should join the global oil production agreement as soon as their output stabilizes, Russian Energy Minister Novak has said, leading up to today’s critical meeting of OPEC countries and Russia in St. Petersburg.
- Energy ministers, including Novak and Saudi Arabia's Khalid al-Falih, have held a series of “intensive consultations” over the weekend about the challenges for the deal struck last year to take ~1.8M barrels of crude oil off the global market, but prices have remained stubbornly low as the glut persists and production ramps up from Nigeria and Libya, who were exempt from the deal because of supply disruptions.
- Officials caution against expecting major action right away from the meeting, as the group still is weighing how to deal with U.S. producers, which remain largely out of the groups’ control.
- Global oil prices are off slightly, with WTI -0.3% at $45.64/bbl, Brent -0.2% at $47.97.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: U.S. to hit Venezuela's oil revenue?
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Nigeria and Libya must join OPEC deal, Russian minister says as oil talks begin
Published 07/24/2017, 03:48 AM
Nigeria and Libya must join OPEC deal, Russian minister says as oil talks begin
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