Steep increase likely in crude oil import bill

Steep increase likely in crude oil import bill

The restart of the Forcados loading for oil export has increased Nigeria's oil production to 1.68 million barrels per day which is the highest in more than a year.

Oil remains the world's dominant fuel, making up roughly a third of all energy consumed, says BP's report. Even though the deal was recently extended to next March, investors' faith has faded as analysts say US shale producers have boosted output, slowing OPEC's efforts and keeping the world awash with oil.

As OPEC limits supply, America is simply grabbing a larger share of the market.

Oil prices edged down on Tuesday after OPEC reported an increase in its production for May despite a supply cut agreement and said the oil market was rebalancing more slowly than expected.

Oil's reversal prompted the Saudi and Russian ministers recently to reaffirm their pledge to bring global crude stocks down to 5-year average levels and to reiterate their commitment to further manage the oil supply after the expiration of their current output cut agreement, in March 2018.

The Kingdom has seen its economy crumble after values of the commodity tumbled from more than $100 a barrel in 2014 to as low as $30 a year ago. Roughly 40% of the group's cuts have come from OPEC's de facto leader, but summertime temperatures are also beginning to weigh on the kingdom's exports.

Bearish sentiment has taken hold of crude oil prices as various analysts and agencies have slashed their forecast for this year and next. Saudi Arabia also reportedly said it will modify its policy if output cuts don't have the desired response. Traders and analysts said the recovery looked technical in nature after WTI rallied and encouraged a similar movement in Brent, reports Reuters.

As of 8:46am ET, front-month WTI Crude oil futures traded down 0.52 percent at US$45.84, after opening at US$46.01.

"While the jobs gap is closing, many people do not feel the benefits as they are facing stagnant wages and no career prospects", OECD Secretary-General Angel Gurria said in a statement. "Physical differentials are still under pressure and the time structure is still under pressure in Brent".

OPEC chatter tends to emerge when oil prices are under strain. The goal of the alliance is to reduce global oil reserves to an average level of five years.

American drillers targeting crude added rigs for the 21st straight week, the longest run of gains in three decades, according to data last Friday from Baker Hughes Inc. "This positive momentum is expected to continue into the second half of the year... even with political uncertainties as after recent elections in the United Kingdom", the cartel's monthly oil report read.

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