Oil price may affect 2017 budget implementation -Kachikwu
Oil price may affect 2017 budget implementation -Kachikwu
Brent daily chart
14 July, 2017, 00:44
The slide has come amid a great clash between the historically dominant OPEC members - now attempting to support prices with a global production-cut deal and scrambling to diversify their economies - and upstart shale producers in the USA, which have slashed costs, improved their efficiency and refinanced vast loads of debt in a drive to survive.
Many traders and analysts say most of the agreement's benefits are being reaped by USA producers, who are flooding the market.
Many traders and analysts say most of the agreement's benefits are being reaped by US producers, who are flooding the market.
Crude oil prices reached their lowest year-to-date levels in late June.
Dr. Kachikwu who briefed newsmen in Abuja noted that Nigeria was already coming short of the projected oil production levels which the budget was premised on.
Only a handful of OPEC countries are in full compliance with the cartel's agreement to limit crude production, according to the International Energy Agency. The oil cartel is composed of sovereign nation members, but shale oil producers are American private companies, making it harder for OPEC to have intergovernmental contact with the USA shale sector.
"U.S. inventory numbers confirmed that a drawdown (of excess inventories) was in train", ANZ bank said.
The IEA's global supply and demand estimates suggest oil stockpiles should have declined at a rate of 700,000 bpd in the second quarter, but it's uncertain whether that actually happened, the agency said.
Although Nigeria, a prominent member of OPEC, was invited to the meeting, Minister of State for Petroleum Resources, Ibe Kachikwu, expressed regrets that he would not be able to attend as agreed earlier due to exigencies of other official commitments. The U.S. Energy Information Administration contributed to the encouraging outlook by reducing its production forecasts for 2018 to a production increase of 570,000 barrels per day, down from June's forecast of 680,000 barrels per day.
The OPEC and non-OPEC technical committee has requested that Libya and Nigeria attend its meeting on July 24 and report on their oil production. US oil production was up by 59,000 barrels a day to almost 9.4 million barrels a day, but it was not all shale. Canada and Brazil are likely to boost production as well.
US drillers went back to adding rigs last week: plus 7, marking a 24th week of increases out of the last 25 and bringing the total count up to 763, the most since April 2015. For all of 2017, total demand is now forecast at 98 million barrels a day, up by 1.4 million barrels a day compared to 2016. We expect to see gas demand continue to rise and exceed expectations.
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Honda is again urging consumers who own a recalled vehicles to contact the company and get a replacement immediately. It's the 12th US death attributed to the faulty inflators and 17th worldwide, including five in Malaysia.
Gary Payton II was a lone bright spot for Milwaukee, as he tallied 10 points, four rebounds, three assists and five steals. Tall Blacks guard Corey Webster has made a solid start for the Dallas Mavericks at the NBA Summer League in Las Vegas.
And with few teams that the ability to absorb additional salary, it diminishes the Brooklyn Nets odds of completing deals. Maybe the Raptors felt sorry so they handed them a get well soon gift in the form of DeMarre Carroll .
Although, the 32-year-old Spaniard was always expected to sign for Chelsea this summer as a back-up striker. Everton fans believe they are getting the better of the deal for Romelu Lukaku from Manchester United .
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