Nigeria's exports to United States reached 210000 bpd in 2016

Nigeria's exports to United States reached 210000 bpd in 2016

Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with USA output and inventories rising, analysts said prices looked vulnerable.

Opec's compliance with the cuts improved to 104 per cent in March from 90 per cent in February, while the rate for non-Opec producers in the deal increased to 64 per cent from 38 per cent over the same two months, the International Energy Agency said in an April 13 report. Production fell 1.3% week-over-week, but rose 0.6% year-over-year.

Cost of the United States light crude oil decreased $0.43 to stand at $52.75, while price of the Brent crude oil fell $0.46 to trade at $55.43.

A preliminary Reuters poll showed analysts expected USA crude stocks to have fallen in the week to April 14, building on a surprise decline the previous week.

At a time when OPEC and other producing nations have been trying to cut output, government drilling data showed USA shale production next month was set to rise to 5.19 million barrels per day (bpd).

On the NYME, the May delivery for West Texas Intermediate dropped by 24 cents to reach $52.41 per barrel.

But U.S. stockpiles and production have cast doubt on whether the OPEC cuts were enough.

In Canada, bill to legalize pot touted as pro-safety
Provinces will be allowed to sell only cannabis grown by a licensed producer. That's slightly lower than the drinking-age minimum of 19 in most provinces.

"Gas prices rode the wave of rising oil prices last week, pushing pump prices slightly higher in some regions before eventually stalling out over the weekend", said Mark Jenkins, a spokesman for AAA.

USA inventories now sit at 532.3 million barrels, only down about 3 million units from the record reached in March.

A similar sentiment was expressed Monday in the face of positive forecasts by Andrew Lipow, president of Lipow Oil Associates: he told Reuters, "While the Saudis and the Russians have been complying with their cuts, we've seen Iraq and a number of other countries produce more than their share of the quota". Crude prices also fell, despite a draw in crude inventories.

Gasoline inventories rose 1.54 million barrels last week, surprising analysts surveyed by Bloomberg who projected the Energy Information Administration data would show a 2-million-barrel decline.

The country plans to double refining capacity to as much as 10 million barrels a day within 10 years, Saudi Energy Minister Khalid Al-Falih has said.

This means that the Saudi oil may still make its way into a glutted global market as significant proportions of its refined fuel products are exported.

Related News:

  • Assassin's Creed Creator's New Game, Ancestors Will No Longer Be Episodic

    Assassin's Creed Creator's New Game, Ancestors Will No Longer Be Episodic

    The new indie project from Assassin's Creed Creator Patrice Désilets, Ancestors, will no longer be an episodic game. It's a bigger game, a bigger world. "Now I'm letting players tell their own stories".
    Associated British Foods plc Plans Dividend of GBX 11.35 (ABF)

    Associated British Foods plc Plans Dividend of GBX 11.35 (ABF)

    On Thursday, December 8 Trivedi Dhrupad sold $41,840 worth of Belden Inc. (NYSE:BDC) or 523 shares. (NYSE:BDC) or 8,953 shares. The stock of Land Securities Group plc (LON:LAND) has "Hold" rating given on Monday, January 18 by Liberum Capital.

    Melania nudges Trump to raise hand during national anthem

    The annual event, which started in the 19th century, was an opportunity for First Lady Melania Trump to host a high-profile event. On behalf of the president and Barron , we wish you great fun and handsome days coming ahead of us, and happy Easter.
  • PM quizzed by MPs as she delivers early election motion

    Mrs May has argued a fresh mandate would strengthen her hand in Brexit talks and provide certainty for the future. Demmer said Wednesday: "The German government assumes that the negotiations can be continued without disruption".

    Zuckerberg Looks to Bring Augmented Reality to Facebook

    In other words, for Facebook Stories so they can keep ripping off Snapchat who, ironically, just introduced more AR stuff today. Facebook's AR platform will take a while to develop, and it's really early days; but it'll start rolling out soon.
    Reds hang on as Firmino nets victor  again

    Reds hang on as Firmino nets victor again

    The Reds now move into third place, two points ahead of Manchester City, although the Citizens have a game in hand on Liverpool. It was generally a poor first half of football at the Hawthorns with the best early chance falling to Hal Robson-Kanu.
  • Public Service Enterprise Group Incorporated (NYSE:PEG) Valuation According To Analysts

    Public Service Enterprise Group Incorporated (NYSE:PEG) Valuation According To Analysts

    Following the completion of the sale, the chief operating officer now owns 133,904 shares in the company, valued at $5,945,337.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink .
    Tentative Road Funding Bill In Place As Leaders Agree To Plan

    Tentative Road Funding Bill In Place As Leaders Agree To Plan

    Eric Holcomb a measure making the state schools chief a position appointed by the governor rather than elected by voters. On Tuesday, the House passed a bill that allows the governor to appoint a superintendent.

    Down and Distance: Aaron Hernandez, A Life Full of Darkness

    While that won't change Hernandez's reputation, it could have a dramatic impact on the lives of the family members he left behind. Hernandez hung himself and was pronounced dead at a MA hospital early Wednesday, April 19, 2017, according to officials.
  • Donald Trump pushes for 'buy American, hire American'

    President Trump signed an executive order in Wisconsin on Tuesday to direct federal agencies to "Buy American, Hire American". They would also be asked to offer changes so that H-1B visas are awarded to the 'most-skilled or highest-paid applicants '.
    Earnings Analysis Of AmTrust Financial Services, Inc. (AFSI)

    Earnings Analysis Of AmTrust Financial Services, Inc. (AFSI)

    The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website . Bearish revenue estimates established at $1.21B while the bullish revenue forecast has been figured out at $1.49B.
    North Korea Warns Against US 'Hysteria'

    North Korea Warns Against US 'Hysteria'

    Unlike at some previous parades attended by Mr Kim, there did not appear to be a senior Chinese official in attendance. Military planes flew in formation, creating the number "105" above Kim Il Sung Square.


Most liked

Pence takes message of United States resolve against North Korea to Japan
That kind of rhetoric has unnerved allies in Japan and South Korea, who would be at the sharp end of any North Korean response. But the meetings could indicate how forcefully the US will pressure Japan to further open its farm and automotive sectors.

Arkansas Supreme Court Halts 2 Executions
With a 500 mg dose listed in the state's execution protocol, Arkansas expects that the inmates will not be aware they are dying. The original plan was to double the executions over four nights, prior to the state's supply of lethal injection drugs expired.

Bruins' Game 4 goal: Make life harder for Karlsson
But at the same time I think we can do a much better job making sure that he doesn't get to play his game as much as he wants to. Neutralizing him would be a start, but as the Bruins can attest, it's also much easier said than done.

Trump signs order curbing foreign workers
The secretary of commerce is tasked by the order with looking to streamline existing rules on federal construction projects. A group of Goldman Sachs analysts have estimated that 900,000 to 1 million H-1B visa holders now reside in the U.S.

Federal Bureau of Investigation had FISA warrant to snoop on ex-Trump adviser Carter Page
Judges on the Foreign Intelligence Surveillance Court, which review FISA warrant submissions, approve virtually all applications. The government has not formally charged Page with any wrongdoing, and it is unclear if the Justice Department plans to do so.

American, Russian arrive at International Space Station
The astronauts will spend more than four months aboard the orbiting station before returning to Earth in September. Fischer told his wife she had veteran cosmonaut Yurchikhin to thank for that. "I learnt from the master".

Shawn Mendes Drops Feisty New Single 'There's Nothing Holdin' Me Back'
Mendes has said that as soon as he wrote the song, he felt the need to release it to the fans. Just try not playing the sexy, playful, catchy af track over and over.

Thunder will likely play Russell Westbrook more minutes in playoffs
Capela has emerged as a solid defender that can block shots and rebound , averaging 8.1 rebounds and 1.2 blocks for the season. Roberson's combination of length, size, quickness and familiarity with Harden's game could be a major asset in this series.

Hartley leads England tour of Argentina after Lions snub
The 23-year-old Solomona has scored 10 tries in 13 appearances for Sale since converting from rugby league in December. On the tour, England will face their hosts in San Juan on Saturday 10 June and in Santa Fe a week later.

Westbrook ties triple-double mark; Thunder top Bucks 110-79
Antetokounmpo only scored three more points the rest of the night as Thunder guard Andre Roberson intensified his defense. It was a blowout victory over the Milwaukee Bucks , a 31-point win that marked the largest margin of the season.

North Korean leader's desire for peace a deciding factor, says Donald Trump
However, North Korea didn't respond to Wu's request to visit Pyongyang, according to South Korea's Yonhap news agency. He said that an " all-out war " would result if the U.S. took military action, BBC reported.

United States aircraft carrier to reach waters near North Korea next week
The ship that was coming to take on North Korea is making a stopover first. "The forward deployment is deterrence, presence". Reports that the USA would position its strike group in the area didn't help. "We have the best military people on Earth".

Augusta Masters Final Round how and where to watch
It appeared to plunk into Rae's Creek but clung to the far bank, allowing him to chip it inches from the pin for a tap-in birdie. Moments present themselves - it is about being patient. "I tried to get cute with a bunker shot", McIlroy said.

EASTER MESSAGE: To be dead to sin and be alive in God
That is what Christians celebrate today: new life as foretaste of eternal life to come. John's parishioners said Easter has a special meaning.

With Parliament Backing, Britain All Set For Snap Elections
Much could depend on whether a bigger majority leaves May less dependent on hardliners in her Conservative party. The result easily surpassed the two-thirds majority of the 650 lawmakers needed to trigger an early vote.