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Oil rises before meeting of producers
Oil prices rose on Monday after falling sharply in the previous session, boosted by expectations that a joint meeting of OPEC and non-OPEC members later on Monday could address the rise in production of Nigeria and Libya, members of OPEC and so far exempt from a campaign to reduce production.
Ministers from OPEC and non-OPEC oil producers gather in the Russian city of St Petersburg on Monday to discuss a 1.8 million barrel-per-day cut to the end of March 2018.
The committee may recommend a conditional ceiling for the production of Nigeria and Libya, according to sources familiar with the talks, although some analysts expressed deep skepticism that the group would take such a step.
"The commission may issue a statement on co-operation in production cuts, but Libya and Nigeria cut their production is difficult because Libya is just starting to get out of the civil war, for example," said Kanim Jokun, a strategist for Japan's Okato Shoji brokerage.
The Financial Times quoted Russian Energy Minister Alexander Novak as saying that production of Libya and Nigeria must be put on hold when production stabilizes.
Brent crude for September delivery rose 24 cents to $ 48.30 a barrel by 0316 GMT on Monday. The contract price closed at $ 1.24 or 2.5 percent on Friday after a consulting firm predicted a rise in OPEC output in July despite a pledge to rein in production.
US West Texas Intermediate crude for September delivery rose 17 cents to $ 45.94.
http://economy-news.net/content.php?id=8369
Oil prices rose on Monday after falling sharply in the previous session, boosted by expectations that a joint meeting of OPEC and non-OPEC members later on Monday could address the rise in production of Nigeria and Libya, members of OPEC and so far exempt from a campaign to reduce production.
Ministers from OPEC and non-OPEC oil producers gather in the Russian city of St Petersburg on Monday to discuss a 1.8 million barrel-per-day cut to the end of March 2018.
The committee may recommend a conditional ceiling for the production of Nigeria and Libya, according to sources familiar with the talks, although some analysts expressed deep skepticism that the group would take such a step.
"The commission may issue a statement on co-operation in production cuts, but Libya and Nigeria cut their production is difficult because Libya is just starting to get out of the civil war, for example," said Kanim Jokun, a strategist for Japan's Okato Shoji brokerage.
The Financial Times quoted Russian Energy Minister Alexander Novak as saying that production of Libya and Nigeria must be put on hold when production stabilizes.
Brent crude for September delivery rose 24 cents to $ 48.30 a barrel by 0316 GMT on Monday. The contract price closed at $ 1.24 or 2.5 percent on Friday after a consulting firm predicted a rise in OPEC output in July despite a pledge to rein in production.
US West Texas Intermediate crude for September delivery rose 17 cents to $ 45.94.
http://economy-news.net/content.php?id=8369
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