Libya, Nigeria May Attend OPEC, Non-OPEC July Meeting

Libya, Nigeria May Attend OPEC, Non-OPEC July Meeting

Libya, Nigeria May Attend OPEC, Non-OPEC July Meeting

The producer group's total output jumped by about 393,500 barrels a day to a total of 32.6 million barrels a day last month, according to independent assessments cited by OPEC in a monthly report, CNBC reported.

Oil prices were just continuing the positivity from yesterday's session which was up by 1.4%.This is because of the industry group American Petroleum Institute showed data that the oil production was really cut down; it was at 8.1 million contractions in the U.S. crude supplies last week. The oil glut, of which the USA shale boom in the US has contributed to, reduced oil prices and the revenues of oil producing economies.

OPEC agreed with Russian Federation and some other major exporters to cut output about 1.8 million barrels per day until March 2018.

USA crude briefly rallied to a session high of $46.48 a barrel after the data was released before paring gains.

OPEC Production was up last month but offset by the fact that NON-OPEC production was down.

Crude palm oil prices were trading up by 0.37 per cent to Rs 490.80 per 10 kg in futures trading today as traders built up fresh positions, driven by pick-up in demand at the spot market.

Oil prices have risen above $48 a barrel due to a drop in United States stocks by 8.1 million barrels last week.

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"The country's gasoline demand remains lackluster and gasoline stocks are still above the five-year average, which will cap gains in crude and gasoline prices", said Abishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

Brent crude, an worldwide benchmark, has dropped 15 per cent this year and was trading on Wednesday at US$48.13 a barrel.

The Saudi source said ministers would discuss several ideas at the meeting and that the recent rise in output from Nigeria and Libya "is not big in a way that should disturb the market".

Oil ministers from 5 countries monitoring the deal with Saudi Arabia will meet on July 24 in Russian Federation, when they may recommend some adjustment in the pact but won't discuss the possibility of further cut at its regular meeting.

The two countries had been exempted from the pact among major oil producers, led by the Organization of the Petroleum Exporting Countries, to limit global production and ease a glut of oil that has plagued the industry.

Gasoline futures gained 0.25 cent, or 0.2%, to $1.5208 a gallon, the 10th gain in 12 sessions. Floating storage also increased amid continuing oversupply in the crude market.

Iran is pushing for an increase in production to 4 million barrels per day by the end of the year.

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