Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut

Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut

Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut

US shale oil is "absolutely" sustainable at $50 a barrel, said Ryan Krogmeier, Chevron Corp.'s vice president of crude supply and trading.

The November Brent crude futures contract was up 89 cents at $57.75 a barrel by 1204 GMT, its highest since January 3.

Taking into account the New Taiwan dollar's depreciation of NT$0.096 against the USA dollar, CPC said its weighted oil price formula increased 2.23 percent, which translates into an increase of NT$0.3 per liter in the wholesale prices of its gasoline products and NT$0.4 per liter for diesel.

Improving global growth, especially in emerging economies and the eurozone, is also pushing up oil prices by increasing demand for energy, while the damage to U.S. shale output in the wake of Tropical Storm Harvey could also lift Brent.

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The energy minister from the United Arab Emirates Suhail al-Mazroui said the country's compliance with OPEC's supply cuts was 100 per cent.

Nigeria, which said it would join the cuts once its daily output rate reached 1.8 million bpd, produced 1.86 million bpd, secondary source data suggested. Nigeria will be prepared to cap its crude production when it has stabilised at 1.8 million barrels per day, he said. Backwardation also signals immediate market strength while contango shows traders prefer to store oil in the hope of fetching a higher price for later delivery. Yet even as declining rigs and inventories support the price, an extension of the OPEC-led deal beyond March will be required to rebalance the global market, according to BP Plc.

Those risks have risen in the past two days after Iraq on Sunday urged countries to stop oil trade with its autonomous Kurdistan region in retaliation for the vote, and Turkish President Tayyip Erdogan threatened on Monday to cut off the Ceyhan pipeline that carries the Kurdish region's entire oil output to the outside world. Shale has been the main culprit the oil glut of the past three years, often proving a bane to OPEC attempts to push the market higher.

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