Economy

Oil Prices Drop Before OPEC Meeting

Oil Prices Drop Before OPEC Meeting

Crude prices fluctuated between gains and losses Friday while an OPEC meeting was under way amid uncertainty about whether major oil producers will extend a deal to limit supply.

This is the outcome of the joint ministerial monitoring committee of OPEC and non-OPEC countries which held in Vienna on Friday.

Nigeria, one of several countries that is exempt from the production cut deal, has also signaled a willingness to cap its output once production stabilizes at 1.8 million barrels a day.

Marco Dunand, chief executive officer for Mercuria, said, "The market is selling inventories from everywhere". Numerous experts anticipate that they will broaden the arrangement that as of now endures till March, however many also said costs at current levels could urge a few nations to help production.

However, the number of US oil rigs operating, an indicator of future production, fell for the third straight week as a 14-month drilling recovery stalled as companies pared back on spending plans when crude prices were softer. Many analysts now expect them to extend the deal, possibly to the end of next year.

Kuwait's oil minister said the meeting would not discuss an extension, but his Algerian counterpart told state media that it would, Bloomberg News reported.

The agreement signed by 24 producing countries, was enacted last January 1 with the objective of withdrawing from the market nearly 1.8 million barrels per day of oil.

More news: Bengaluru: Income tax officer's son found dead

Earlier this month, Petroleum Minister Dharmendra Pradhan said the dynamic pricing regime would continue despite petrol prices going up by over Rs 7 per litre since the scheme was introduced pan-India from mid-June.

Kachikwu noted that even though Nigeria hit 1.802 million barrels per day in the month of August, that was not enough justification for a call by some countries for Nigeria to be brought into the fold.

TASS/.The OPEC + countries have left all options for further implementation of the agreement on oil production reduction open for discussion, according to the communique of the Joint Ministerial Monitoring Committee (JMMC).

The post Respite, as OPEC ratifies Nigeria's continued exemption from oil output cut appeared first on Vanguard News.

The Indian basket, comprising 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, has breached $55-mark and closed trade on Thursday at $55.51 for a barrel of 159 litres, which was higher than the previous day's close at $54.93.

Caps for both Libya and Nigeria were discussed but not finalized at Friday's meeting. The meeting was likely to be brief, two OPEC delegates said.


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