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Oil prices tick up ahead of Opec and non-Opec production meeting

Oil prices tick up ahead of Opec and non-Opec production meeting

The likes of Russia, Kazakhstan, Azerbaijan, and other non-OPEC countries joined leading countries such as Saudi Arabia, Iran, Iraq, and other members to cut global production in a joint effort to help the oil prices ease from the turmoil it is in.

Worldwide benchmark Brent Crude futures for delivery in September were at $48.18, up 0.25%.

Brent crude futures for July were up 39 cents, or 0.8 percent, at $51.15 a barrel by 0552 GMT, after trading higher earlier. Russia, which is heavily reliant on oil revenues, holds a presidential election next year.

At the May 2017 OPEC meeting in Vienna, Ibe Kachikwu, minister of state for petroleum resources, had said Nigeria had no problem with joining the production cuts as long as production could stabilise at 1.8 million barrels per day. The efforts of OPEC and its allies have been undermined by increased supply from US shale drillers and from Libya and Nigeria, which are restoring output lost to internal strife.

The kingdom tried to manipulate prices by slashing output to increase demand, but the plan backfired as USA shale producers continued to pump more oil.

There was hope that the meeting would discuss output caps for Nigeria and Libya, the two Opec members so far exempt from a push to cut production.

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Falih said weaker compliance with cuts by some Opec states and a rise in Opec exports had led to a softer crude price.

The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said, although some analysts were deeply skeptical the group would make such a move.

For example, OPEC's production fell by 920,000 barrels a day from October to June, according to the International Energy Agency.

Reuters quoted secretary general Mohammed Barkindo as saying that although so far progress with the rebalancing of global oil supply has been slow, it should pick up in the second half of the year. The struggling countries have gotten their footing back, however, and production is up by more than 400,000 barrels a day, which nicks about a third from the targeted OPEC cuts.

There has been speculation ahead of the meeting that the two African oil exporters will be asked to join a production cutting deal from which they are now exempt.

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