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Oil Price Climbs As OPEC Members Stick To Production Cut

Oil Price Climbs As OPEC Members Stick To Production Cut

However, if oil prices fail to rally higher, constrained by the higher USA shale oil production, it is unlikely that Saudi Arabia will continue to carry the production cuts on its shoulders for another six months. However, government efforts to appease the militants seem to be working, and earlier this week, an official from the Nigerian National Petroleum Corporation said that the country's daily output has risen to 2.1 million barrels of crude.

Russian oil production fell in February to around 11.10 mbpd, from over 11.2 million in October, two sources familiar with the data told.

Oil prices fell almost 2 percent on Thursday after Russian oil production remained unchanged in February, showing weak compliance with a global deal to curb supply to tighten the oversupplied market.

Even with this weather-driven decline, which is expected to be temporary, production was still 216,000 bpd above the cyclical low reported in September.

USA crude exports have averaged nearly 900,000 bpd during the last four weeks, up from about 500,000 bpd in September.

It emerged earlier this week that some of OPEC's biggest producers need price levels of US$60 a barrel if they are to be able to start investing in new projects. The build was largely driven by significant imports from Saudi Arabia, Iraq, and Canada, as well as strong domestic production which rose above 9 million barrels for the second straight week.




An extension of the supply deal past June will depend on market conditions when OPEC ministers next meet in Vienna May 25.

Between the middle of 2014 and the middle of 2016, OPEC focused on defending its market share and allowed prices to fall to the market-clearing level.

Saudi Arabia has resumed its periodic role as swing producer in the oil market, shouldering the largest share of output cuts.

Steady oil prices have allowed USA producers to begin ramping up drilling efforts.

Lower crude oil prices, higher break-even costs, and higher production costs for USA shale oil producers compared to other oil producers led to the fall in United States crude oil production in 2016.

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