Nigeria unlikely to join OPEC cuts before March 2018 -oil minister

Oil prices climbed on Wednesday, as the International Energy Agency (IEA) reported a surplus of crude supply was starting to decline.

Earlier Wednesday, the EIA reported that United States crude stocks rose by 5.9 million barrels for the week ended September 8 while domestic USA crude output jumped by 572,000 barrels a day to 9.353 million barrels as more wells came back on line after the storm.

EIA said that as supplies were disrupted, the East Coast drew down inventories of motor gasoline, falling by 2.2 million barrels, or 3.5 percent, compared to the previous week.

This forecast is 100,000 barrels per day higher than the IEA August forecast.

The Organization of the Petroleum Exporting Countries and other producers, including Russian Federation, have agreed to reduce crude output by about 1.8 million bpd until next March in an attempt to support prices.

The IEA said OPEC crude production fell in August for the first time in five months, thanks to both cuts in production as well as a flare-up in turmoil in Libya disrupting output.

U.S. West Texas Intermediate, meanwhile, was up 84 cents, or 1.7 percent, at $50.14 per barrel, its first time over $50 since August. Crude stockpiles rose by 5.9 million barrels during the same week, a result of lagging demand from recovering refineries in the wake of Harvey.

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"OECD demand growth continues to be stronger than expected, particularly in Europe and the US", the report said, noting a rebound in economic growth in both areas.

The IEA report confirmed the same trend highlighted in OPEC's monthly report out Tuesday. The goal of the alliance is to reduce global oil reserves to an average level of five years, which will stabilize the oil price.

On Nymex, October gasoline fell about a penny to $1.647 a gallon, while October heating oil added 2.8 cents, or 1.6%, to $1.769 a gallon.

Although bullish demand outlooks have been driving prices higher, there's a psychological barrier at the US$50 mark, which is "still a selling point for a lot of people", Michael Lynch, president of Strategic Energy & Economic Research Inc in Winchester, Massachusetts, said by telephone.

Atkinson said: "After the dust has settled from the hurricanes, we've seen Brent prices rise in the last week or so". US distillate stocks fell by 3.2 million barrels.

OPEC members have publicly mulled over extending production cuts implemented earlier this year, which would further restrict the supply of oil.

(Copyright © 2015. All Rights Reserved.)
 
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