May 31, 2017

THANKS, UR!:

Oil falls on potential undermining of OPEC-led deal (Karolin Schaps, 5/31/17, Reuters)

Oil prices fell by 1 percent on Wednesday as rising Libyan production fueled concerns that OPEC-led output cuts are being undermined by several countries that are excluded from the deal. [...]

Certain OPEC members, such as Libya and Nigeria, and shale oil producer the United States are not part of the agreement, leaving room for further production growth from these exporters.

Libya's oil production is expected to rise to 800,000 bpd this week, state-run National Oil Corporation said on Monday, which is likely to boost the country's exports.

Shipping data on Thomson Reuters Eikon shows that, excluding pipeline exports, Libya has sent out an average of 500,000 bpd of crude oil so far this year, compared with only 300,000 bpd shipped on average in 2016.

Libya's rising production and exports add to soaring U.S. output, which is largely because of a more than 10 percent jump in shale oil drilling since the middle of last year to more than 9.3 million bpd C-OUT-T-EIA, close to top producers Saudi Arabia and Russia.

Posted by at May 31, 2017 5:30 AM

  

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