• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 6 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 6 hours Saudi Fund Wants to Take Tesla Private?
  • 8 hours Starvation, horror in Venezuela
  • 6 hours Corporations Are Buying More Renewables Than Ever
  • 11 hours Are Trump's steel tariffs working? Seems they are!
  • 10 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 12 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 12 hours Is NAFTA dead? Or near breakthrough?
  • 1 hour Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 3 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 2 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 2 hours Film on Venezuela's staggering collapse
  • 8 hours The Discount Airline Model Is Coming for Europe’s Railways
Alt Text

China’s Oil Futures Jump To Record High

China’s Yuan denominated crude futures…

Alt Text

The Shale Boom That Will Never Happen

Andres Manuel Lopez Obrador has…

Alt Text

Oil Prices Fall Despite Supply Fears

Oil prices started the day…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Bulls Optimistic, But Pitfalls For Oil Remain

Eagle Ford

Friday February 10, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. 91% OPEC compliance, but Nigeria and Libya undermine deal

(Click to enlarge)

- According to the latest data from S&P Global Platts, OPEC achieved a 91 percent compliance rate in January, exceeding market expectations.
- The seriousness from OPEC members is good news for oil prices, as the group cut more than 1 million barrels per day (mb/d), not far off from the 1.2 mb/d promise the group made at its November meeting.
- However, the efficacy of the deal is undermined by a few OPEC members. Libya has added 162,000 bpd since the deal was announced; Nigeria has added a more modest 12,000 bpd; and Iran has brought back 110,000 bpd.
- As such, the net OPEC cuts are closer to 800,000 bpd. Meanwhile, Libya and Nigeria, both of which are exempt from the deal, are planning to restore even more idled capacity.

2. Nigeria a major risk to oil prices

(Click to enlarge)

- Nigeria’s oil production fell sharply in 2016 because of attacks from groups like the Niger Delta Avengers. Output declined from a peak of 2.2 mb/d in 2015 down to a low point of 1.4 mb/d in the summer of 2016.
- Production has…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News