Iran says will take necessary steps to ensure oil market stability

by Harriet Bell September 16, 2017, 0:40
Iran says will take necessary steps to ensure oil market stability

Global oil demand is outpacing expectations and excess crude inventories are falling, yet prices will only rise "modestly" the International Energy Agency said, presenting a challenge for global producers seeking to bolster crude through output cuts.

USA gasoline stocks slumped by 8.4 million barrels, the largest weekly decline since the data was first recorded in 1990.

Kachikwu said earlier on Wednesday that Nigeria's oil production now stood at 1.6 million bpd, excluding condensates.

In its closely watched monthly report, the Paris-based IEA said the market is starting to tighten due to robust demand and a drop in output from both the Organization of the Petroleum Exporting Countries and other producers.

More news: Saudi Arabia Pushes OPEC on New Tack to Curb Oil Supplies

But in August, for the first time in four months, OPEC finally managed to follow through on its promises when its production fell from the previous month's totals.

Refineries on the Gulf of Mexico coast continue to recover after the Hurricane Harvey. The IEA and OPEC also boosted demand forecasts.

Hurricanes Harvey and Irma are projected to slow USA oil demand growth in the third quarter, but in disruption is causing shortages which are expected to be short-term only.

The IEA said global demand would climb this year by the most in two years while OPEC talked about higher consumption in Europe and China.

More news: Nigeria in trouble as China prepares to ban petrol, diesel vehicles

It also stated that global oil glut has started to tighten due to stronger European and USA demand and shrinking of output from the Organization of the Petroleum Exporting Countries (OPEC) member nations. Diesel futures rose 0.9 cent, or 0.51%, to $1.7775 a gallon.

ExxonMobil Corp said it was restarting its 362,300-barrels-per-day Beaumont, Texas, refinery for the first time since it was shut by Harvey.

"We're all trying to make our way in this world of between $50 and $60 and I would expect that to continue".

OPEC may attract new non-OPEC countries to the agreement on crude production cap, Kuwaiti Oil Minister Essam al-Marzouk said Wednesday.

More news: Paris and Los Angeles confirmed as Olympics hosts in 2024 and 2028

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

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