Nigeria, Libya pump more oil as OPEC output rose in May – Premium Times
OPEC oil output rose in May, the first monthly increase this year, a Reuters survey found on Wednesday, as higher supply from two OPEC states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others.
According to Reuters surveys, a drop-in output in Angola and Iraq and continued high compliance from Gulf producers, Saudi Arabia and Kuwait, helped lift OPECs adherence with the supply cut deal to 95 per cent from 90 per cent in April.
OPEC pledged to reduce output by about 1.2 million barrels per day (bpd) for six months from January 1, 2018 as part of a deal with Russia and other non-members.
Oil prices has gained some ground but an inventory glut and rising supply by outside producers has kept prices below the $60 a barrel that Saudi Arabia wants.
A sustained output rise from Libya and Nigeria poses further challenges.
To provide additional support for prices, the producers decided at a meeting last week to prolong the deal until March 2018.
They discussed whether to include Nigeria in the output cap but decided against for now, OPEC delegates said.
Nigeria and Libya were exempted because their output has been curbed by conflict.
However, supplies from both nations staged a partial recovery in May, lifting overall OPEC output by 250,000 bpd to 32.22 million bpd.
The biggest increase came from Nigeria, where the Forcados production stream began loading cargoes for export.
The Forcados pipeline had been mostly shut since it was bombed by militants in February 2016.
In Libya, the state oil firm said output had reached 827,000 bpd on Wednesday, around levels last seen in 2014. But production is still half the 1.60 million bpd Libya pumped before the 2011 civil war.
While the exempt nations pumped more, those bound by output targets boosted compliance.
Adherence by OPEC with the deal has been higher than in the past, reaching a record according to the International Energy Agency and other analysts.
Angolan supply showed the largest decline due to fewer scheduled exports after a jump in April. Iraq exported slightly less crude from its southern terminals, the survey found.
Saudi Arabia pumped more although its compliance was the second-highest in OPEC. Even with Mays increase, the total curb achieved by OPECs top producer Saudi Arabia is 564,000 bpd, well above the target cut of 486,000 bpd.
Output in Iran and the United Arab Emirates was steady. Iran was allowed a small increase in the OPEC agreement and, having sold the oil it had held in floating storage, appears to have reached a short-term peak.
The UAE, with lower compliance than other Gulf producers, has said suggestions that it is failing to comply fully can be explained by the gap between its own figures and those estimated by the secondary sources that OPEC uses to track compliance.
OPEC announced a production target of 32.50 million bpd at its November 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left.
No new target was announced last week to reflect this change or the addition of Equatorial Guinea, which OPEC said on May 25 joined the group with immediate effect. The country will be added to the Reuters survey from June.
The Libyan and Nigerian increases mean OPEC output in May averaged 32.22 million bpd, about 470,000 bpd above its supply target, adjusted to remove Indonesia and not including Equatorial Guinea.
The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data, and information provided by sources at oil companies, OPEC and consulting firms.
(Reuters/NAN)
Read this article:
Nigeria, Libya pump more oil as OPEC output rose in May - Premium Times
- Joint statement by the embassies of France, Italy, Germany, UK and USA on the independence of Libyas Audit Bureau - Libya Herald - March 26th, 2025 [March 26th, 2025]
- Iraq and Libya Stress the Need to Unify Efforts to Support Stability and Security in the Region - ina.iq - March 26th, 2025 [March 26th, 2025]
- Diversifying Libyas economy: Six opportunities through Three Horizons - Libya Herald - March 26th, 2025 [March 26th, 2025]
- LBBC and NOC announce the London Libya Bid Round Roadshow to be held on 7 April - Libya Herald - March 26th, 2025 [March 26th, 2025]
- Former UN envoy Stephanie Williams to publish new book on Libyas post-Gaddafi era - The Libya Observer - March 26th, 2025 [March 26th, 2025]
- I want to feel the pride of playing for Ghana - Richard Boadu on rejecting Libya nationality switch - GhanaWeb - March 26th, 2025 [March 26th, 2025]
- UN raises alarm over wave of 'arbitrary' arrests in Libya - The Times of India - March 26th, 2025 [March 26th, 2025]
- MSC announces price increases in shipping from Far East to Libya - Libya Herald - March 26th, 2025 [March 26th, 2025]
- Libya, France discuss strengthening bilateral ties and economic cooperation - The Libya Observer - March 26th, 2025 [March 26th, 2025]
- Al-Haddad discusses security cooperation with British Military Attach - The Libya Observer - March 26th, 2025 [March 26th, 2025]
- Ministry of Health warns of circulation of counterfeit cancer drug in Libya - The Libya Observer - March 26th, 2025 [March 26th, 2025]
- The illicit oil trade that is keeping Libya divided - Financial Times - March 22nd, 2025 [March 22nd, 2025]
- The UN has opened up Libya to foreign meddling and foreign fighters - Middle East Monitor - March 22nd, 2025 [March 22nd, 2025]
- Russia, North Korea, Venezuela, Haiti, Iran, Myanmar, Sudan, Syria, Ukraine, and Libya face Australia Do Not Travel Warning: What It Mean for the... - March 22nd, 2025 [March 22nd, 2025]
- Libya: Escalating Hate Speech, Xenophobia, and Violence - World Organisation Against Torture - March 22nd, 2025 [March 22nd, 2025]
- South Sudan Joins Yemen, Venezuela, Russia, Libya, Ukraine, Central African Republic, and Haiti on US Do Not Travel List What The New Advisory Means... - March 11th, 2025 [March 11th, 2025]
- Libya Is the Forgotten Wasteland of the International Order - Democracy for the Arab World Now - March 11th, 2025 [March 11th, 2025]
- The UN is responsible for the division in Libya - Atalayar EN - March 11th, 2025 [March 11th, 2025]
- Economy Minister Hwej says Libyas corruption is exaggerated by the media and those who talk about it are conducting a war against the nation - Libya... - March 11th, 2025 [March 11th, 2025]
- Libya-China Ties Strengthen as Online Visa Applications Launch for Libyans Starting This March - Travel And Tour World - March 11th, 2025 [March 11th, 2025]
- USAID informs partners in North Africa of its withdrawal from all joint projects - The Libya Observer - March 11th, 2025 [March 11th, 2025]
- Libya denies reports of plans to resettle immigrants within country - Social News XYZ - March 11th, 2025 [March 11th, 2025]
- Human traffickers seized in two operations south of Kufra - The Libya Observer - March 11th, 2025 [March 11th, 2025]
- Libya announces first bidding round for oil exploration in 17 years - Reuters - March 5th, 2025 [March 5th, 2025]
- Russias Libya Push Should Alarm The U.S. And Europe - The National Interest Online - March 5th, 2025 [March 5th, 2025]
- Around 112 migrants rescued off the coast of Libya reach Tuscany in Central Italy - Euronews - March 1st, 2025 [March 1st, 2025]
- Flights with Qatar to resume in October - Libya Herald - March 1st, 2025 [March 1st, 2025]
- France affirms its support for the SRSG for Libya - France ONU - March 1st, 2025 [March 1st, 2025]
- French President Macron receives Haftar in Paris with an eye on eastern Libya - The Arab Weekly - March 1st, 2025 [March 1st, 2025]
- UN envoy to Libya: Ramadan is opportunity for reconciliation - The Libya Observer - March 1st, 2025 [March 1st, 2025]
- UNICEF Reaffirms its Commitment to Vulnerable Children and Families in Southeastern Libya During Mission to Kufra [EN/AR] - ReliefWeb - March 1st, 2025 [March 1st, 2025]
- Al-Lafi urges for media cooperation between Africa and Turkey - The Libya Observer - March 1st, 2025 [March 1st, 2025]
- Bodies of 12 Pakistanis who died when their boat sank off Libya repatriated to Pakistan - Yahoo - March 1st, 2025 [March 1st, 2025]
- Julyana Free Zone to receive 60 commercial and oil vessels in February 2025 - Libya Herald - March 1st, 2025 [March 1st, 2025]
- Campaigner for migrants in Libya targeted in spyware attack - The Guardian - February 16th, 2025 [February 16th, 2025]
- Bodies of migrants recovered in Libya, authorities say - BBC.com - February 16th, 2025 [February 16th, 2025]
- Two mass graves of migrants uncovered in Libya - UN News - February 16th, 2025 [February 16th, 2025]
- 2 mass graves with bodies of nearly 50 migrants found in southeastern Libya - The Associated Press - February 16th, 2025 [February 16th, 2025]
- Libya: Migrants Face Violence and Exclusion From Healthcare - Genocide Watch - February 16th, 2025 [February 16th, 2025]
- Libya finds two mass graves with bodies of nearly 50 migrants, refugees - Al Jazeera English - February 16th, 2025 [February 16th, 2025]
- At least 16 Pakistani nationals dead and ten missing after migrant boat sinks off Libya - InfoMigrants - February 16th, 2025 [February 16th, 2025]
- Mass Graves of Migrants Discovered in Libya as Crackdown on Smuggling Intensifies - OCCRP - February 16th, 2025 [February 16th, 2025]
- EU EXTERNAL PARTNERS: Egypt urged to stop abusing people on the move Two mass graves uncovered in Libya Tunisian authorities accused of state... - February 16th, 2025 [February 16th, 2025]
- Mass graves holding bodies of migrants discovered in Libya - Semafor - February 16th, 2025 [February 16th, 2025]
- Bodies of migrants recovered in southeast Libya, attorney general says - Reuters.com - February 16th, 2025 [February 16th, 2025]
- Bodies of dozens of migrants found in two mass graves in Libya - Euronews - February 16th, 2025 [February 16th, 2025]
- Pakistan's PM grieves over deaths of migrants from his country in a boat sinking near Libya - ABC News - February 16th, 2025 [February 16th, 2025]
- Libya 8th most corrupt state in the world according to the latest index for 2024 - Libya Herald - February 16th, 2025 [February 16th, 2025]
- 12 youth hostels inaugurated as part of GNU's "Return of Life" project - The Libya Observer - February 16th, 2025 [February 16th, 2025]
- Moscow denies bombing sites in southern Libya - The Libya Observer - February 16th, 2025 [February 16th, 2025]
- Crossings at Libyan Tunisian Wazin Dehiba land border up to 1.1 million in 2024 - Libya Herald - February 7th, 2025 [February 7th, 2025]
- Indian embassy in Libya facilitates return of 18 Indian nationals - The Tribune India - February 7th, 2025 [February 7th, 2025]
- Libya: Almost 30 migrant bodies retrieved in one day - InfoMigrants - February 7th, 2025 [February 7th, 2025]
- Italy justice minister defends decision to release alleged war criminal to Libya - JURIST - February 7th, 2025 [February 7th, 2025]
- Libya and Morocco sign MoU on fisheries and aquaculture - Libya Herald - February 7th, 2025 [February 7th, 2025]
- Libya prepares 4,000 tons of aid to ship to Gaza - Yahoo! Voices - February 7th, 2025 [February 7th, 2025]
- The Ministry of Economy hosts a workshop on the General Framework of Green Investment in Libya - Libya Herald - February 7th, 2025 [February 7th, 2025]
- Brega imports large quantities of domestic gas cylinders - being distributed in time for Ramadan - Libya Herald - February 7th, 2025 [February 7th, 2025]
- Bodies of 29 migrants recovered in Libya - The National - February 7th, 2025 [February 7th, 2025]
- At Sarkozy's trial, the improbable story of Bashir Saleh's exfiltration from Libya - Le Monde - February 5th, 2025 [February 5th, 2025]
- UNSMIL says Advisory Committee is neither decision-making nor dialogue body - The Libya Observer - February 5th, 2025 [February 5th, 2025]
- CBL, HoR discuss 2025 budget, spending controls - The Libya Observer - February 5th, 2025 [February 5th, 2025]
- Finlands Ambassador to Libya seeks stronger cooperation and investment opportunities - The Libya Observer - February 5th, 2025 [February 5th, 2025]
- Critic of Italy-Libya migration pact told he was target of Israeli spyware - The Guardian - February 3rd, 2025 [February 3rd, 2025]
- After more than ten years, Libya settles debts and recovers ships from Malta - Libya Herald - February 3rd, 2025 [February 3rd, 2025]
- Presidency Council head Menfi calls for referendum by Libyan people on contentious points of draft constitution - Libya Herald - February 3rd, 2025 [February 3rd, 2025]
- Foreign Minister in Tunisia to discuss strengthening economic partnership - The Libya Observer - February 3rd, 2025 [February 3rd, 2025]
- Libya to host window 2 qualifiers of AfroBasket 2025 - The Libya Observer - February 3rd, 2025 [February 3rd, 2025]
- Italys Meloni says she is being investigated over release of Libya suspect - Al Jazeera English - February 1st, 2025 [February 1st, 2025]
- Italy, Libya, and the Failure of State Cooperation with the International Criminal Court in the Elmasry Arrest Case - Just Security - February 1st, 2025 [February 1st, 2025]
- Libya expresses condolences for victims of Washington plane-helicopter collision - The Libya Observer - February 1st, 2025 [February 1st, 2025]
- Ethiopian woman freed after brutal captivity in Libya warns migrants to stay home - Hiiraan Online - February 1st, 2025 [February 1st, 2025]
- Libyan and Tunisian dates companies meet in Sebha to explore international export cooperation - Libya Herald - February 1st, 2025 [February 1st, 2025]
- Nicolas Sarkozy Goes on Trial on Charges of Illegal Campaign Funding From Libya - The New York Times - January 11th, 2025 [January 11th, 2025]
- Libya is now the launchpad for Russias renewed ambitions - Arab News - January 11th, 2025 [January 11th, 2025]
- France's Sarkozy tells trial he never received campaign funding from Libya - Euronews - January 11th, 2025 [January 11th, 2025]
- The Unintended Consequences of US Intervention in Libya - The Daily Economy - January 11th, 2025 [January 11th, 2025]
- Libya: Weak Core, Strong Core, for the end of Disorder in the Maghreb - Morocco World News - January 11th, 2025 [January 11th, 2025]
- Lessons from Iraq, Libya, and Syria: Resistance, Betrayal, and Collapse - CounterPunch - January 11th, 2025 [January 11th, 2025]
- Sudan Situation: Sudanese Refugees and Asylum-Seekers in Libya (as of 05 Jan 2025) - ReliefWeb - January 11th, 2025 [January 11th, 2025]