Nigeria's excess oil revenue rises to N610m per day

Nigeria's excess oil revenue rises to N610m per day

Nigeria's excess oil revenue rises to N610m per day

Crude oil prices inched up after the EIA reported a smaller-than-expected build of 5.9 million barrels in crude oil inventories for the week to September 8, after a 4.6-million-barrel build in the prior week due to the Gulf Coast refinery shutdowns. As of 2:00 p.m. EDT Tuesday, the government said that four refineries in the Gulf Coast were still closed because of issues associated with Harvey, representing about 4 percent of the total us refining capacity. That is "because Texas has twice the oil consumption per capita of Florida given the significant concentration of refining and petrochemical capacity on the U.S. Gulf Coast", they said. Still, the IEA's report shows producers are having some success in their goal of reducing bloated oil inventories back to typical levels.

On Tuesday the Organization of the Petroleum Exporting Countries in its monthly report said its production fell for the first time since April.

"We went from a situation pre-U.S. shale boom where we were talking about peak production, now we're talking about peak demand", Helima Croft told CNBC this morning.

Nigeria's excess crude oil revenue has risen by 50 per cent between August and September, 2017 following the increase of price from $49 to $54 per barrel.

Saudi Aramco has also said it will add 1.9 million barrels of crude oil to its Japanese storage on Wednesday.

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Royal Dutch Shell Plc's Deer Park, Texas, refinery was said to have some units heating up in preparation for restarting this week, according to a person familiar with operations.

Gasoline stocks fell by 7.9 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1-million barrel decline. The goal of the agreement is to reduce the global surplus of oil reserves and stabilize oil prices.

Oil prices remain below $50/bbl in NY, less than half the level traded three years ago, as OPEC and fellow producers struggle to clear a global glut despite cutting their output for nearly nine months. Discussions have included one option for a six-month extension, one person said.

Oil ministers from four major oil producing countries-Saudi Arabia, the UAE and Venezuela of OPEC, and Kazakhstan-said after meetings in Astana that market fundamentals are pointing to a more bullish 2018 and agreed output cuts could be extended past their March expiry if conditions warrant.

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