Nigeria will not exceed oil production target - Barkindo

Russian Federation and Saudi Arabia, both members of the JMMC, face mounting pressure to prop up oil prices.

In the meantime, it might be hard to bring Libya and Nigeria, the two members exempt from quotas, into the fold, said Helima Croft, global head of commodity strategy at RBC Capital Markets.

At the May 2017 OPEC meeting in Vienna, Ibe Kachikwu, minister of state for petroleum resources, had said Nigeria had no problem with joining the production cuts as long as production could stabilise at 1.8 million barrels per day.

Opec moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices.

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There was no discussion of deeper oil output cuts, but Falih said Nigeria, which is exempt from the deal, had signaled it was ready to cap its output at about 1.8 million bpd.

Minister Alexander Novak said that "some countries are not yet fully implementing" the cuts, after a meeting of OPEC and non-OPEC countries in the Russian city of St. Petersburg on Monday.

This is given increased oil production in the Niger Delta following peace talks in the area that has caused violent attacks on oil facilities to cease.

Still, oil prices remain under pressure, said Tony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota.

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At 11:23 am EST, WTI was down 1.56% at $46.19 while Brent crude was up 1.38% at $48.62-both benchmarks below last week's levels. US crude was up 0.9% to $46.19.

Libya's oil production has reached 1.069 million barrels per day, a Libyan oil source told Reuters, above a high reached earlier this month.

WTI posted a almost 1.7% decline last week, while Brent lost about 1.8%, as sentiment soured amid indications that supply from OPEC was set to rise, despite the cartel's agreement to curb production. The Kremlin offered mixed support for the agreement during negotiations a year ago after publicly stating in 2015 that coordinating with OPEC was an unsavory proposal.

Despite the agreement, the oil price has suffered a major selloff on the day of the agreement and was down around 3 percent by the end of the day.

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OPEC secretary, General Mohammad Barkindo said on Sunday that supply and demand in the oil market was moving in suppliers' favor, but that the rebalancing had been slower than expected.


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